Formation
Requirements
- Define in which state you want to create it. If you are not sure in which one, you can take this quiz.
- Be over 18 years of age
- Have a registered agent in the State where you will be trained (we provide this)
Plans and Services
We have the Professional and Premium Plan, which you can learn more here
We use the Stripe payment gateway for our collections, which accepts debit and credit cards internationally, and other payment methods such as Apple Pay. If you wish to pay with PayPal, Zelle or ACH, be sure to contact us first here.
Process and Schedule
It depends on the state where the company will be formed. For example, in Wyoming it can take 2 to 3 business days, in New Mexico about a week, and in Florida approximately 3 weeks. On average, most states have it ready in under 3 weeks, although there are exceptions. If you’re unsure, you can contact us here.
LLC Structure and Membership
There is no limit to how many members an LLC can have.
An LLC with a single member is considered a Single Member LLC.
An LLC with two or more members is considered a Multi-Member LLC.
You should be certain about the number of members your LLC will have from the start. If the LLC is formed with only one member and you later want to add more, this involves additional procedures and costs — the same applies if you want to go from multiple members to a single member. It is a more complex process, so it’s preferable to begin with the desired number of members from the outset.
It’s also important to note that members are not necessarily the owners of the company. Members are responsible for managing the business, while ownership is defined in a document called the Operating Agreement, which specifies who the actual owners of the LLC are, whether or not they are members.
Yes, there are 2 ways to do this:
1. Add another person(s) in the Operating Agreement which is the document that establishes who is the owner(s) of the LLC. It is a process in which a new Operating Agreement and a new Certificate(s) of Member(s) is issued. The cost of the process is $75.00 and can take 3 business days.
2. Apply for amendment with the state where the LLC has been formed to change structure from Single Member to Multi Member. This process involves canceling the EIN that the LLC already has and applying for a new EIN from the IRS. If the LLC has an open bank account, it must close that account and open a new one when it has the new EIN that will be issued by the IRS. The filing fee is $300.00 and can take up to 3 months depending on the state where the LLC was formed.
EIN (Employer Identification Number)
It is the tax number that every LLC must have in order to operate legally, open a bank account and to carry out procedures in the USA.
The IRS, which is the Internal Revenue Service of the United States of America.
It depends on the procedure used to apply for it, as there are different ways to do it, among them:
- Standard method: up to approximately 3 months
- EIN Express Method: 3 weeks
- If a member of the LLC has a valid social security number (SSN) issued by the United States of America: 3 days approximately
- To carry out any procedures with third parties in the United States, including the application for a bank account for your LLC.
- To file your LLC's annual income tax return
Because it changes the structure that has been originally declared to the IRS and the tax treatment as well as the filing date of the Income Tax Return varies according to the type of LLC.
The IRS should be asked to cancel it.
ITIN (Individual Taxpayer Identification Number)
It is the Personal Taxpayer Identification Number that is filed with the IRS and can take between 3-10 months to receive. The member of an LLC can apply for it. The ITIN facilitates tax compliance for the member of an LLC, it can also give access to banking services and credit in the US for your LLC.
The processing time depends entirely on the IRS and there is no system in place to track the application. Once applied for, the IRS only contacts us to ask for additional documentation or support required or to inform that the ITIN has been issued.
