A limited liability company or LLC in the state of Connecticut is a legal entity that separates the personal assets of an individual from those of the business. It is vital to understand how the state regulates these companies. First of all, the LLC is considered a partnership for the purposes of the law. So, the LLC owners are treated as partners and are entitled to the same share of the assets as any other partner. As a result of this, there are some differences between LLCs and partnerships.
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First, in order to operate in the state of Connecticut, you need to register your business with the state as a Limited Liability Company. Once you have registered your LLC, you must also get an official certificate of registration from the state. This certificate is usually called an Articles of Organization. The Articles of Organization should be submitted to the secretary of the state within two months of your business's incorporation.
Secondly, you need to pay the prescribed capital fees. The capital is the portion of the equity you have in your LLC or the LLC's capital. You can contribute up to 100 percent of your equity or up to half of your equity. However, it's not mandatory for you to contribute anything towards the capital. If you don't want to contribute, you can still register your business. You'll just pay a different fee.
Connecticut LLC - Opening Your Business
Third, you'll need to inform the state about your business. You cannot operate your limited liability business without informing the state about it. You can do it orally or in writing. You can also register the business online.
Fourth, you have to file your annual reports. Your LLC will also file its annual report to the secretary of the state on the first business day of every year. You should do it right after the year end. If not, the suspended operations will be lifted on July 1st.
Fifth, after registering your business, you have to file your articles of incorporation. This is a standard set of articles that describe your limited liability company and the status of it. The articles of incorporation form an official legal document that protects your business and yourself against liabilities in the state. Every LLC has to follow the standards laid down by the state.
Finally, you have to file your tax returns. You can choose either to do it yourself or to hire a CPA to do it for you. However, it's not required for you to do so. It's just a condition of doing business in the state.
Operating an LLC can be a lot of hard work. But if you take care of the requirements, it won't be too hard for you to achieve success. If you are new in the business, you may want to consider hiring a CPA. He or she can assist you in understanding the tax code better and in preparing your yearly report. All in all, starting your own business can be fun and profitable if you know what to do.
There are several rules on the books when it comes to running your business. You need to follow them closely. For example, you are not allowed to do personal business with clients in the name of your business. It's not allowed to do any type of investment except those that are clearly mentioned in the statement of ownership. You are also not supposed to hire employees unless they are specifically permitted in doing so in the business.
The state of Connecticut has issued a comprehensive commercial law. This includes all the laws applicable on the national level as well as the regulations governing businesses that operate at the state level. Basically, it covers everything that pertains to corporations. One might think that this law is very complicated, but it really is not.
All you have to do is look it up on the Internet. You can even download forms for filing your annual report if you so desire. If you are thinking about putting up a small business in Connecticut, the first thing you should do is contact the secretary of state and fill out simple forms. After that, you must mail them to the address provided on the form.
One thing that you need to keep in mind is that even if you own a small business, you still need to protect yourself from liability. For this reason, it is essential for you to hire an attorney who specializes in personal injury protection. He or she will be able to protect you in the court, should you be sued. So, do not try your luck without the help of an experienced lawyer. Get started today!
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