Business Taxes and Legal Issues

Resources and information on business taxes, legal business structures, and other related issues.

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Old 06-21-2012
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Default How Can I Change From Sole Proprietorship to LLC?
Okay, so when I applied for my EIN last week, I kind of jumped the gun and stated that I was a sole proprietorship. After reading an article in one of the posts that lists 5 reasons why this is DANGEROUS, I wanted to change it into a LLC.

How do I go about doing that? Do I have to do special forms or letters? Can I do it via computer? Does it cost to become an LLC?
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Old 06-21-2012
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Default Re: How Can I Change From Sole Proprietorship to LLC?
Nadia,

You will have to file something with the Secretary of State - usually called Articles of Organization. If you are going to be the sole member (owner) then you really do not need an Operating Agreement. If there will be than just you I highly recommend an Operating Agreement which is somewhat like a partnership agreement and sets everything out in writing as to how the business will be operated and who has certain authorities. There is a fee involved with the original filing and annual fees to remain in good standing.

Hope this hellps!

I see that you live in Mississippi. I don't know anything about Mississippi laws, but most states have pretty much the same types of regulations. I would check the website out for the Secretary of State of Mississippi and there should be some very helpful information on there. Many people incorporate and/or form their entity (LLC) in Delaware. It is the most friendly state (i.e., usually less paperwork, less fees, less filings). You may want to check that out to.
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Old 08-17-2012
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Default Re: How Can I Change From Sole Proprietorship to LLC?
Check out your Secretary Of State's website.

Check out your local Public Library - they have good books on this.

Anne
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