How to Register an LLC for Mining

Introduction

If you’re planning to start a mining business, the first step is to register an LLC. If you own an existing business in the mining industry, it’s important that you also register your company as an LLC—especially if you want to ensure protection from potential lawsuits or other potential legal issues.

OK, here we go

• What is an LLC?
• Why would you want to form one?
• How to go about setting one up.
• When you’re done, you’ll have a business!

What is a legal entity?

-A legal entity is a way of legally separating your business from yourself. If you’re a sole proprietor, everything you own is technically your business (and vice versa). When you form an LLC or corporation, however, things change. The company owns its assets and liabilities, not the people who run it.

 Find a state where you want to register your LLC

Before choosing a state, it’s important to consider the tax laws for your business. You’ll want to look at how much you will owe in taxes and what kind of paperwork you will need to file. I recommend one of these three states: New York, Texas or Wyoming. They are all very different from each other but they share some things in common:

• All three have low fees to start up an LLC (less than $100)
• All three have annual fees that are less than $500 per year (New York’s is just $50!)

All three have a simple, straightforward process for forming an LLC All three have very low tax rates (less than 5%)

Check New York or Department of State at One Commerce Plaza in Albany

If you’re in New York, it’s easy to form an LLC. You can apply online or go in person to the Department of State at One Commerce Plaza in Albany, NY 12231-0001. The fee is $200 and they’ll give you all the forms you need to get started with your LLC.

You can send the payment by check or money order with your application as well

• When you are filing online and paying by credit card, there is a fee that will be charged to process your payment. The fee is listed on each invoice screen before you submit your order. If you opt to pay by credit card at a branch of our office, there is no fee charged at this time.

To register an LLC in mining, you’ll need to file the appropriate paperwork with your state. The process is actually pretty easy! All you have to do is fill out a few forms, pay a fee, and get approval from the state.

Once your company is formed and you have an EIN number from the IRS

An EIN number is the equivalent of a social security number for your business. It’s how the IRS identifies you as a company and can be used to open up bank accounts, pay taxes and bills, and file taxes.

The good news is that you don’t need an EIN number before you start filing for an LLC in mining! But if your plan is to operate as a legitimate business, then it’s important that you get one sooner rather than later—and here’s why:

• Banks like having an EIN number on hand before opening up any kind of financial account for the business owner or company director. If they don’t have this information available when they’re ready to set up that account, they may deny opening it all together.
• The IRS will require this information if/when they begin sending out 1099s at tax time each year.

If you are paying by mail, send a check or money order made out to the New York State Department of State. Your application will be processed in about two weeks. If you are filing online and paying by credit card, there is a fee that will be charged to process your payment. The fee is listed on each invoice screen before you submit your order. If you opt to pay by credit card at a branch of our office (you can find one near you here), there is no fee charged at this time. This is the number that shows up on your business bank accounts, utility bills and credit card statements. It’s also what you’ll need to file taxes as an LLC in mining.

Conclusion

We work smartly and quick to help you figure out the difficulties of forming an LLC. Congratulations! You have now registered your LLC in mining. If you have any questions about this process or want to discuss other legal matters with an attorney, please feel free to catch up with us!