The organizer’s duties are restricted to submitting the required documents to the state. The organizer has no part in the day-to-day management of the company and is not necessarily a manager or member of the LLC. However, the articles of organization may designate the organizer as a member or manager.
It’s crucial to understand that an organizer and a manager are two different roles. While the organizer just has to file the papers to form the LLC, the manager is in charge of running it on a daily basis.
LLCs must submit an Annual Report to the Secretary of State each year in Georgia. The LLC’s name, address, and registered agent are all listed in the Annual Report. If the Annual Report is not submitted, the LLC may be administratively disbanded. The Annual Report filing fee is $50.
The Internal Revenue Service (IRS) must provide an Employer Identification Number (EIN) to LLCs in Georgia. A firm can be identified for tax purposes by using an EIN, which is a special nine-digit number. The acquisition of an EIN is essential for LLCs with more than one member. Single-member LLCs have the option of obtaining an EIN or using their Social Security number for tax reasons. Finally, when compared to other states, Georgia’s LLC tax rate is quite low. On profits made within the state, Georgia imposes a flat 6% corporate income tax. LLCs, however, are exempt from this tax. The profits and losses of the LLC are instead reported by the members on their personal tax filings.
In conclusion, the person or organization responsible for submitting the Articles of Organization to the Georgia Secretary of State is known as the organizer of an LLC in Georgia. The organizer is not the same as a manager and is not involved in running the company on a daily basis. LLCs must submit an Annual Report, apply for an EIN, and disclose their portion of income and losses on their individual tax returns in Georgia.