If you plan to start your company and wonder how much it would cost, you should know that the fees vary depending on what state you are setting up your business in. Typically, the fees could be anywhere between $50 to $500. There could be additional costs from business name reservation, the cost of getting legal assistance, and getting an expedited registration. You may also need to spend some more on registering your business’s in other states across the country or when you hire a registered agent to handle the whole process. Lets find out how much does it cost to start an LLC.
The cost of registration of any business is on the website of the state’s filing agency for businesses. You can find them on the Secretary of State website. All of the costs for the 50 states are stated there.
Filing Fees for Incorporation Documents
When forming an LLC, the first step would require you to procure the documents for registration. You would need to fill some forms and also file the articles of association with the state. There is also a filing fee attached, and you need to pay them for your documents to be processed and approved.
To give you a brief idea, below are some of the fees and costs you should know when starting an LLC :
Business Name Reservation
You will need to choose a unique business name that is not associated with any existing enterprise. On the state’s website, you can search for the availability of the business name you intend to use. You need to do this search before filling the incorporation documents. The reservation fee is not up to $50 in most states.
Articles of Association
The state expects you to file your company’s articles upon registration. The fees for filing these documents range from $50 to $ 500. The average cost in most states is about $150 to $200.
If you want to opt for the same-day incorporation, you will need to pay an additional fee. Most banks won’t open an account for your business unless you have officially formed your LLC. It is the reason why most people go for an expedited process.
Registration in the Other States:
If you intend to set up your business in more than one state, you will be required to register your business in each of the states. Most states charge the same fees for Foreign Business Registrations as they would for setting up an LLC. However, in some states, these fees are much higher when registering out-of-state businesses.
Many business owners today prefer to leave the formation of LLC in the hands of professionals. You can seek assistance from lawyers or registered agents, and they will file the documents. These experts also ensure your business complies with annual reporting requirements. You can have them handle the preparation of the operating agreement between your business partners. Lawyers usually charge by the hour, while some may have a flat fee. However, their rates vary, but if you wish to go for online services, you will likely get services starting from $150.
Registered agents can help you receive documents from the government, lawsuits, official communications and file annual reports. They are usually the best option if you run an online business and don’t have an official address for your business. You can hire the services of a legal age anywhere between $100 and $300 per year. This amount is just an estimation as the actual price could vary depending on the agent.