If you’re an entrepreneur looking to start a business in the Granite State, forming an LLC in New Hampshire is a great way to protect your personal assets and gain tax advantages. But where do you start? In this article we will guide you through the necessary steps to open an LLC in New Hampshire.
It’s important to consider factors such as your business plan, industry-specific requirements, and local business regulations when starting an LLC in New Hampshire. By taking the time to properly structure and form your LLC, you can lay the foundation for a successful and protected business venture.
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6 Steps to Create an LLC in New Hampshire
Creating an LLC in New Hampshire can be a great way to start a new business venture or protect your existing business. But before you dive in, it’s important to understand the steps required to create an LLC in New Hampshire:
- Choose a Business Name: The first step in creating an LLC in New Hampshire is choosing a unique business name that is not already in use. You can check for name availability on the New Hampshire Secretary of State’s website.
- Appoint a Registered Agent: Every LLC in New Hampshire is required to have a registered agent, who will receive legal documents on behalf of the LLC. The registered agent must have a physical address in New Hampshire.
- File Articles of Organization: You’ll need to file Articles of Organization with the New Hampshire Secretary of State’s office to create your LLC. The filing fee is $100.
- Create an Operating Agreement: While not required by law, an operating agreement is highly recommended for LLCs in New Hampshire. This document outlines how the LLC will be managed, the roles and responsibilities of the members, and how profits and losses will be allocated.
- Obtain an EIN: You’ll need to obtain an Employer Identification Number (EIN) from the IRS to open a business bank account, hire employees, and file taxes for your LLC.
- Register for State Taxes: Depending on your business activities, you may need to register for state taxes with the New Hampshire Department of Revenue Administration.
By choosing a unique business name, appointing a registered agent, filing Articles of Organization, creating an operating agreement, obtaining an EIN, and registering for state taxes, you can establish your LLC successfully and legally.
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Costs to Open an LLC in New Hampshire
Opening an LLC in New Hampshire can be an exciting and rewarding endeavor, but it’s important to consider the costs involved.
- Filing Fee: The filing fee for Articles of Organization with the New Hampshire Secretary of State’s office is $100.
- Registered Agent Fee: You’ll need to appoint a registered agent for your LLC, which can be yourself or a professional service. The fee for a professional registered agent can range from $100 to $300 per year.
- Operating Agreement: While not required by law, creating an operating agreement for your LLC is highly recommended. The cost for an attorney to draft an operating agreement can range from $500 to $1,500.
- EIN Application: There is no fee to apply for an Employer Identification Number (EIN) from the IRS, but you may incur costs if you hire a professional service to assist you with the application process.
- State Taxes: Depending on your business activities, you may need to register for state taxes with the New Hampshire Department of Revenue Administration. There may be fees associated with obtaining licenses and permits, as well as ongoing taxes and fees for operating your LLC
While there are costs involved in opening an LLC in New Hampshire, the benefits of protecting your business and personal assets may outweigh the expenses. By understanding the costs associated with filing fees, registered agents, operating agreements, EIN applications, and state taxes, you can prepare a budget for establishing and operating your LLC successfully.
Three Things To Be Aware Of When Starting Your LLC
The video below covers the following three things you must know when setting up your LLC.
- Commingling Funds
- Registered Agent
- Piercing the Corporate Veil
If you are unfamiliar with these terms, please watch the video below.
Files needed to open an LLC in New Hampshire
Starting a business as an LLC in New Hampshire is a popular choice for entrepreneurs looking to protect their personal assets and gain tax advantages. Check this list of the necessary documents you’ll need. Having these documents ready can help ensure that the LLC formation process goes smoothly and that you’re meeting all legal requirements.
- Articles of Organization: The Articles of Organization are the legal documents required to establish an LLC in New Hampshire. These documents must include the name and address of the LLC, the name and address of the registered agent, the names and addresses of the LLC’s members, and a statement of purpose for the LLC.
- Operating Agreement: While not required by law, an operating agreement is highly recommended for LLCs in New Hampshire. This document outlines how the LLC will be managed, the roles and responsibilities of the members, and how profits and losses will be allocated.
- Certificate of Formation: If your LLC will be conducting business in multiple states, you may need to file a Certificate of Formation with those states to register your LLC. This is not required for LLCs solely operating in New Hampshire.
- Employer Identification Number (EIN): An EIN is required to open a business bank account, hire employees, and file taxes for your LLC. You can apply for an EIN through the IRS website.
