When filing a Montana LLC, the first order of things to accomplish is the business name. A few state rulings on naming conventions should be observed. For one, the Montana LLC name should include any of the following words: ‘Limited Liability Company’ or ‘Limited Company’.
Alternatively, any of the following abbreviations can also be used: ‘LLC.’, ‘LLC,’, ‘L.L.C.’ or ‘LC’. Also, it is standard protocol when it comes to naming Montana businesses that the name should be unique or that it should not closely resemble any business entity registered with the Montana Secretary of State database.
When a name has been picked, its availability can be checked using the Montana business name search tool. If the name is available, a Business Name Reservation application can be submitted to the Montana Secretary of State. A $10 filing fee is required.
For compliance purposes when starting an LLC in Montana, a Registered Agent or an Agent for Service of Process should be hired. The state also has a few rulings when it comes to hiring a MT LLC Registered Agent.
First, a Registered Agent can either be an individual living in Montana, a Montana company, or a foreign company in Montana registered to operate legally in the state.
A physical street address must be provided upon designation (note that P.O. Box is not considered a physical address). Prior to the designation of the Registered Agent position, the individual/business entity should acknowledge to be the business’ representative in accepting service of process and other legal notices.
To legally register an LLC in Montana, an Articles of Organization must be filed to the Montana Secretary of State.
The following information are to be provided when doing a Montana LLC filing: name and complete address of the LLC, name, complete address, and signature of the Registered Agent, name and complete address of the manager, if it will be managed by one, and the members.
The Articles of Organization should be submitted through postal mail with the enclosed $70 for filing fee.
An Employer Identification Number acts much like the same as a Social Security Number but instead of being for individuals, it is for explicit business use. An LLC EIN is required regardless if hiring employees or not as it is required in almost all business transactions.
There are several ways to obtain a Montana EIN, but the most convenient way is to go through the IRS website and do an online application.
By opening a business bank account you will be able to keep all financial assets separate. Not only does it protect your personal assets, but it makes paying taxes a lot more simple.
There are many options including Chase and Bank of America, so do your research to find out which is right for your Montana LLC. Here are our top 3 options.
If you have followed the steps above, you are now an official Montana LLC. The additional requirements outlined in this section are provided to ensure that there are no glitches to the legal operations of your LLC. Recommended resources to accomplish these tasks are also featured in this list.
Every Montana LLC needs a strong business plan if it is looking to grow and stay significant for a long period of time.
A strong business plan helps forecast possible business challenges allowing the entrepreneur to come up with a contingency plan. It also sets a clear path in achieving business goals with the right strategies in place to execute these goals when starting a Montana business.
Most importantly, it is a strong business plan that can jumpstart the startup capital required to get a business started. You can write a business plan now with the help of the links below.
After incorporating an LLC in Montana, it is the entrepreneur’s responsibility to take care of Montana LLC tax requirements. There are several tax obligations that a Montana LLC should comply with, so thorough research and understanding is required. In addition, Startup Savant’s Montana Business Taxes guide provides an overview of these tax types.
Aside from the taxes an LLC should comply with, there are also Montana business licenses and permits that need to be obtained for legal operations when starting an LLC in Montana.
There are a myriad of requirements for Montana business license depending on the type of business operated, so make sure to be informed of all these. Startup Savant has a Montana Business Licenses and Regulations guide to help entrepreneurs get started on this task.
As part of the requirements for maintaining an LLC in Montana with a good standing, an Annual Report should be filed every end of the calendar year as long as the business is in operation. The Annual Report for the Montana LLC should be filed by April 15 to ensure that there are no late penalties.
A notice will be sent to the Registered Agent’s address for Annual Report. It can be filed online or through mail. The filing fee for the report is $15; however, another $15 will have to be paid when the report is filed after April 15.
An LLC Operating Agreement is especially useful for LLCs because it provides a structure in the financial and managerial relationships between owners of the LLC that is most advantageous to the business.
It establishes organization within the LLC at the same time protecting the business from state-default rules in cases of financial and managerial misunderstandings. It also protects the limited liability status of a business.
To begin the task of creating an Operating Agreement for an LLC, Rocket Lawyer features a fully customizable Operating Agreement that can also be signed online.
If you want your business to be taken seriously, build a professional website. Thankfully, there are free tools like WordPress for the non-tech savvy entrepreneurs like myself.
Learn how to build your website with this simple step-by-step guide. It covers the basics and walks you through the entire process.
This guide is only an informational article, so it should not be used as reference as a legal document or advice. Always consult the services of an expert business lawyer should you want to know more about starting an LLC in Montana or Montana LLC organizations in general.