Business Formation LLC Lawyer Philadelphia

Opening your own Business is something many people in the United States dream of doing. The idea of “being your own boss,” or having a legacy to leave to one’s children is a very attractive prospect to many people who are seeking the freedom to do things their own way. Opening your own LLC has multiple steps and requires attention to detail. To open your own LLC in Philadelphia, you first need to do the following:

• 1. Decide on a name for your business; this is something to think carefully about, because this name can follow you for the rest of your life.
• 2. Assign a registered agent for the LLC. Someone can act as their own Registered Agent, but the person must have a physical address in Pennsylvania where the LLC will be formed.
• 3. Get an Employer Identification Number (EIN) from the IRS. If there are two or more members in your LLC, your company will need to obtain an EIN from the IRS, for tax purposes.
• 4. Create an operating agreement and operation mission. Although LLCs in Pennsylvania are not required to have a limited liability company operating agreement, it is best to have one in place with other members should your LLC have more than one member. The operating agreement and operation mission is a brief statement outlining the purpose of your business.
• 5. It is important to familiarize yourself with the LLC’s continuing legal obligations, as you are now an operating business in the city of Philadelphia. Any LLC or professional company is required to file a Certificate of Annual Registration along with the registration fee on or before April 15. Not filing the annual registration can result in additional fees, penalties and interest being charged to the LLC.

Philadelphia Business Formation LLC Lawyer

Our experienced team of lawyers at The Law Offices of Greg Prosmushkin, P.C. can assist you in realizing your dream of opening your own LLC. Though the process can sometimes be complicated and confusing, we are confident that we can assist you every step of the way. If you would like a free consultation, feel free to contact our Philadelphia office at 215-673-7733. You may also email us, and we will respond promptly

This content was written on behalf of Greg Prosmushkin.