Should you name your LLC after yourself?
Don’t Name a company after yourself, unless…
According to Alexandra Watkins, founder of Eat My Words, a company that creates business names ideas for clients, you should not name your business after yourself. … They just aren’t memorable, imaginative names.
Can an LLC own real estate?
An LLC is a business entity with its own assets and income. As such, it can purchase real estate, including a house or business premises, for any reason outlined in its articles of organization. … Separation of personal and business finances.
What is a good LLC name?
Typically, your business’s name must end with the words “Limited Liability Company,” company” or “Limited.” Or you can use abbreviations like “LLC,” “L.L.C.,” or “Ltd.” Usually, you can even opt to abbreviate the words “Limited” and “Company” as “Ltd.” and “Co.” (Most people just stick with “LLC”.)
Do I need an EIN for my LLC?
An LLC will need an EIN if it has any employees or if it will be required to file any of the excise tax forms listed below. Most new single-member LLCs classified as disregarded entities will need to obtain an EIN. An LLC applies for an EIN by filing Form SS-4, Application for Employer Identification Number.
Who owns the property in an LLC?
Law §§ 203(d), 202. Since an LLC is a legal person, the property it owns is the property of the LLC, not of the members.
How do I sell my property as an LLC?
Limited Liability Companies are legally capable of purchasing and selling real estate. When LLCs dispose of real estate holdings, they must transfer ownership to new owners via property deeds. A person must have legal authority to sign a deed to convey property for an LLC. Otherwise, the deed can be deemed invalid.
What can be written off with an LLC?
The following are some of the most common LLC tax deductions across industries:
- Rental expense. LLCs can deduct the amount paid to rent their offices or retail spaces. …
- Charitable giving. …
- Insurance. …
- Tangible property. …
- Professional expenses. …
- Meals and entertainment. …
- Independent contractors. …
- Cost of goods sold.
What is the downside of an LLC?
Disadvantages of creating an LLC
Cost: An LLC usually costs more to form and maintain than a sole proprietorship or general partnership. States charge an initial formation fee. Many states also impose ongoing fees, such as annual report and/or franchise tax fees.
Does it matter what I name my LLC?
The legal name of your LLC or corporation must be distinguishable from the names of other entities on record with the state filing office. Otherwise, the state may refuse to file the documents to form your LLC or corporation.
How do I check if an LLC name is taken?
The best way to find out if your business name is taken is to do a business entity search within your state, check Federal Trademark Records, and search the web to find businesses with the same or a similar name.