Forming an LLC
To form an LLC you need: a completed set of Articles of Organization, a business name, and a filing fee paid to the Secretary of State.
Business Name Decision
Deciding on a business name involves: brainstorming unique names and researching availability.
Process Overview
- It typically takes 5-7 days for the Secretary of State to process and approve LLC filings in South Dakota.
- You can file your EIN directly on the IRS website if you have the paperwork or use an online service.
LLC Setup Information
- While an Operating Agreement is not required, having one for an LLC is recommended.
- LLCs are taxed as pass-through entities, meaning profits and losses pass to owners’ tax returns.
Getting an EIN
- Get an EIN for your LLC after it’s approved by the state to ensure your LLC name is approved before associating your EIN with it.
- Applying for an EIN is free through the IRS website with immediate issuance. Applications through mail or fax can take 4 weeks.
Average Timeline
The average timeline for setting up an LLC is typically between four and eight weeks. By thoroughly researching requirements and meticulously preparing your application, you can expedite the approval process and get your LLC up and running faster.