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North Dakota LLC Taxes And Benefits

There are quite a few benefits associated with setting up an LLC that can act as protection for your assets and your business. In North Dakota, it’s easy to set one up, either by yourself or by working with a professional business. In the same way that a sole proprietorship, and the owner of that company, is responsible for taxes paid to the IRS, you will also be responsible if you set up the limited liability companies. The money that you owe will simply pass through the LLC and will be paid by you or the combination of you and your members. Here is more information regarding limited liability companies formed in North Dakota and the taxes and benefits associated with setting one of these up.


Do You Still Pay Taxes If You Set Up An LLC?

If you have set up an LLC, you will be taxed at an ordinary individual tax rate. The primary difference is that, depending upon how the LLC is set up, you may have to pay business taxes first before anything else. This is a little different if you do have employees. For example, when you are the employer, the income that is covered by the LLC is not subject to withholding. You must also report profits and losses, and when you do at tax time, this will be placed on Schedule C. By turning this in with your 1040 tax return, you simply pay the amount requested, to stay compliant with state and federal tax laws.


North Dakota LLC Taxes


Setting Up Your LLC In North Dakota

You can set this up in the span of just a few days. This is true whether you are doing this yourself, or if you are hiring a professional. Certain aspects of creating the LLC must be done prior to submitting the paperwork to create the separate entity. For example, if you don’t have a name registered for your limited liability company, then you must do that as soon as possible. It’s not only because you will need this for your Articles of Organization, but you are also going to need to do this before someone takes your business name. Finding a registered agent is also mandatory prior to submit your application for your limited liability company. This can be provided by the company that is helping you get everything done, or you can simply seek one out and pay the fees necessary to retain them.


What Is Needed On The North Dakota Articles Of Organization?

You going to need a few things before you complete this document. A few of them have already been mentioned. You will need the name of the LLC, and the registered agent’s name and address, as these will be some of the first things that you will need to add to this document. In addition to this, having a primary or principal office is needed. You need to have an address that is different from your home or apartment. You also need to state when you would like the LLC to begin, and how long it will be in existence, plus the purpose of the limited liability company should be stated as well. If there are organizers, their name and address must also be on this document, plus they must sign along with you at the bottom. It is at this point that you can submit this document, SFN 58701, to the North Dakota Secretary of State’s office.


How And Where To File Your Articles Of Organization

To submit this document, you will go to the North Dakota Secretary of State FirstStop website. It is there you will submit this document, or you can simply mail it in or even fax it. It must include a $135 fee. If you choose to do rush processing, which is extra money, it will take about three days to complete this process. If you don’t, then you will have to spend up to six weeks waiting, which is something that many people do not want to do. Keep in mind that you do not have to do this on your own. If you are not sure how to do it, businesses can do this for you. They will have a team of people working to complete all of the documents that you need, and they will also submit everything for you so that it will be completed.

This overview of the many tax benefits associated with owning an LLC, along with the reasons for having one, should motivate you to consider creating a limited liability company. If you haven’t created one, you will certainly want to consider doing so because it’s very easy to accomplish. If you would prefer, businesses can be paid to do this for you. In no time, in as little as three days for expedited processing, your LLC can be connected to your business.

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