Founded in 2008, Rocket Lawyer (Website) is an online legal technology company that provides incorporation, estate planning, and legal document review services. It is based in San Francisco, California.
Single-member LLCs are considered disregarded entities by the IRS
Unless you are in a state with community property laws, your single-member LLC is considered a disregarded entity by the IRS. This means you will need to pay employment and excise taxes on the business income you earn. There are ways to change this status. You can either elect to be taxed as a corporation or choose a different classification.
If your business is growing, you should consider changing the tax status of your single-member LLC. This will help you avoid double taxation of corporate profits. You will also be able to protect your personal assets.
If you choose to tax your LLC as a corporation, you can claim eligible business expenses and deductions. This will make it easier for you to file your taxes. It is also possible to claim your business income on your personal federal tax return.
If your business is not considered a disregarded entity by the IRS, you will need to provide documentation to prove that you are an eligible business entity. You may be required to pay a fee. You can apply for an EIN online at the IRS website.
If you choose to tax your LLC as a corporation, you will also have to pay taxes on your employment income. You will report the business income on your personal income tax return. You will also pay taxes on any business expenses you pay on behalf of your business. If you choose to tax your LLC as a sole proprietorship, you will not be required to pay taxes on your employment income.
You can also choose to tax your LLC as a partnership. This is not recommended for most LLCs. However, it is possible to choose this taxation classification if your business has a few members.
The IRS will not consider your single-member LLC as a disregarded entity if you are a foreign company. You will be required to file a Reportable Corporation form. This will cause your LLC to be taxed as a Corporation for federal tax purposes. If you choose to tax your LLC as a partnership, you will be required to report your business income on your personal income tax return.
Operating agreement is an internal document which acts as your LLC's rulebook
Having an Operating Agreement for your LLC can be a great benefit for your business. This document will spell out what your LLC is, who it is for, and the rules of the road. It will also detail how to handle legal issues such as admitting new members.
A Operating Agreement can be simple or complex. Generally speaking, they are five to twenty pages long. If you aren't sure what to include in an Operating Agreement, it may be a good idea to hire a business formation specialist to write one for you.
The key to an effective Operating Agreement is to include all the important details. These include a description of your LLC, the rules of the road, how to manage your members, and how to handle legal issues.
The best part of an Operating Agreement is that you can easily make changes. However, you should keep in mind that you should make these changes in conjunction with a legal professional. Changes that are made without the proper legal consultation could have harmful legal and tax consequences for your company.
The Operating Agreement is also the place to make important decisions regarding your business. For example, it will spell out how to distribute profits and losses. Some LLCs will dissolve after a certain period of time, but others will continue on indefinitely. Having a document that lists these decisions will make your business more streamlined.
An Operating Agreement is also a good way to manage your company's finances. Operating Agreements are important because they can help you to avoid common mistakes when managing your LLC. You can also use this document to decide how to allocate your members' voting rights.
An Operating Agreement is also important because it will spell out how to manage your LLC. Having this document will help to prevent misunderstandings between members of your LLC. The best part is that you don't have to worry about filing it with your state or mailing it to the IRS.
Aside from having the best Operating Agreement for your LLC, you may also want to consider hiring an attorney. An attorney can be invaluable in helping you to write a good Operating Agreement and make changes that will be beneficial for your business.
Free trial subscription
Using a free trial subscription to Rocket Lawyer is a great way to explore its services without paying for it. You'll have access to the company's nifty e-book, legal forms, and document review service. You'll also be able to use the site to create as many legal documents as you need in a month.
Rocket Lawyer also boasts an industry-leading customer service experience. Its team of customer service professionals is available 12 hours a day, 7 days a week. The company even offers live chat support.
The Rocket Lawyer website is also stocked with informational guides. There's a free guide about the company's business formation services, as well as guides about starting a business, e-commerce, planning an estate, and much more. The company also provides legal forms that are fully enforceable for many business-related purposes.
The site is well laid out, making it easy for users to find what they're looking for. Rocket Lawyer also uses Secure Socket Layers to transfer information securely. You can also print out and sign documents to share with others.
Rocket Lawyer's free trial subscription is available to users for seven days. This isn't the longest trial period on the market, but it's certainly a short one.
The company does a decent job of educating users on what's involved in the process. You'll get pop-up boxes that explain how the service works. You'll also get to try out some of the other features. You'll be able to customize your legal documents, as well as have them reviewed by an attorney before printing them out. You'll also be able to ask a legal question of the service's lawyers.
Rocket Lawyer has an A+ rating with the Better Business Bureau. The company also boasts thousands of positive reviews. Despite its pricier price tags, the company is still worth a look. It's also worth noting that Rocket Lawyer has a full refund policy for unsatisfied customers.
Rocket Lawyer also offers a free trial subscription to its premium service. The trial lasts seven days and includes a free question and answer session with an attorney. The free trial also includes three free legal documents.
During the first year of your LLC, Rocket Lawyer will offer you free access to their registered agent service. They will also help you with bank resolutions, intellectual property services, and last wills. These services can help you save a lot of money and time.
Rocket Lawyer has helped over 20 million entrepreneurs register their businesses. They have a great reputation for their service, and they are considered one of the best LLC service providers in the U.S. In fact, Rocket Lawyer has received a 96% rating from ConsumerAffairs reviews.
The company is known for their ease of use, and their user interface is simple and easy to use. Rocket Lawyer does not charge a cancellation fee, and the customer service representatives are knowledgeable and helpful. The company also does not sell or share their customer information. They provide a 30-day money back guarantee. If you are unsatisfied with their service, they will try to credit your account or give you a refund.
Rocket Lawyer's website includes a self-help section with FAQs. The company also offers a free seven-day trial. The company has a strong customer support team that is available twelve hours a day, seven days a week.
Rocket Lawyer has an excellent refund policy. Their refund policy only applies to issues raised within thirty days of ordering. They also offer a money-back guarantee, but only if you contact them within thirty days of your order. They will try to credit your account or give you an additional refund, but they will not give you money back if you do not contact them within 30 days.
Rocket Lawyer has received good reviews on websites such as Google and Trustpilot. Several hundred people have written reviews for Rocket Lawyer, and a majority of them are positive. However, there are a few negative reviews. They are mainly related to LLC formations.
Rocket Lawyer is not perfect, but it is worth checking out if you are considering registering a business. The company has a good reputation for customer service, and you can get a lot of help with complicated issues.