For example, with separate personal and business accounts, it becomes easier to record the appropriate business receipts in the bookkeeping system. Limited liability company owners should focus on building sound accounting strategies to maintain their business finances from the very beginning. Under RULLCA, however, members do not have statutory apparent authority. Do I need a registered agent for an LLC? A substantial majority of states have adopted (typically with some minor adjustments) various uniform acts, such as the Uniform Partnership Act and the Uniform Limited Partnership Act. Suddenly, you realize that you’re no longer a one-person operation – you’re a business. And as a business, you need to start thinking about things like liability and taxes. When you use accounting practices, such as depreciation, to lower your taxable income, you can reduce your tax liability. What options do LLCs have to receive payments? Additionally, the state where you choose to establish your domestic or in-state entity can be somewhere other than where you live. All states presuppose at least one member, but there is no upper limit on the number of members. Additionally, like any other business or individual, the LLC must send the IRS an annual informational tax return. […]