How to Form an LLC in Alaska
Choose a name for your company., Decide on a registered agent., Consider an operating agreement.
Step-by-Step Guide
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Step 1: Choose a name for your company.
The first thing you should do when forming an LLC is choose a solid business name.
You'll need a name as you begin to file paperwork regarding your company.
There are three requirements to keep in mind when choosing a name for an LLC in Alaska.
The name must be different from an existing LLC in Alaska, it must indicate that it is an LLC (add LLC or Limited Company at the end), and it must not include restricted words.
Restricted words are words such as 'bank' or 'insurance," words that indicate a specific profession (like doctor or lawyer) and words that could result in your LLC being confused for a government agency (like the abbreviation FBI or CIA).Choose a descriptive name that will stand out and reflect what you intend on doing with your business.
Spend some time brainstorming ideas before selecting your name.
Do some research as to the kinds of names typically associated with similar businesses.Check if your chosen name is available.
You can do this at the Corporations Database on the Alaska Department of Commerce, Community, and Economic Development website.
Again, you cannot have the same name as an existing LLC in Alaska, so be sure to double check the name you settled on is not in use.Once you have chosen a name, it can be reserved for up to 120 days for a $25 fee. -
Step 2: Decide on a registered agent.
The registered agent is essentially the person whom you designate to receive official papers for your business.
These papers may include lawsuits, renewal notices, and other important notices from the state.
You can appoint yourself as the registered agent but may also choose an outside party or one of your business partners.
The registered agent must live in Alaska.
He or she must also be legally allowed to transact business in the state of Alaska.If your business is small and you have experience with legal and business related paperwork, it might make sense to simply appoint yourself as registered agent.
However, if you have a larger business and limited experience it's best to look for an outside agent.You'll work closely with your registered agent as you establish your business.
Select someone you trust as your agent.
Preferably, look for someone with experience in business law and with whom you've worked with previously.
You want to make sure you and your registered agent mesh well as business partners., Alaska does not require LLCs to create operating agreements.
However, it is highly recommended.
Your operating agreement is a document that outlines your business's essential structure and makes the obligations and rights of partners completely transparent.An operating agreement should include the basics of your company.
What are member rights and responsibilities? How is voting power determined in your company? How are profits and losses allocated? In the event of emergencies, such as buyouts or bankruptcy, what are the expectations and obligations of company members?You may need to consult with a business lawyer in order to write an operating agreement.
There are some templates online that allow you to fill out information regarding your company.
However, you may have to tweak some of these templates to suit your company's specific needs. -
Step 3: Consider an operating agreement.
Detailed Guide
The first thing you should do when forming an LLC is choose a solid business name.
You'll need a name as you begin to file paperwork regarding your company.
There are three requirements to keep in mind when choosing a name for an LLC in Alaska.
The name must be different from an existing LLC in Alaska, it must indicate that it is an LLC (add LLC or Limited Company at the end), and it must not include restricted words.
Restricted words are words such as 'bank' or 'insurance," words that indicate a specific profession (like doctor or lawyer) and words that could result in your LLC being confused for a government agency (like the abbreviation FBI or CIA).Choose a descriptive name that will stand out and reflect what you intend on doing with your business.
Spend some time brainstorming ideas before selecting your name.
Do some research as to the kinds of names typically associated with similar businesses.Check if your chosen name is available.
You can do this at the Corporations Database on the Alaska Department of Commerce, Community, and Economic Development website.
Again, you cannot have the same name as an existing LLC in Alaska, so be sure to double check the name you settled on is not in use.Once you have chosen a name, it can be reserved for up to 120 days for a $25 fee.
The registered agent is essentially the person whom you designate to receive official papers for your business.
These papers may include lawsuits, renewal notices, and other important notices from the state.
You can appoint yourself as the registered agent but may also choose an outside party or one of your business partners.
The registered agent must live in Alaska.
He or she must also be legally allowed to transact business in the state of Alaska.If your business is small and you have experience with legal and business related paperwork, it might make sense to simply appoint yourself as registered agent.
However, if you have a larger business and limited experience it's best to look for an outside agent.You'll work closely with your registered agent as you establish your business.
Select someone you trust as your agent.
Preferably, look for someone with experience in business law and with whom you've worked with previously.
You want to make sure you and your registered agent mesh well as business partners., Alaska does not require LLCs to create operating agreements.
However, it is highly recommended.
Your operating agreement is a document that outlines your business's essential structure and makes the obligations and rights of partners completely transparent.An operating agreement should include the basics of your company.
What are member rights and responsibilities? How is voting power determined in your company? How are profits and losses allocated? In the event of emergencies, such as buyouts or bankruptcy, what are the expectations and obligations of company members?You may need to consult with a business lawyer in order to write an operating agreement.
There are some templates online that allow you to fill out information regarding your company.
However, you may have to tweak some of these templates to suit your company's specific needs.
About the Author
Emily Parker
Committed to making DIY projects accessible and understandable for everyone.
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