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What You Should Know About North Dakota Articles Of Organization
In North Dakota, forming an LLC is a relatively simple process. It involves submitting a document called the Articles of Organization. The single document, once submitted, will be evaluated by the Secretary of State office of North Dakota. With the proper fees, and if everything is correctly done, they will approve your limited liability company. Here is an overview of what you should know about completing this document, and why forming a North Dakota LLC may be one of the wisest decisions that you ever make in regard to your business.
How Do You Form An LLC In North Dakota
In order to form an LLC, you are going to need to do some research on the name that you want to use. It doesn’t have to be the same as the company that you have started. It simply needs to be available. You can search for the LLC in the North Dakota Secretary of State business name database. If it is available, you can then reserve it. There is an application that you fill out, with a $10 filing fee, and then you can subsequently obtain it. From that point forward, you must find what is called a registered agent. This is a business, or it could be a person, that has a physical place of business or mail can be sent. They will be responsible for receiving all of the documents sent from the state regarding legal matters. Once that is done, you can then focus on creating your Articles of Organization.
What Are The Articles Of Organization?
This is a document, SFN 58701, that you will complete and you will send using the FirstStop platform on the North Dakota Secretary of State website. This document must include the LLC’s name, the principal office of the LLC, and the name and address of the registered agent. You must choose the date when the LLC will start, and you may also want to define how long it will be in existence. State the purpose of the limited liability company, add your organizer name and address, and also their signature. Once this is completed, you can then submit this for approval. There is one other document that is very important to fill out. It is something that can present an overview of your LLC, and what you and your members will be doing. It is called the Operating Agreement.
Why You Should Complete Your Operating Agreement
The operating agreement is an optional document that you can complete relatively quickly. It’s an internal document, one that plays a role that describing what your business does, who the members are, and what their responsibilities will be. It is also a document that can be useful if you are in the midst of litigation trying to prove that your LLC is separate from you and your assets. It doesn’t need to be adopted, but it should be completed and kept as a source of reference.
Does It Take Long To Get Your LLC Approved In North Dakota?
Your LLC will be approved in the span of just five business days. It is one of the fastest states in regard to providing you with almost instant approval. There is no need to pay for the accelerated program if it is available as most people will be happy with the multi-day approval process. Once this is in effect, you will then be protected by the limited liability company.
Is This Something That Your Business Should Do?
You may want to consider doing this simply because it offers you protection. If you have a massive quantity of personal assets, and you want to protect them from being lost during litigation, your LLC will do that for you. It is also a very reasonable cost to pay to ensure that your valuables will always be in your possession. Once you have filed your Articles of Organization, and your limited liability company is up and running, you can feel confident that you and your business will remain safe from litigious people. On top of that, you also get the benefit that is provided regarding taxes that you will have to pay. Although an LLC is a pass-through entity, meaning you will be responsible for your taxes just like being the owner of a sole proprietorship, you can avoid certain corporate taxes that you would initially have to pay.
Contacting a local business may be beneficial if you need help filling out the paperwork. It may take far less time than trying to do it yourself. Although the documents that are needed are minimal, if you are not adept at filling out paperwork, or if you don’t have the time to submit it, they can do it for you. All it takes is a little bit of time to evaluate these businesses and choose the right one to help you out.