Is It Easy to Start Your Own Business?
Have you always wanted to run your own business? While there’s a lot that goes into entrepreneurship, you can actually jump right in and get your business started in no time at all.
Starting your own business is as easy as creating your very own LLC. Here’s how you can begin the process today.
What’s an LLC?
Opting to create an LLC, or a limited liability company, gives you a relatively easy path toward setting up your very own business. While there are quite a few different types of businesses, LLCs are a great choice for entrepreneurs or new business owners who want to get started quickly and without worry.
A limited liability company is like any other business, but with some unique benefits. Anyone can start an LLC. When created, an LLC is a business that limits your personal liability as an owner. It’s taxed like a partnership, and anyone who owns all or part of the business is called a member, not a shareholder.
And starting an LLC over another kind of business, like a sole proprietorship, can be hugely beneficial for you as a business owner. An LLC will protect you – while other businesses make the owner personally liable for any potential dangers and damages, an LLC protects you from any debts or judgments against your business.
An LLC Makes Starting Your Business Easy
In addition to protecting you from legal and financial issues connected to your business, setting up an LLC is also an incredibly easy way to get your business started. You can start your very own LLC in 10 minutes or less.
You don’t need extensive business or legal knowledge to get your business up and running when you opt for an LLC. Before deciding whether or not an LLC is the right choice for you, ask yourself if you want:
- To limit your personal liability. An LLC ensures only your business assets can be involved in lawsuits and debts.
- To raise capital from investors. An LLC allows you to bring in additional members who can contribute funding, assets or services to your business.
- To have tax advantages. LLCs are free of the separate taxes that corporations have to pay, and your business will get the same tax perks as a partnership.
And all it takes to file an LLC is the right paperwork.
Follow These Steps to Set Up Your LLC
In order to form an LLC, you just need to file paperwork with the state your business will be located in. The rules and procedures can vary from state to state, but most of the steps are the same.
Follow these steps to get your business ready to open its doors.
Name Your LLC
Your first step in creating an LLC is choosing a name. Some states have specific naming rules – for example, you may need to include LLC at the end of the name – but as long as the name is unique, it should be perfectly fine.
Make sure to check with Virginia before settling on a name. You’ll want to verify that the name you’re planning to use isn’t taken. And you can’t use any name that’s been trademarked by another company.
File Articles of Organization
Now that you have a name for your business, you’ll need to file the articles of organization. This is a document that makes your LLC official. In some states, it’s a certificate; in others, it’s simply a piece of paper that makes your LLC valid.
Your articles of organization can be prepared in minutes. You’ll just need your business’s name and address, along with the names of all members (or owners).
You’ll also have to pay a filing fee when you file the articles of organization. The fee typically costs just $100, but it can be larger in some states.
Create an LLC Operating Agreement
This step isn’t one that’s required by Virginia’s LLC filing office, but it’s still an important one. Before you open your business, you’ll need to create an operating agreement for the LLC.
In an LLC operating agreement, you’ll create what’s essentially a founding document. The agreement will lay out the ownership rules, the way the business will operate, and other important details. It’s like a partnership or corporation’s bylaws – this agreement will set up your business operations.
Apply for Your Business Licenses and Permits
At this point, your LLC will be official. And with everything else in line, there’s just one more thing to take care of: any other important business licenses or permits. Depending on your specific business, you may need to get licenses, permits, and other legal documents before you can open your doors. Make sure to check with Virginia before you begin taking customers or clients.
Ultimately, setting up an LLC takes just a few minutes. And depending on Virginia, you may even be able to file the paperwork online, making the process even easier. So, if you’ve always wanted to start your own business, you can steps to do so today.
Just make sure you research what you’ll need in order to open your LLC and register it with Virginia. Knowing the rules and requirements can ensure you don’t miss a step.
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