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Written by : Lizeth Pannone
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so how do you name your limited liability company your llc i'm going to give you a tool to help you name your llc quickly and easily for free then i'm going to give you some rules to follow and some things to avoid that's what we're going to talk about in this video we've helped our clients name thousands of llcs and some people can come up with a name right off the top of their heads others want to head scratch i don't know i want to talk to such-and-such first so i'm going to show you a surefire method to choose a name quickly and easily and you can also quickly and easily hit the like button below so that youtube promotes this video and i'd really appreciate it you can also click the subscribe button and notification bell so that when more videos come out like this you'll be up to date right away now there are two categories of company names that come to mind one is where the name really doesn't matter such as using a company to own rental property we talk to most of our real estate investor clients about putting each property into a separate llc so that a lawsuit on one property doesn't create the domino effect in this case we simply have the name of the llc as the address of the property the one two three main street llc for example i just thought of an example of one guy who was setting up multiple llc's for rental properties and they head scratched and worried and pondered this went on for a couple of months finally the guy rear-ended somebody in their car i mean he just smashed into the back of the guy on the highway that car hit another car which had another car and we should hit another car and i think there were seven cars all together and this guy was sued for way more than his insurance would cover so the guy went months without putting his properties into llc's because of the names the guy was at fault in the car wreck and he was a wealthy real estate investor so though there are many other people in the car accident he was the one with a hundred and ten thousand dollar bmw 750 with all the options so guess who they sued the rich guy right then all of a sudden he was panicked about getting the llc's formed now there were some other strategies we could employ to protect the properties but they would have to defend these strategies in court rather than having the protection automatically because they should have been in separate llcs i mean the guy could have protected everything but he dilly-dallied too long on picking the company name now for most businesses and real estate holdings for privacy and protection we don't recommend people use their own names in the name of the llc now maybe if it's a construction business or business where using your name makes sense then okay anderson construction might be perfectly fine if you're bob anderson but for holding real estate or trying to keep your name private don't use your name on the company so don't name your company bob anderson llc if you're using it to own real estate you want more privacy than that so don't paint a target on your back so when you use an llc for protective purposes to hold your stock market portfolio or to hold business equipment real estate as we said don't use your name see our video called anonymous llc and i think you really liked some of the ideas that we have on owning your llc privately now another mistake that people make is using a one word name so common names and if we go to look up the name it's not available this is especially true in larger states such as california florida texas new york as well as popular states for llc such as nevada delaware wyoming and so on so common words such as cornerstone cornerstone llc or in texas just about anything with the word lone star is taken lone star enterprises you can forget it in texas in california golden state with just about any other word or common word like enterprises or ventures is gone or initials are often taken abc enterprises jnj holdings for example so what we recommend for name availability purposes is having more than one word unless it's a totally made up word such as powerwave or vinstar or capmax so here we go here's a surefire way to come up with a name for your company see down below in the description where if i remember i'll write in all these words so you can use them to pick a name for your llc and since we're in the business of setting up llc's our company was established in 1906. we have attorneys on our staff if you want your llc set up right so you're more likely for it to protect you from lawsuits when you need it feel free to call us to have us set up your llc the right way with your articles a proper operating agreement membership certificates so everything that you need go ahead and see our number and website below so with this list you'll pick a first word such as metro then you choose a word from the second column such as endeavors then you pick your identifier that notifies the world that it's an llc and not another type of business entity so you end up with metro endeavors llc or capstone enterprises limited liability company northern ventures llc etc so you can feel free to use this list and it will give you at least 626 different name choices or you can choose your own first word then add one of our second words and the name choices are practically infinite now keep in mind if you have a name such as green tree executive llc in california you can also set up another green tree executive llc in north carolina for example so name availability is state by state so you can have a company with the exact same name but it's in a different state and the name may be available so using our name selector tool should help you pick a name and pick one rapidly now here are some other very important things to consider now many people are not too creative and they come up with a phrase or a word they like such as blue sky so it's like blue sky enterprises llc then they call us down the line and they want blue sky enterprises llc 2 then blue sky enterprises llc 3 so they have multiple llc's with blue sky enterprises in the name but really think about it if you want anonymity why flag the world that all of these companies are linked to each other otherwise you're giving a pretty good clue that all these llc's are owned by the same guy right hey that's not a whole lot of thought that goes into that to figure that out right anybody would draw that same conclusion wouldn't you so for anonymity you want to refrain from using a naming pattern where people can easily recognize that the llc's are all tied to each other like my friend who insisted on his last name in every company the building inspector found some problems in one building then all of a sudden the same inspector is slapping all kinds of violation orders on all the other properties but it's more than that when you're talking with your bookkeeper or cpa they say blue sky well which blue sky blue sky 1 blue sky 4 which one so when talking to people having the names too similar will confuse people as to which one you're referring to and not only will it confuse them but it'll confuse you too and i'm talking from experience i'
Thanks for your comment Merle Flagstad, have a nice day.
