Understanding LLC Name Reservation: Everything You Need to Know

What is LLC name reservation?

When it comes to name reservation, you must first choose a name that’s not already taken by another company and reserve it with the Secretary of State’s office in your home state. After finding the right business name, you must take additional steps to ensure that you can use the name legally.

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The practice of securing a distinctive company name for a limited liability company (LLC) is known as LLC name reservation. This procedure makes sure that no other company in the same state can use the same name. While it is not required in the majority of states, including Georgia, to reserve an LLC name, doing so is strongly advised for individuals who wish to lock down their company name before formally registering their LLC.

Reservation of an LLC name is an easy process that can be completed online or by mail. The price to reserve an LLC name in Georgia is $25, and the reservation is good for 30 days. The business owner may use the reserved name and file for the creation of an LLC during this time.

Depending on the sort of business being established, different fees may apply to business registration in Georgia. For instance, creating an LLC costs $100 while registering a sole proprietorship costs $50. If the business owner files online, this charge can be lowered to $50. Additionally, there are $50 yearly maintenance fees for the LLC status in Georgia.

One advantage of having an LLC is that it shields its owners from personal liability. This indicates that the business’s debts and liabilities are not personally owed by the proprietors. It’s crucial to understand that, even if a business is an LLC, the state or local government may still need it to seek a business license.

Certain sorts of businesses, such those that sell alcohol, tobacco, or guns, in Georgia need business licenses. However, the majority of companies can run without a particular license. It’s crucial to verify with your neighborhood administration to see if a company license is required.

It’s crucial to take your personal liability protection needs into account when choosing between a sole proprietorship and an LLC. While establishing a sole proprietorship is simpler and less expensive than setting up an LLC, an LLC offers greater personal liability protection. An LLC may be a better choice if you’re launching a business with a partner because it offers a clear structure for ownership and management.

In conclusion, reserving an LLC name is a critical step in protecting your company name prior to registering your LLC. It’s crucial to note that having an LLC does not exclude the business from acquiring a business license if necessary by the state or local government. The cost of LLC registration in Georgia varies based on the type of business being formed. It’s critical to take personal liability protection into account while choosing between a sole proprietorship and an LLC.

FAQ

Do you need a business license to sell online?

It is not specifically addressed in the article “Understanding LLC Name Reservation: Everything You Need to Know” whether a company license is necessary to conduct online sales. The sort of goods or services being sold, the business’ location, and the relevant rules and regulations all play a part in determining the answer to this question. To ascertain the precise requirements for your internet business, it is advised that you conduct research and engage with legal and financial experts.

Does an LLC need a business license in Georgia?

In Georgia, an LLC does indeed require a business license. Businesses must acquire a business license in the county where they are located in Georgia. Depending on the county and the sort of business, different business licenses may have different criteria and costs.