Looking to form an LLC? It’s probably more affordable than you’d think. Let’s look at the costs involved to becoming an LLC, as well as your options for filing.
First, Your Options
If you like doing things yourself, you can download the LLC paperwork from your state’s Secretary of State office. It’ll take a little legwork, but it’s the cheapest option, as you only pay the filing fee.
However, if you’re in a hurry or simply want to hand over your LLC paperwork to professionals who have filed thousands of LLCs, you can hire a business filing service like CorpNet. When we handle your LLCs, you get a Name Availability Check, fast filing, and a year of Registered Agent service. You can even get your LLC paperwork reviewed and approved in as little as 5-7 business days with our express service.
Now, the Costs
To become an LLC, there are a few costs involved that you need to know about. First, there’s the filing fee that you pay when you file your LLC paperwork.This covers the administrative costs of processing your application, checking that your business information is correct, and then approving your business as an LLC.
Then there’s the LLC Annual Report. If you file this yourself, it can run you anywhere from $0 to $300. This paperwork simply updates your business info and lets the state know that you’re still operating as an LLC. You have to file your Annual Report every year in order to keep your LLC compliant.
If you work with a business filing service, you will pay an additional administration fee. Ours start at $79, so you can still become an LLC for under $200 in many states!
What Are You Waiting For?
In my mind, $200 is a small price to pay for the security that becoming an LLC provides your small business. Not only will you realize certain tax benefits, but you will also protect your personal assets. Why wouldn’t you want that?