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What is a Foreign LLC?

A foreign LLC is an LLC that was originally formed in one state but then registered to do business in another state. In essence, the LLC is “foreign” to the new state. The reason for this type of terminology is that every single state is governed by different laws. A Foreign LLC is not an LLC that is formed outside of the United States. The requirement to file for a Foreign LLC is usually to expand one’s business operations or to open an additional retail or brick-and-mortar location in a new state.

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What is a Multi-Member LLC (MMLLC)?

A Multi-Member LLC is abbreviated MMLLC and is the term used for an LLC that has 2 or more Members (owners). There are no limits* to the number of Members a Multi-Member LLC can have and the LLC Members can be individual people, or they can be companies (like another Corporation or LLC). The purpose of starting a Multi-Member LLC is protect the personal assets of the Members. LLCs – Limited Liability Companies – do just that; they limit the amount of liability the owners would be exposed to in the event of a lawsuit.

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What is a Single-Member LLC (SMLLC)?

A Single-Member LLC, abbreviated SMLLC, is an LLC with just 1 owner. An LLC owner is referred to as a Member, hence the name “single member” LLC. The purpose of forming an LLC is to protect the personal liability of the owners. Forming an LLC separates your personal assets from that of the business. All 50 states allow for Single-Member LLCs and this is the most popular type of LLCs formed in the United States.

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How to Find an Accountant for Your LLC

This is advice we share on a weekly basis. After your LLC is formed, you need a good accountant. But how do you go about finding one? This technique allows you to pair 10+ accountants up against each other, use the process of elimination, and also trust your gut feeling and intuition when it comes to forming long-term business relationships.

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Posted in: Taxes

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All 50 Secretary of State (SOS) Websites & Business Entity Search

This table includes links to all 50 states (plus District of Columbia and Puerto Rico) Secretary of State, Business/Corporate Services Departments, and Business Entity/Corporate Record Searches. Search existing corporate records, or search your desired business name. Search LLCs, Corporations, LPs, LLPs, etc.

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LLC Annual Fees by State

The table in this article shows LLC annual fees for all 50 states. The average LLC annual fee in the US is $101. Most states require LLCs to file Annual Reports, but some do not. Most states call this the Annual Report, however, it has many other names: Annual Certificate, Annual List of Members, Annual Registration Fee, Biennial Report, Biennial Statement, Business Privilege Tax Return, Decennial Report, Franchise Tax Report, Periodic Report, and more.

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