- Lizeth Pannone, Staff Member
what does an LLC and now I'll see your limited liability company is popular type of business structure due to its flexibility and simplicity if you're a small business owner or entrepreneur starting an LLC is one of the best ways to establish credibility and protect your assets watch this video to get a quick overview of the main features of an LLC how an LLC protects your personal assets how LLC's are taxed the importance of an operating agreement and using a professional LLC formation service at the end we'll share some free resources to help you start your own LLC and follow your business dreams millions of new businesses are formed in America every year they are legally structured as one of several choices sole proprietorships general partnerships corporations or limited liability companies the structure chosen for a business will determine who owns the business how taxes are paid and who's liable if a lawsuit or debt arises each state has specific requirements on forming and maintaining a business structure for small business owners and entrepreneurs one of the most beneficial business structures to choose from is the LLC the limited liability company an LLC has several features that make it desirable the first is LLC's acts as a legal entity separate from its owners creating what is known as a corporate veil this protection keeps the owners personal assets secure in the event of a lawsuit or unpaid business debt the second is LLC's that pass through taxation when a corporation makes a profit net profit is taxed distributed to the owners and then taxed again as personal income and LLC's profits are not taxed thus the owners only pay tax on the revenue wants and the third is that business accounting and compliance can be complicated LLC's relative to other corporate structures streamline the formation and record-keeping burden making them easy even for single owner businesses to maintain these are the main reasons you might want to start an LLC for your business there are many other reasons as well for instance privacy which we will address later and the fact that LLC owners do not have to be US citizens or permanent residents if you want flexibility and simplicity LLC's are a great option for starting a new business Oh an LLC protects your personal assets if you operate your business as a sole proprietor a partnership and for example someone gets hurt on your premises or one of your products injures someone you can be sued as an individual and lose your personal assets your home your car etc an LLC protects the business owner by acting as a separate legal entity responsible for its own debts and lawsuits the distinction between owners and business structure is known as the corporate veil it's not enough to simply establish an LLC you'll need to preserve the corporate veil by signing documents as a representative of the company and not as an individual keeping personal and business finances separate following an operating agreement avoiding fraudulent activities and keeping up to date with annual filings you can learn more about the corporate veil at our website and research common forms of business insurance you can never completely prevent problems but to prepare for the worst and protect yourself in your business forming an LLC is a good first step while LLC's are taxed taxes are one of the most complicated parts of owning a business and the penalties are stiff if you fail to comply with the law LLC's are quite flexible on how you choose to be taxed which can be used to your benefit well the details are too much to cover in this video the most important things to know about LLC taxes are if you're a single-member LLC the IRS ignores the business structure in taxes you like at wooden individual the Alice's income is reported on your personal tax return at the end of the year if you have a multi-member LLC the LLC does not pay any income taxes and all profits are passed through to the members who then pay the IRS on their individual tax return well these are the default tax elections you can also opt for your LLC to be taxed as a corporation a C Corp or an S Corp regardless of your tax designation you'll need to file yearly with the IRS check out our federal tax guide or consult with an accountant for specific details on what forms you'll need to file as for state taxes because LLC's are typically pass-through entities individual members pay state taxes not the LLC itself however there are certain types of taxes LLC's may have to pay common forms of state tax you may have to pay include franchise tax sales tax withholding tax and unemployment insurance tax again you'll want to consult an accountant for details the importance of an operating agreement when forming an LLC the most essential document is the operating agreement an operating agreement is an internal document meaning it doesn't need to be filed with the state however it's a critical component of your LLC that outlines the essential ownership and member details of the organization the operating agreement is the foundation of your LLC a living document that gives your business credibility and helps maintain your corporate veil it will outline the management and voting rules capital contributions and distributions membership and dissolution practices and all the basic stipulations on how the companies operated we provide operating agreement templates at our site we also rate and recommend professional LLC services that can help you create a custom operating agreement whose professional corporate agents are secondary companies for hire that can help you form and maintain your LLC which we'll address next using a professional LLC formation service LLC's are formed at the state level and typically cost between 50 and 150 dollars for basic formation to officially form an LLC you'll file paperwork with your state's Secretary of State and once that's been processed you'll register for an EIN or employer identification number with the IRS your ein is like a social security number for your company and is necessary for taxes and banking you can do all this on your own to save money or you can hire a professional service for an additional fifty to one hundred and fifty dollars various providers have different packages but one service to consider is hiring a registered agent when you file your formation documents with the state they'll ask for a registered agent which is like a point of contact to receive mail and official papers an LLC's registered agent can be a member of the LLC or it can be a hired service a hired registered agents of great convenience they'll help you with getting your reports filed on time will keep your business mail separate and will be available at all regular business hours to accept official mail and legal papers on your LLC's behalf final an important additional benefit of using a services privacy a professional service will provide a level of privacy by withholding your personal name and home address from the LLC's contact information there are many reasons you might not want your personal information easily accessible and associated with your busines
Thanks galiotte01j your participation is very much appreciated
- Lizeth Pannone
About the author
I've studied limnology at University of Nebraska at Kearney in Kearney and I am an expert in collection management. I usually feel rushed. My previous job was sales representative (radio & tv time) I held this position for 13 years, I love talking about weightlifting and collecting hats. Huge fan of Zak Bagans I practice skydiving and collect match-related items.
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