Your LLC can always have employees regardless of the number of members or whether your LLC is member-managed or manager-managed. Employees need not be members themselves, though members may be employees if they would like. Before you hire any employees, though, ensure that the two necessary requirements are fulfilled.
Before sitting down to write a business plan for your LLC, first write a business plan outline. This outline will contain all of the pertinent information that you need to include in your business plan and will form the basis of your brainstorming. Your outline will serve as your business plan template and should reflect your core business model. Though you need not submit the results of your brainstorming to the state, it is a good idea to have a solid business plan before registering your LLC. Discuss your plans with your fellow members and use the following outline to guide your strategy.
Corporate stock is a measurement of the ownership of a corporation. If a corporation has 1,000 shares of stock and you own 400 shares, you can say that you own 40% of the corporation. Whether the stock is traded privately or publicly on the stock exchange is irrelevant; shares are simply a way of determining an individual’s share of ownership in a corporation.
An LLC is different, however. LLC owners are not referred to as shareholders, but as members. A member’s share of ownership in the LLC is determined by the LLC’s operating agreement or by some other document that outlines each member’s ownership interest. The LLC ownership structure is different from a corporation in this way. Though some LLCs may issue ownership certificates to its members so that each person knows how much of the LLC they own, these are not true stock certificates. Only corporate shareholders own stock.
Because of the ownership structure of LLCs, there is no such thing as a publicly traded LLC. A limited liability company will not appear on the NASDAQ and may not issue stock like a corporation does.
To change your registered agent — the individual you elect to receive service of process on behalf of the LLC — or registered office if your registered agent moves, you must submit a form to the Secretary of State in the state in which your LLC was formed. You typically cannot make this type of change on your annual report and should submit the form immediately when the change occurs. If the state has the name of an incorrect registered agent or the wrong address, important communication may not make it to you.
The IRS requires a yearly filing depending on the tax status of your limited liability company. LLCs that elect to be taxed as corporations file Form 1120, partnership LLCs file informational Form 1065, and single-member LLCs taxed as sole proprietorships submit no additional filings.