Making ensuring the company is informed of any lawsuits or legal actions is the goal of having a registered agent. A company may be exposed to default judgment or other legal repercussions if it does not have a registered agent or if the registered agent cannot be found.
Pennsylvania law does not mandate that corporations or limited liability companies have a corporate seal in addition to a registered agent. It is not legally necessary in Pennsylvania for firms to have a corporate seal, however some may opt to do so for formality or official papers.
Pennsylvania doesn’t have a state-specific tax ID number when it comes to tax identification numbers. Instead, companies can file taxes using their federal Employer Identification Number (EIN). The Internal Revenue Service (IRS) issues a special nine-digit number called an EIN to identify firms for tax reasons.
If you have workers or intend to hire employees, submit specific types of tax returns, or are incorporating an LLC in Pennsylvania, you must receive an EIN from the IRS. However, you might not require an EIN if your LLC is a sole proprietorship and you have no employees.
Depending on the type of LLC and the services required, forming an LLC in Pennsylvania might be expensive. A domestic LLC must pay a filing fee of $125, whereas a foreign LLC must pay a $250 filing charge. The cost of expedited processing or other services may be higher. It is significant to remember that maintaining an LLC could involve additional expenses such annual fees and taxes.
In conclusion, a registered agent is necessary for every corporation or LLC in Pennsylvania, but a corporate seal is not. As there is no state-specific tax identification number for Pennsylvania, businesses can utilize their federal EIN to file their taxes. Be sure to account for filing fees as well as other business-related expenses when incorporating an LLC in Pennsylvania.
You can take a distribution of profits or provide yourself a salary out of your LLC. However, it is crucial to abide by the IRS’s regulations and the tax and compensation rules in your state. The best advice on how to pay yourself from your LLC is to speak with a tax expert or accountant.