LLC Basics
What does LLC stand for
Limited liability company
What official form must be filed?
you must file the Certificate of Formation
How do you check if a business name is available?
Form 205 (Certificate of Formation).
What is the first step of forming an LLC
Making a unique business Name that follows the rules of your state
Where is the form submitted?
to the Secretary of the State
What is a Registered Agent?
A person/entity designated to receive legal mail for the LLC.
Why would an entrepreneur choose an LLC
It combines the asset protection of a corporation with the tax flexibility and simplicity of a partnership or sole proprietorship.
What is the filing fee in Texas?
$300
Can a Registered Office be a P.O. Box?
No, it must be a physical street address in Texas.
Who regulates LLCs in Texas?
The Texas Secretary of State is the ministerial filing officer for LLCs
What is an EIN
a unique nine-digit number assigned by the IRS
What happens if you don't have a Registered Agent?
The state can legally terminate (dissolve) your LLC
Why do you need an LLC
to separate personal assets from business liabilities preventing personal loss if the company is sued or goes into debt
Why is EIN needed
to identify a business entity
What website is used for free name searches?
The Texas Comptroller’s Taxable Entity Search.