A limited liability company is a business structure that separates the finances of owners from those of the company.If the LLC fails, the owners' personal assets are protected.It is easy and affordable to form an limited liability company in Maine.
Step 1: You can choose a name.
Pick an appropriate name for your company if you consult with your partners.If it isn't already taken by another company in your state, anything is fine.It must have some form or abbreviation of the words limited liability company.The forms that are acceptable include "limited liability company" or the abbreviations.If you don't meet these criteria, your name might be rejected.You can find the Maine business name database at ICRS.You can see if your company name is already taken.The "Application for Reservation of Name" can be found at http://www.maine.gov/sos/cec/corp/llc.html.The reservation is valid for 120 days.
Step 2: A registered agent should be appointed.
Any legal papers served to the company are usually accepted by the registered agent.A physical presence in Maine is required for your registered agent to be a person or business.The state department provides a list of registered agents.There is a list of registered agents in Maine.
Step 3: The certificate of formation needs to be prepared and filed.
This document is used to create your company.Under "Certificate of Formation," fill out the proper form at http://www.maine.gov/sos/cec/corp/llc.html.The names and addresses of both the registered agent and the limited liability company must be included in the certificate.The check for $175 must be sent to the Maine Secretary of State.If there are no delays or issues with your application, your certificate of formation will be mailed to you within five days.
Step 4: Write an operating agreement.
Things like compensation and management structures are specified in an operating agreement.It is highly recommended that single-owner limited liability companies in Maine have an operating agreement.Maine law requires multi member companies to draft an operating agreement.The names of the members and their percentage interests in the limited liability company should be included in an operating agreement.
Step 5: Obtain an EIN.
If you want to pay employees, you need to apply for an Employer Identification Number from the IRS.To apply for an EIN, contact the IRS by phone or visit their website.If you don't plan to hire employees, you may want to get an EIN.You will be able to be taxed as a corporation.
Step 6: You have to register with Maine Revenue Services.
You have to register with Maine Revenue Services if you want to have employees or sell goods to customers.To register, you need to go online and fill out the required forms.If you don't have an EIN, you'll need to give your address and contact information.
Step 7: Obtain permits and business licenses.
You may have to apply for additional permits and licenses from the state and local governments.This is dependent on the type of business you have created.A bar needs alcohol licenses and safety permits.Additional fees may be required for these licenses and permits.You can find the Small Business Administration's guide at http://www.sba.gov/content/search-business-licenses-and-permits.Check with your local Chamber of Commerce for more information.
Step 8: Purchase insurance.
You might need to purchase workers compensation insurance for your business.General liability insurance is required by most physical business locations.To find out which types of insurance are required, check with your local Chamber of Commerce or the Small Business Administration.Talk to a lawyer in your area.
Step 9: Annual reports should be filed.
An annual report will have to be filed after your business is up and running.The first one is due on June 1 of the year.The registration is due at the same time every year.You can file your reports online if you pay these fees.You can get a preprinted annual report form from the Maine Secretary of State's website.