A Maine LLC is reuqired to have a registered agent to process legal papers and court documents on their behalf. The agent can be an individual who has a physical address in Maine or a business entity authorized to operate in Maine.
The LLC name must comply with Maine law by having the following: “limited liability company”, “limited company”, “L.L.C.”, “LLC”, “L.C.”, or “LC”. The LLC’s name must be unique and distinguishable from other business names registered with the Maine Secretary of State. A name can be reserved by filing the Application for Reservation of Name with the secretary of state (http://www.maine.gov/sos/cec/corp/llc.html).
A Certificate of Formation is also required and must be submitted to the Maine Secretary of State. The certificate will include the LLC’s name, address, and the name and address of its registered agent. The certificate must be filed by mail.
What is an LLC?
LLC refers to a Limited Liability Company, and it is organized by business owners. They have fewer corporate formalities and can be taxed by the IRS as a sole proprietorship, S corporation, or C corporation.
Each state has different requirements and regulations regarding the formation of an LLC. Business owners should check with state laws when considering forming an LLC.
Owners of LLCs are known as members, they can be individuals, corporations, other LLCs, or foreign entities. There is no limit on the number of members an LLC can have. In most states, “single-member” LLCs are allowed, where there is only one owner involved in managing the LLC.
The IRS will treat the LLC as a corporation, partnership, or included in the LLC owners personal tax return. A domestic LLC with at least two members is classified as a partnership for federal income tax purposes unless they file Form 8832 and elect to be treated as a corporation.
LLCs carry tax advantages over other forms of business such as limited partnerships. The owners of an LLC do not assume personal liability for business debt, and any losses of the LLC can be used as tax deductions against active income.
An LLC can be formed through the state business formation process or consulting with LegalZoom.
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