Creating a Limited Liability Company (LLC) in Connecticut involves a series of important steps that must be followed to comply with state laws and regulations. Below is a detailed step-by-step guide to assist you in forming an LLC in Connecticut:
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STEP 1: Choose a Name for Your Connecticut LLC
Select a name that complies with Connecticut’s LLC naming requirements.
The name must include the phrase “Limited Liability Company” or one of its abbreviations (LLC or L.L.C.).
Your LLC’s name must be distinguishable from the names of other business entities already on file with the Connecticut Secretary of State. Names can be checked for availability by using the business name search tool on the Connecticut Secretary of State‘s website.
If desired, you can reserve your LLC name with the Secretary of State for 120 days by filing a Name Reservation (Form RES/CAN), along with the required fee.
Time it Takes to name a Connecticut LLC
Researching and deciding on a name: 1-2 hours
If opting for a name reservation: The act of filing can take about 10-15 minutes.
If opting for a name reservation: Filing can take minutes, but approval might take a few days to a week.
STEP 2: Appoint a Registered Agent
Connecticut requires you to nominate a registered agent for your LLC who will accept legal papers on the LLC’s behalf if it is sued.
A registered agent can be an individual resident of the state or a business entity authorized to do business in Connecticut. The agent must have a physical street address in Connecticut.
Time it Takes to be a Registered Agent
Registered Agents MUST BE at the Business Address everyday during business hours. This is why Home Addresses Are Not Accepted.
If you already have someone in mind (like an attorney or a service), this can be quick. If you need to find and appoint a registered agent: 1-3 hours.
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STEP 3: File Articles of Organization
To register your LLC, you must file Articles of Organization (Form LLC-1011) with the Connecticut Secretary of State.
The form must include pertinent information, such as your LLC’s name, its purpose, the name and address of the registered agent, the management structure, and the duration (if it’s not perpetual).
This can be done online or by mail and requires the payment of a filing fee, which you should verify on the state’s website, as fees can change.
Time it takes to write the Articles of Organization
Preparing the document: 1-2 hours
Filing online: 30 minutes to 1 hour.
Waiting for confirmation/approval: This can range widely, but typically, online filings can be processed in a few days to a couple of weeks.
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STEP 4: Create an Operating Agreement
While not mandatory in Connecticut, it’s highly advisable for an LLC to have an operating agreement. This internal document outlines the ownership structure, member responsibilities, voting powers, profit distribution, and other operational procedures.
Though it doesn’t need to be filed with the state, keeping it on hand is important for maintaining the LLC’s legal structure and settling any disputes that may arise.
Time it takes to write an Operating Agreement
If using a template and making minimal changes: 1-3 hours
If drafting from scratch or having extensive negotiations among members: Several days to weeks.
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STEP 5: Obtain an Employer Identification Number (EIN)
Apply for an Employer Identification Number (EIN) from the Internal Revenue Service (IRS) for tax purposes.
You can apply for an EIN online at no cost through the IRS website: https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online
The EIN will be used for tax filings, opening bank accounts, and hiring employees.
Time it takes to get an EIN / Tax ID
Filling out the online form and receiving the EIN: Approximately 0.5 to 1 hour (the online process is relatively quick if there are no complications).
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SO HOW MUCH TIME WILL IT TAKE TO FORM AN LLC MYSELF? DO IT MYSELF (DIY) an LLC?
Total Time Investment (Minimum): 5 hours (if you exclude the higher range estimates and name reservation)
Total Time Investment (Maximum): 11.5 hours (if you include the higher range estimates and name reservation)
This gives a ballpark range of 5 to 11.5 working hours for an individual, excluding all waiting times. It’s worth noting that these times can vary based on the person’s familiarity with the processes and any specific details or challenges related to the business being set up.
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