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Taxes and FAQ for LLC Owners
Taxes For LLCs. Learn which taxes would be due if you operate an LLC in Georgia.
- How much does an LLC cost per year in Georgia?
- Can I set up an LLC on my own?
- How long does it take to get an LLC approved in Georgia?
- Do I need a business license if I have an LLC?
- Do you need an EIN for an LLC?
- What is better LLC or sole proprietorship?
- Do I need a business license in GA?
- What does it cost to start an LLC?
- How do I pay myself from my LLC?
- What if my LLC has no income?
- What can you write off with an LLC?
LLC Formation Steps
Before opening an LLC, pick a suitable name. It must comply with naming requirements.
- Your name must include “LLC”.
- Your name shouldn’t confuse your LLC with government agencies.
- Restricted words may require additional paperwork.
You can file your LLC paperwork online. An LLC provides liability protection and separates personal and business assets. You form one by filing with the state. You don’t need a physical office.
You must select an agent to receive legal documents. They must have a Georgia address and be available during business hours.
A Domestic LLC is formed in your home state where you live and work. A Foreign LLC is formed outside your home state. If you live and work in Georgia, your LLC would be Domestic. If you later expand to another state, you’d register your Georgia LLC there as a Foreign LLC. LLCs are created at the state level.
The Georgia LLC filing fee is $100. Starting an LLC provides advantages like liability protection. Here’s how to form one:
- Choose your LLC type.
- Select a name.
- Appoint a registered agent.
- File your articles of organization.
Advantages and Disadvantages of LLCs
An LLC can provide key advantages over other business structures in Georgia. However, there are downsides to understand before starting one:
Disadvantages:
- Self-employment taxes
- Personal liability for your actions
- No perpetual existence
This 7-step guide covers everything you need to know to start an LLC in Georgia:
- Choose a name
- Select registered agent
- File formation documents
- Create operating agreement
- Get an EIN
- Set up business license & permits
- Maintain compliance
Cost and Maintenance of an LLC
What is the cheapest way to get an LLC in Georgia?
To open an LLC in Georgia is relatively inexpensive. The cost is $100 to cover state registration. This is required whether you register yourself or use an online service.
LLCs offer liability protection for owners and help grow small businesses. That’s why it’s the most common business structure in Georgia. LLCs don’t pay corporate taxes but must file annual reports with the state.
The $100 state registration fee is a one-time cost in Georgia. No other monthly or yearly costs are needed to start your LLC. LLCs don’t "expire" but can be dissolved for not following regulations.
The cheapest way to form an LLC in Georgia is to file yourself. You can also be your own registered agent. That saves hiring someone else.
Affordable online services can help with state paperwork and include support. Top options are ZenBusiness and IncFile, both starting at $0 plus state fees.
If expanding an existing out-of-state LLC to Georgia, register as a foreign entity. The cost is $225.
All Georgia businesses must submit annual reports. Below are the key steps to make an LLC in Georgia:
- File your articles of organization. Do it online for $100 or by mail for $110.
- Get an EIN from the IRS.
- Obtain business licenses and permits.
It takes 5-7 days online for LLC approval or 2 weeks by mail. Expedited service is available for an extra cost.