- Business Licenses and Permits: Depending on your business activities, you may need to obtain licenses and permits from the New Hampshire Department of Revenue Administration or other state agencies.
By understanding the necessary documents required for LLC formation in New Hampshire, you can ensure that your business is compliant with all legal requirements and set up for success.
Incfile is our preferred choice for LLC formation because they provide all of the services your new business needs while being transparent with pricing. They also offer a free registered agent service for the first year, even in their free package.
Check out a behind-the-scenes of what managing your LLC looks like in your dashboard in this Incfile review.
Things to consider when opening an LLC in New Hampshire
Opening an LLC in New Hampshire can be an exciting and rewarding experience for entrepreneurs, but it’s important to consider various factors before starting your business.
- State-Specific Regulations: Each state has different regulations when it comes to forming an LLC. In New Hampshire, for example, you’ll need to file Articles of Organization with the Secretary of State’s office and appoint a registered agent.
- Tax Implications: LLCs are a popular business structure because they offer pass-through taxation, but it’s important to understand the tax implications for your specific business activities in New Hampshire.
- Liability Protection: One of the main benefits of forming an LLC is that it offers liability protection for its members. By separating personal and business assets, LLC members can protect their personal assets from business debts and legal claims.
- Business Name: Choosing a business name is an important part of starting an LLC in New Hampshire. Your business name should be unique and comply with state regulations.
- Operating Agreement: While not required by law, an operating agreement is highly recommended for LLCs in New Hampshire. This document outlines how the LLC will be managed, the roles and responsibilities of the members, and how profits and losses will be allocated.
Opening an LLC in New Hampshire requires careful consideration of various factors, including state-specific regulations, tax implications, liability protection, business name, and operating agreement.
Conclusion
Starting an LLC in New Hampshire can be a rewarding experience, but it’s important to understand the necessary steps and considerations for LLC formation. By filing the necessary documents and considering factors such as state regulations, tax implications, liability protection, and operating agreements, you can set your business up for success.
As an LLC expert, I recommend working with a professional service to ensure that your LLC formation process is thorough and accurate. With the right resources and guidance, you can confidently start your business and make your mark in the Granite State.
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For more information on starting an LLC in New Hampshire, be sure to visit other resources on our website. Our articles on the various steps involved in forming an LLC, as well as information on the benefits of an LLC, can provide you with the information you need to make informed decisions about your business.
Our guides on registering for taxes, obtaining an EIN, and creating an operating agreement can help you navigate the legal requirements of starting an LLC in New Hampshire. Whether you’re just starting out or looking to expand an existing business, forming an LLC in New Hampshire can be a great choice. For more information and support as you begin this process, be sure to visit our website and take advantage of our comprehensive resources.
Legal Disclaimer: This article contains general legal information, does not constitute professional legal advice for your situation, and should not be interpreted as creating an attorney-client relationship. If you have legal questions, you should seek the advice of an attorney licensed in your jurisdiction.
Where Do I Even Begin with Starting a Business?
This depends on where you’re at in your journey.
Step 1 is deciding what type of business you want to start.
Step 2 is filling out the BizBuddy Pathway for your business.
Step 3 is legally forming your business.
Check out the FAQs below that match up with where you’re at in your process.
What Type of Business Should I Start?
If you’re unsure of what kind of business you want to start, you need to assess your situation. Things like your skills, available time, passion(s), money, and risk tolerance all factor into your decision. This post on What Business to Start is a great place to assess your situation and find the right fit for your unique situation.
What is the BizBuddy Pathway?
Research says that 92% of people with a business idea will never start a business. There are no shortages of ideas… execution is the scarce resource. The BizBuddy Pathway is a simplified approach for you to lay out your business journey.
Think of it like writing a book. The Pathway is like coming up with the title, storyline, and chapters, so you have the outline of where to begin. This is how you become the 8%.
How Do I Legally Form a Business?
It’s not as difficult as you think. That’s because in the U.S. small businesses accounted for 62% of all new jobs created between 1995 and 2020. That’s why you hear people say small business is the backbone of the economy. Check out this Guide on How to Legally Form a Business (in the U.S.). It will give you a full understanding of what goes into forming your legal entity and the options available to you. If you’re unfamiliar with terms like “Piercing the Corporate Veil” you’ll want to check out that guide.
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