7 Simple Steps
First, make sure the name you want for your LLC isn’t already taken, too similar to another, and doesn’t contain any restricted wording. Conduct a Business Entity Search through the state and then if there may be trademark issues use the TESS System through the U.S. Patent Office to check.
The name should include one of the following words or abbreviations: Limited Liability Company, L.L.C., or LLC. You can also shorten ‘Limited’ to ‘Ltd.’ and ‘Company’ to ‘Co.’ Keep in mind there’s an Application for Reservation of Name which can be mailed to the Secretary of State to reserve your business name for 120 days for $60 as well.
A Registered Agent is anyone who resides in the state, or a recognized/registered business entity with a physical street address. This includes you and anyone else within your organization. However, as this person will be responsible for receiving and helping to handle all legal documents on your behalf (court documents, legal notices, state filings, tax forms, etc.), you want them to be serious about this role.
This declarative document must be signed and filed with the Connecticut Secretary of State before you can legally conduct business. It tells the state the basics of your company and announces your arrival to the marketplace.
Download and grab of copy of the Certificate of Organization, read it very carefully, and fill it out correctly. Make sure to verify all information before filing. You can submit through mail to the address specified on the form.
LLC Filing Fee: $120
A EIN, or Employer Identification Number, is like a social security number for your brand. Once established you can legally hire employees, set up business bank accounts in the next step, and tax time will be much smoother.
You can get one quickly and easily free of charge through Applying Online with the Internal Revenue Service. If you do plan on hiring, you’ll also need to register with the Connecticut Dept. of Labor and file/pay the Unemployment Insurance Tax.
First, be sure to do some shopping around to find the best deals! Tons of entrepreneurs set up business bank accounts where they personally house their finances. Why? If they’re offering amazing perks, then that’s great, otherwise look around. For a quick outline of the best perks from mainstream institutions, browse this Checking Account Buyer’s Guide. (Spoiler: We’re huge fans of Capital One since they won’t hit you with endless fees.)
Besides, it’s absolutely critical that your business bank account be completely separate from any other business or personal accounts! Don’t muddy the waters. It should be a single stream of data synced with your accounting software.
This is an internal document between you the owner and your management team. In essence, along with declaring rights and duties it “defines each member or manager’s rights, powers, and entitlements. This includes capital accounts, membership interest, distributions of profit and allocated tax responsibility, etc.”
If you need help drafting a customized form, check out an online LLC Operating Agreement Tool. Many people find it helpful if they don’t have a lawyer and aren’t working with an LLC filing service.
These days it’s fairly simple to set up your brand’s tax identity with the state and federal government. It begins with registering an EIN and then depending on the nature of your business there will be an assortment of other steps you’ll need to take.
To get started bookmark the Hartford district office of the Small Business Administration, and the Dept. of Revenue’s Business Services page because they’re likely going to be go-to sources for a variety of things along the way. Also if you need help, consider leveraging a professional Business License Research package that can quickly source all the documents for you.