How to Set Up an LLC for FREE 2024 (Step By Step)

Introduction

This tutorial will guide you through the process of setting up a Limited Liability Company (LLC) for free in 2024. You'll learn how to navigate the application process using the Bizy website, which can help you avoid service fees. Whether you're a non-US resident or a domestic entrepreneur, these steps will ensure you establish your LLC efficiently and legally.

Step 1: Understand the Basics of an LLC

• Definition: An LLC is a business structure that offers personal liability protection and tax benefits.
• Benefits:
  • Protects personal assets from business debts.
  • Flexible tax treatment options.
  • Less formalities compared to corporations.

Step 2: Gather Required Information

Before starting the application, collect the following information:

• Business Name: Choose a unique name for your LLC that complies with state regulations.
• Registered Agent: Designate a person or service to receive legal documents on behalf of your LLC.
• Business Address: Provide a physical address for your business.
• Member Information: List the names and addresses of all LLC members.

Step 3: Go to the Bizy Website

• Visit the Bizy website (formerly IncFile) where you can complete your application process for free.
• Register for an account if you do not have one.

Step 4: Start the LLC Formation Process

• Select Your State: Choose the state where you want to form your LLC.
• Fill Out the Application: Enter the required information you gathered earlier, including:
  • Business name
  • Registered agent details
  • Business address
  • Member information

Step 5: Review and Submit Your Application

• Double-check all the information for accuracy.
• Submit your application through the Bizy platform.
• Pay any necessary state filing fees (this is the only cost involved; Bizy charges no service fees).

Step 6: Receive Your LLC Formation Documents

• After processing, you will receive your LLC formation documents from your state.
• Keep these documents in a safe place as they are essential for your business operations.

Step 7: Obtain an EIN

• An Employer Identification Number (EIN) is required for tax purposes.
• Apply for an EIN for free through the IRS website.

Step 8: Open a Business Bank Account

• Open a separate bank account for your LLC to maintain clear financial records.
• Bring your LLC formation documents and EIN when opening the account.

Conclusion

Setting up an LLC is a straightforward process when you follow these steps. By using the Bizy website, you can minimize costs and ensure compliance with state requirements. After establishing your LLC, consider consulting with a financial advisor to optimize your business setup and tax strategies. For further assistance, explore resources like discovery calls and community sessions offered by professionals in the field.