Formation
Requirements
Define in which state you want to create it. If you are not sure in which one, you can take this quiz.
Be over 18 years of age
Have a registered agent in the State where you will be trained (we provide this)
Plans and Services
We have the Starter, Professional and Premium Plan, which you can learn more here
We use the Stripe payment gateway for our collections, which accepts debit and credit cards internationally, and other payment methods such as Apple Pay. If you wish to pay with PayPal, Zelle or ACH, be sure to contact us first here.
Process and Schedule
It depends on the State where it will be formed, for example, in Wyoming it may take 2 to 3 business days, in New Mexico a week and in Florida it takes 3 weeks approximately, etc. On average, most states have them ready in less than 3 weeks, although there are exceptions so if you are not sure, you can contact us here.
LLC Structure and Membership
There is no limit to how many members an LLC can have.
An LLC with only one member is considered Single Member.
An LLC with two or more members is considered Multi Member.
Beforehand you must be sure of the number of members that your LLC will have because, if the LLC is formed with only one member and then you want to add more members, this entails additional procedures and expenses as well as if you want to go from several to one member. It is a more complex process so it is preferable to start it with the desired number of members from the beginning.
It should be noted that the members are not necessarily the owners of the company. The members are those responsible for the management of the company, but within a document called operating agreement, it is established who are the owners of the LLC, whether or not they are members of it.
Yes, there are 2 ways to do this:
1. Add another person(s) in the Operating Agreement which is the document that establishes who is the owner(s) of the LLC. It is a process in which a new Operating Agreement and a new Certificate(s) of Member(s) is issued. The cost of the process is $75.00 and can take 3 business days.
2. Apply for amendment with the state where the LLC has been formed to change structure from Single Member to Multi Member. This process involves canceling the EIN that the LLC already has and applying for a new EIN from the IRS. If the LLC has an open bank account, it must close that account and open a new one when it has the new EIN that will be issued by the IRS. The filing fee is $300.00 and can take up to 3 months depending on the state where the LLC was formed.
EIN (Employer Identification Number)
It is the tax number that every LLC must have in order to operate legally, open a bank account and to carry out procedures in the USA.
The IRS, which is the Internal Revenue Service of the United States of America.
It depends on the procedure used to apply for it, as there are different ways to do it, among them:
Standard method: up to approximately 3 months
EIN Express Method: 3 weeks
If a member of the LLC has a valid social security number (SSN) issued by the United States of America: 3 days approximately
To carry out any procedures with third parties in the United States, including the application for a bank account for your LLC.
To file your LLC's annual income tax return
Because it changes the structure that has been originally declared to the IRS and the tax treatment as well as the filing date of the Income Tax Return varies according to the type of LLC.
The IRS should be asked to cancel it.
ITIN (Individual Taxpayer Identification Number)
It is the Personal Taxpayer Identification Number that is filed with the IRS and can take between 3-10 months to receive. The member of an LLC can apply for it. The ITIN facilitates tax compliance for the member of an LLC, it can also give access to banking services and credit in the US for your LLC.
The processing time depends entirely on the IRS and there is no system in place to track the application. Once applied for, the IRS only contacts us to ask for additional documentation or support required or to inform that the ITIN has been issued.
Still have questions?
Can't find the answer you're looking for? Contact our team, and we'll be happy to help.