Creating a single-member LLC
Single-member LLCs require much more paperwork. You’ll need to file paperwork with your state’s Secretary of State office.
Although requirements vary from state to state, you typically file Articles of Organization, pay a filing fee and indicate the chosen name for your company.
One of the other requirements for forming a single-member LLC is choosing a registered agent.
The registered agent is responsible for accepting legal correspondence on behalf of your company. Owners also need to list a registered address, which is the physical location for the agent. The registered address can be different from your company address, but it cannot be a P.O. Box.
Some states will allow you to serve as your own registered agent. However, know that you must be physically present at your registered address during regular business hours.
There are also maintenance and compliance requirements associated with a single-member LLC, and you’ll need to file an annual report with the Secretary of State’s office. Failing to file an annual report could cause the state to shut down your business.
Once you set up your business, you need to understand how the taxes are filed and paid.