Knowing the responsibilities of the many people engaged in running the company is crucial when creating a Limited Liability Company (LLC). The manager and the agent are two crucial positions. Despite the similarity in their titles, they have very different jobs and obligations.
A person or organization with this authority is known as an agent. They are in charge of getting legal and tax paperwork, like annual reports and service of process. The agent must have a physical address (not a P.O. Box) and be reachable during business hours in the state where the LLC is registered. The agent may be an LLC member or a specialized third-party service that has been retained in this capacity.
A manager, on the other hand, is a person or group of persons in charge of running the LLC’s day-to-day operations. They are in charge of handling funds, managing personnel, and making business decisions. The members of the LLC can designate managers who are either members or non-members to fill this position.
Is S Corp or an LLC better?
The answer to this query is based on the particular requirements and objectives of your company. While S Corporations offer some tax benefits and protections for shareholders, LLCs offer more management and tax flexibility. To decide which structure is ideal for your company, it is advised that you speak with a business lawyer or accountant.
You can submit an application for an Employer Identification Number (EIN) in New Jersey online via the IRS website or via postal mail using Form SS-4. You must supply details about your company, including its legal name, address, and the name and social security number of the person who is in charge of it.
Both LLCs and sole proprietorships have benefits and drawbacks. A sole proprietorship is less complicated and expensive to set up, but the owner is not protected from liabilities. An LLC provides additional protection for the owners’ private assets and has more administration and taxation flexibility. Once more, it is advised to consult a specialist when determining which structure is appropriate for your company.
A trustworthy and reliable online legal services company is LegalZoom. They provide a range of services, such as trademark registration, LLC creation, and legal document drafting. It is crucial to keep in mind that their services might not be appropriate for every person or company, and it is advised to speak with a qualified attorney for particular legal counsel.