In California, renaming a Limited Liability Company (LLC) is a typical commercial procedure. It can be because of a change in the ownership or organizational structure of the firm, or just because the current name no longer accurately describes its reputation or line of goods. Whatever the reason, changing an LLC’s name in California is a simple process.
The Secretary of State must receive a document called the Articles of Amendment before you can change the name of your LLC in California. This document can be submitted online or by mail. The present name of the LLC, the preferred new name, and a declaration that the name change has been accepted by the LLC’s members or managers are all included in the Articles of Amendment form.
In California, there is a $30 filing fee for altering an LLC’s name. The name change for the LLC will become effective once the Secretary of State accepts the Articles of Amendment, at which point the new name can be used on all future business documents, such as contracts, licenses, and permits.
It’s vital to remember that changing an LLC’s name has no impact on the organization’s EIN. The IRS issues each business organization with a special nine-digit number known as an EIN to identify them. If the name of your LLC changes, you do not have to terminate your EIN. A letter to the IRS or a call to the Business and Specialty Tax Line must be used to notify the IRS of the name change.
Even if your LLC has no income during the tax year, you must submit taxes if you have an EIN. The LLC is required to submit a Form 1065 tax return to the IRS every year. The earnings and losses of the LLC are reported on this form, and the portion of the profits and losses attributable to each member is reported on Schedule K-1.
You do not require a different EIN for each business if they are all operated under the same LLC. You will need a different EIN for every business entity you have, such as an LLC and a sole proprietorship, if you have them.
If you dissolve your LLC, you’ll need to submit a Form 1065 final tax return to the IRS. The 15th day of the third month following the conclusion of the LLC’s tax year is when this form is due. In addition, you might need to pay corporation tax on any assets left over after the LLC is dissolved if it was taxed as a corporation and your LLC.
As a result, renaming an LLC in California is a straightforward procedure that calls for submitting the Articles of Amendment to the Secretary of State. The IRS must be updated, not the EIN, which must still be used. Separate EINs are required for each business organization, and LLCs with an EIN are obliged to submit taxes annually. Finally, a final tax return must be submitted and corporation tax may need to be paid when an LLC is closed.
The query is unrelated to the subject matter of the article. To answer the question, it depends on a number of variables, including the complexity of the corporation’s structure, the volume of unpaid debts and obligations, and the thoroughness of the necessary documentation, how long it takes to dissolve a California corporation can range from a few weeks to several months. The dissolving process can often be completed in a few months to a year or more. To guarantee the procedure is carried out accurately and effectively, it is advised to enlist the help of a knowledgeable attorney or accountant.