Llc Business Plan Template

This guide is designed to help you better understand your readiness for starting a small business. Rather, it is a tool that will prompt you with questions and assist you in evaluating your skills, characteristics and experience – as they relate to your readiness for starting a business. Your responses will be evaluated at completion of the questions.

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For federal taxes, LLCs are typically treated like sole proprietorships if there is one owner, or like partnerships if there is more than one owner.

However, by filing an entity classification election form with the IRS, LLCs can be treated like corporations for federal tax purposes.

Although not required, forming an LLC should be done with the help of a qualified legal professional.

Among other requirements, LLCs must create a governance document called an Operating Agreement.

It helps you and those working with you to stay focused on what’s important.

A vision statement answers the question “What do we want to become? If you’ve never owned a business before, you may be unaware of all the things you need to do to get your business going.Careful planning and research will improve your chances of success. There is simply no way to eliminate all of the risks.Get to know the business structure options and discuss them with your advisors to determine which will be best for you.Find legal, tax and business (SCORE, Small Business Development Centers) advisors.General Partnerships are like sole proprietorships with more than one owner.Partners share managerial duties, profits and losses, and each is personally responsible (liable) for all business debt.To form a corporation, you must file with the Washington Secretary of State and you must create a governance document – which, in this case, would be bylaws.Corporations also have other requirements, such as issuing stock certificates, holding annual meetings and keeping minutes, electing directors, etc.The owner is personally responsible (liable) for all business debts and for federal taxes.Limited Liability Companies (LLCs) are very popular.

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