The annual maintenance costs may vary depending on your particular business operations. However, the usual annual cost breakdown is as follows:
(1) Certificate of Formation — a document filed with the State of Delaware that evidences the formation of your LLC.
(2) LLC Operating Agreement — the charter document of the LLC that outlines the company's ownership structure and members’ duties. An operating agreement is suitable for both single-member and multiple-member LLCs.
(3) Statement of Authorized Person — a document that names the initial members of the LLC.
(4) EIN Notice — an official letter from the IRS assigning your company an Employer Identification Number.
(5) Beneficial Ownership Information Report — a document required by the Corporate Transparency Act that identifies the individuals who own or control a company, helping to prevent money laundering and other illicit activities.
No, the company formation and bank account opening process can be completed entirely online.
LLCs are usually managed by either the members directly or by appointed managers. In a member-managed LLC, all members have authority to make decisions and manage day-to-day operations. In a manager-managed LLC, members appoint one or more managers to handle operations, while the members retain ownership but may not be involved in daily management.
We’ll help you file a bank account application with Mercury, Brex, Relay, and Wise.