If you’re thinking about starting a business in Georgia, you might be curious about how much it would cost to establish an LLC. The good news is that compared to other US states, Georgia has one of the lowest formation costs for LLCs. In this post, we’ll look into how much it costs to create an LLC in Georgia and address some relevant issues.
In Georgia, creating an LLC costs $100. When filing the Articles of Organization to the Georgia Secretary of State, this cost is due. A $50 yearly registration fee is also required to be paid to the Georgia Secretary of State each year in order to maintain the LLC’s good standing.
You have a choice between using an internet service or hiring an attorney to assist you in incorporating an LLC in Georgia. Depending on their degree of competence, hiring an attorney might cost anywhere from $500 to $1,500. Depending on the bundle you select, using an online formation service can cost anywhere between $50 and $300.
There is no state income tax for LLCs in Georgia, which is one of the advantages of doing so. Instead, LLCs in Georgia must annually submit a federal tax return and are subject to federal taxes. The tax consequences of the LLC choosing to be taxed as a S Corporation versus a C Corporation may differ.
Let’s respond to some similar queries now: How do I use my LLC to pay myself? You have various options for paying yourself as the proprietor of an LLC. Taking a salary or taking a distribution from the company’s profits is the most typical method. You may also claim a refund for any out-of-pocket business-related expenses that you have incurred. Can a single person own an LLC?
Yes, a single person may hold an LLC. This type of LLC has only one member. For taxation reasons, Georgia treats single-member LLCs the same as multi-member LLCs. Are LLCs privately held businesses? An LLC is a privately held business, yes. As a result, neither the company’s stock price nor its ownership are visible to the general public. Usually, only the members of an LLC are its owners.
In conclusion, the initial filing charge of $100 and the annual registration fee of $50 make Georgia’s LLC formation reasonably affordable when compared to other states. In Georgia, LLCs can also gain from not having to pay state income tax. You have a number of options for paying yourself as the proprietor of an LLC, including taking a salary or taking money out of the company’s earnings. LLCs are privately held businesses that can be owned by a single individual.