Setting Up An LLC Is As Easy As 1, 2, 3!

Are you an aspiring business owner? If you are considering starting your own business, this blog is designed for you! Owning your own business can be a lot of work, but it can also be incredibly rewarding. Everyone at the Law Offices of Phillips, McElyea, Carpenter, & Welch, P.C. is committed to helping you achieve that dream. In this blog post, we are going to examine how an LLC is beneficial to your business and how to establish your business as an LLC.

Why an LLC? 

Limited Liability Companies are one of several forms of business ownership. LLCs provide an advantage in that they can protect the individual owner(s) from personal liability. As the owner of a properly formed and operated LLC, you can be insulated from personal responsibility for business expenses or lawsuits. The LLC essentially creates a buffer between you and your business. If your business begins to struggle with debt, for example, your personal property or savings can be protected, provided you have properly formed and properly operated your LLC. Each new business deserves special research, but LLCs are a good option for most business owners.

Establishing Your LLC

Setting up an LLC is a fairly simple process. The rules differ slightly by state, so for now, we're going to focus on the requirements for establishing an LLC in Missouri. 

Step 1: Pick Your Company Name
In Missouri (and most other states) your business name is required to include something to identify it as a limited liability company, such as "Bob's Baskets, LLC." Your company's name must be unique from all other registered LLCs in Missouri. Check with the Secretary of State to find out if your desired company name is available. If you want to, you can reserve your company's name for 60 days with a filing fee of $25.

Step 2: Fill Out Missouri's Articles of Organization
These forms require basic information, such as your company's name, address, purpose (a concise description of what your company will do to earn money), the intended duration of the company, etc. The filing fee for these documents is $50 in Missouri if filed electronically.

The Articles of Organization will also ask for the name and contact information for your company's registered agent. This individual is responsible for accepting any legal documentation on the LLC's behalf if it is sued. Anyone with a physical street address in Missouri can act as the registered agent.

Step 3: Establish an Operating Agreement
Missouri Revised Statute Sec. 347.081 states that "The member or members of a limited liability company shall adopt an operating agreement containing such provisions as such member or members may deem appropriate..." The operating agreement allows you to decide on and document in writing each member's roles, rights, and responsibilities. The operating agreement can help to guide you through any complications or confrontations that may arise. 

For information about LLC requirements in a different state, give us a call at (573) 346-7231.

 If you are considering setting up your own business, we would be happy to discuss your options with you! Stop by and see your local Lake of the Ozarks Lawyers today!

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Law Offices of Phillips, McElyea, Carpenter, & Welch, P.C.
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Phillips, McElyea, Carpenter & Welch, P.C.
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Location: Camdenton, MO 65020, USA

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