Many entrepreneurs choose to start a moving company as an LLC because it offers a great combination of simplicity in management, tax benefits and protection of personal assets. However, it’s important to understand that a successful business requires more than just hard work. You also need to adhere to state regulations and comply with ongoing requirements, like annual reports, and secure a registered agent.
If your company is an LLC Falcon Moving, LLC (Illinois), you’ll need to have a good name that reflects your services and makes it easy for customers to remember. Conducting a trademark search before settling on your name is an essential step to ensure it doesn’t infringe on any existing rights. In addition, your business will need to obtain state and local licenses to operate. It’s important to check with your local agency to find out what types of permits you need and to understand any licensing fees associated with them.
Once you have your business structure set up, you’ll need to draft an operating agreement to govern the company’s daily operations. This will help prevent conflict between members by clearly defining member roles, equity distribution and day-to-day operational procedures. A written agreement will also be helpful in securing financing and obtaining any necessary permits.
You’ll also need to secure a registered agent in your new state. This is someone who will serve as your company’s point of contact for service of process and other official correspondence. While most states allow owners and employees to act as their own registered agents, it’s often best to hire a professional service that can be available during regular business hours. This way, you can be sure that your company’s legal correspondence is being received and handled properly and in a timely manner.
Depending on your reasons for moving, you might want to transfer your LLC to another state in order to be closer to family, take advantage of lower living and business costs, or pursue other opportunities. In either case, the process for transferring your LLC to a different state will vary slightly but there are some general guidelines you can follow.
There are two basic options for moving your LLC to a new state: domestication and conversion. Domestication is a streamlined process that allows you to treat your business as if it was formed in the new state, allowing you to keep bank accounts and tax ID numbers, while still maintaining your previous credit rating and keeping any existing business relationships. Domestication is not available in all states, so if it’s not an option for you, you’ll need to convert your business instead.
Conversion is a more involved process that involves amending your original operating agreement to reflect the change, relocating any records to the new state, and registering your company in the new state. You’ll also need to dissolve your old LLC in the old state and register as a foreign entity in the new state, which may require additional filings and fees.