Plan for success in your new business.
As an entrepreneur, you likely prefer focusing on the big picture rather than getting bogged down in specifics like selecting a business entity or navigating tax and accounting intricacies.
Tools to get your business started off right.
Professional Entity Type Analysis
Operating Agreement
Business Bank Account
Tax Registrations
Quickbooks Online Setup
Payroll System Setup
Payment System Setup
Local Licenses + Permits Search
Featuring transparent pricing.
Financial Umbrella brings years of experience.
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Answers to your questions.
What is a Limited Liability Company (LLC)?
A Limited Liability Company, or LLC, can be best described as a hybrid between a corporation and a partnership. It provides easy “pass-through” taxation like a Sole Proprietorship/Partnership, with the liability protection of a corporation.
How is an LLC managed and organized?
An LLC is organized with members who own the business and managers who handle daily operations. Any LLC can be managed by either its members or by Managers. An LLC may even be owned by another LLC.
The most common type of LLC is a Member-Managed LLC. The company is managed like a partnership or sole proprietorship in a corporation. Each Member is involved in daily operations. Members may be assigned titles, such as “President” or “Treasurer”, but it’s not necessary. Most LLC owners just refer to themselves as “Managing Member” or simply “Member”.
In a Manager-Managed LLC, the company designates a Manager or Managers who may or may not be Members. They run the daily operations of the company. The other Members may or may not be involved in the daily activities. They simply provide money or assets for the managers to operate the company. This is fairly rare for small businesses.
How long does it take to form an LLC or corporation?
I process most orders in just a few business days once we receive your initial formation questionnaire back completed. However, how long the state will take to process the paperwork once they receive it varies widely depending on the state (and the season). Some states take 3 days, others take 3-4 weeks or longer. Upon ordering my new business formation services, I will provide an estimated time to process an order in your selected state.
I also offer expedited services that can speed up the process. The expedite fees vary from state to state.
Can I form an LLC or corporation in one state but be based in another?
Yes, there are many reasons a company would form an LLC or corporation in a state outside where they conduct business. Some of those reasons are related to taxation and ownership transparency. Your LLC or corporation would have to be Foreign Qualified in the state of formation, and I can do that for you.
How does my business become an S-corporation?
By default, all Corporations (regardless of which state they were formed in) are known as “C-Corporations“. So, if you have not specifically filed a form to elect to become an S-Corporation, then your company is still a C-Corporation. By submitting a Form 2553 the IRS and adopting the appropriate corporate resolution, you can become an S-Corporation. If you utilize my S-Corporation Election service, I can prepare the resolution and the form for you and send it to the IRS (they only take submissions via mail or fax at this time). The IRS then confirms via mail within a few months.
Note that some states like California and New Jersey also require their own state version of the S-Corporation Election.
What types of businesses do you work with?
Financial Umbrella works exclusively with service-based businesses, entrepreneurs, and nonprofit organizations. This may include (but is not limited to) medical providers, restaurants, online creators, influencers, entrepreneurs in the service industry, janitorial providers, and other professional service providers.
I do not work with businesses whose main purpose is to sell products.