How much does it cost to start an LLC in Georgia?

Download and fill out the Transmittal Form — Limited Liability Companies (231) from the Georgia Secretary of State website. Submit the completed Articles of Organization, transmittal, form, and $110 filing fee to the Secretary of State’s Corporations Division.

How long does it take to get your LLC approved in Georgia?

Mail filings: In total, mail filing approvals for Georgia LLCs take 4-5 weeks. This accounts for the 12-15 business day processing time, plus the time your documents are in the mail. Online filings: In total, online filing approvals for Georgia LLCs take 7-14 business days.

Does an LLC need a business license in Georgia?

Georgia does not issue business licenses at the state-level, but you may need to obtain a business license from the county (or city) where your business is located. You’ll need to contact your county and/or city to determine your licensing requirements.

How much does an EIN cost in Georgia?

Applying for an Employer Identification Number (EIN) is a free service offered by the Internal Revenue Service.

Do I need a business license in GA?

The state of Georgia does not require a general business license. Once you have obtained a valid business tax certificate, your business may legally operate throughout all of Georgia.

How do you start an LLC?

How to Set Up an LLC
  1. Decide on a Business Name. …
  2. Designate a Registered Agent. …
  3. Get a Copy of Your State’s LLC Article of Organization Form. …
  4. Prepare the LLC Article of Organization Form. …
  5. File the Articles of Organization. …
  6. Create an Operating Agreement. …
  7. Keep Your LLC Active.

How do I get an EIN number in Georgia?

You may apply for an EIN online if your principal business is located in the United States or U.S. Territories. The person applying online must have a valid Taxpayer Identification Number (SSN, ITIN, EIN). You are limited to one EIN per responsible party per day.

How does an LLC work?

An LLC is very similar to a corporation, but while corporations are taxed separately from individual owners, LLCs let their income flow from the business directly to the individuals. In other words, if you have an LLC, you pay your personal income tax rate rather than a corporate income tax rate on your profits.

What is the downside of an LLC?

Disadvantages of creating an LLC

Cost: An LLC usually costs more to form and maintain than a sole proprietorship or general partnership. States charge an initial formation fee. Many states also impose ongoing fees, such as annual report and/or franchise tax fees.

Should I name my LLC after myself?

You can name your LLC anything you want, as long as it complies with your state’s guidelines. Naming a business after yourself comes with the benefit of being able to easily use that name to sell any products or services you want in the future without brand confusion.

Do I need a registered agent for my LLC?

If you’re starting a new company and have begun researching LLCs and other business structures, you might be wondering: do I need a registered agent? The answer is yes. You are legally required to list a registered agent as part of your LLC or corporation.

At what point do I need an LLC?

When a business owner has personal liability protection, they can’t be held personally responsible if the business suffers a loss. This means personal assets (car, house, and bank account) are protected. If your business already earns a profit or if it carries any risk of liability, you should start an LLC immediately.

Can you have an LLC without a business?

An LLC requires registering with the state and filing the appropriate forms. But even though you don’t need a business license to form an LLC, you probably need one to operate the LLC as a business.

What are the benefits of having your own LLC?

Some of the benefits of an LLC include personal liability protection, tax flexibility, their easy startup process, less compliance paperwork, management flexibility, distribution flexibility, few ownership restrictions, charging orders, and the credibility they can give a business.

What if my LLC made no money?

LLCs that have become inactive or have no income may still be mandated to file a federal income tax return. Filing requirements will depend on how the LLC is taxed. An LLC may be taxed as a corporation or partnership, or it may be totally disregarded as an entity with no requirement to file.

Is LLC good for small business?

A limited liability company (LLC) is the best business structure for most small businesses because they are inexpensive, easy to form, and simple to maintain. An LLC is the right choice for business owners who are looking to: Protect their personal assets.

Is it better to be self employed or LLC?

You can’t avoid self-employment taxes entirely, but forming a corporation or an LLC could save you thousands of dollars every year. If you form an LLC, people can only sue you for its assets, while your personal assets stay protected. You can have your LLC taxed as an S Corporation to avoid self-employment taxes.

Will I get a tax refund if my business loses money?

Generally, C-corporations are the only type of business entity eligible for a tax refund. Your business also might receive a tax refund if it overpays on payroll or sales taxes.

Does my LLC have to make money?

Do You Need to Make Income to Be Considered an LLC? An LLC does not necessarily need to make any income to be considered an LLC. In fact, any small business can structure themselves as an LLC so long as they follow the state’s rules for forming one.

Does LLC have to file tax return?

The IRS treats one-member LLCs as sole proprietorships for tax purposes. This means that the LLC itself does not pay taxes and does not have to file a return with the IRS. As the sole owner of your LLC, you must report all profits (or losses) of the LLC on Schedule C and submit it with your 1040 tax return.

How much can a small business make before paying taxes?

As a sole proprietor or independent contractor, anything you earn about and beyond $400 is considered taxable small business income, according to Fresh Books.