Creating an LLC in Vermont offers certain protections and benefits to business owners. Here’s a detailed step-by-step guide to help you form an LLC in the state of Vermont:
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STEP 1: Choose a Name for Your LLC
Naming Requirements: Your LLC’s name must include “Limited Liability Company,” “Limited Company,” or its abbreviations like “L.L.C.”, “LLC”, “L.C.”, or “LC”.
Uniqueness: The name must be distinguishable from other businesses registered in Vermont.
Name Search: Verify the availability of your desired name through the Vermont Secretary of State‘s online business name database.
Optional Name Reservation: You can reserve your desired name for 120 days by filing an Application for Reservation of Name along with a fee.
Time it Takes to name an 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
Your LLC must designate a registered agent who will be responsible for receiving official communications and legal documents.
The registered agent can be an individual or business entity, but they must have a physical address in Vermont.
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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· Efficiency: Easily receive and promptly process state and legal documents
· Hassle-free: Reduction of junk and solicitation mail
· Legal Compliance: Avoid fines, penalties, and possible dissolution
· Convenience: Serves as your public & legal business address
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STEP 3: File Articles of Organization
Submit the Articles of Organization with the Vermont Secretary of State.
This form can be filed online or by mail.
Provide necessary details, including the LLC name, registered agent information, and business purpose.
Pay the required filing fee.
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
Vermont does not require LLCs to have an Operating Agreement, but it’s beneficial for establishing member roles, responsibilities, and the general operations of the LLC.
The Operating Agreement doesn’t need to be filed with the state and is considered an internal document.
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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