There are many types of business structures, ranging from sole proprietorships to corporations. Since every freight agent at Tallgrass Freight Co. is independent, we often hear questions related to limited liability corporations — also known as an LLC. Good news: We’ve got you covered.
An LLC is a legal business structure that combines the limited liability features of corporations with the tax structures (and operational flexibility) of a more traditional partnership. And this is one unique feature of being part of the Tallgrass team. Our agents are part of something bigger than themselves, but they all own their own LLCs and lead their own businesses.
As each freight agent grows their own books and expands their individual companies, countless LLC-related questions arise. What is the benefit of having an LLC? How do I get started? Where does Tallgrass fit into the equation?
We’ve gathered a few of the most critical steps in forming a limited liability corporation as a freight agent for your seamless transition to Tallgrass.
1. Select a Name for Your LLC
The first step in establishing an LLC as a freight agent is giving it a name. When considering the name for your company, be sure to check name availability in your state before you begin filing any LLC paperwork. Many states across the country allow you to search all existing business names in online databases to help determine if your preliminary choice of name is available.
Keep in mind that you are required to register your LLC with your state specifically, so don’t get too deep into the company-creating process until you’re familiar with your state’s unique rules and regulations.
2. File Your Organization’s Paperwork
Once you’re confident in your company’s name and availability, you will need to complete forms that cover the basics of your company; these often include the LLC’s name, business address, establishment year, etc purpose and other details.
These specifics, as well as the accompanying filing fee, differ from state to state. Regardless of where your business is based, you can check your Secretary of State’s website for more state-specific details and to access these forms.
3. Obtain a State Certificate and EIN
After your LLC paperwork is filed and approved by your state, you will be issued an official certificate that confirms the existence of your LLC.
Once your LLC is confirmed within the state, your next step is obtaining your employer identification number (or EIN). An EIN is essentially a social security number for your business. It will play a critical role in all official paperwork moving forward, and especially for any financial operations.
After you receive your EIN, you can continue setting up your business! You are free to obtain a tax ID number, necessary business licenses and set up your first business bank account.
4. Develop Your Business Plan
Whether this is your first company or you’ve owned several, a business plan plays a critical role in your overall development. This is where Tallgrass support and coaching become extremely beneficial. Our back office team offers mentorship opportunities, financial assistance including invoicing, carrier payments, compliance, carrier eligibility, collections, technology and more..
The main goal of our Tallgrass back office administration is to take the stress off agents. We have the nation’s top talent right here at Tallgrass Freight, and they deserve the very best support and guidance.
Seek Support with Tallgrass
If you’re a freight agent who is a part of the Tallgrass Freight team, you’re able to enjoy all of the perks of being an entrepreneur while also benefiting from the support and expertise of the wider Tallgrass team. From our couldn’t-be-easier onboarding to daily support, you’ll have everything you need to thrive as a freight entrepreneur. Even better? We regularly host agent development events where agents from across the country can come together to ask questions and share information. Not only do we discuss how to grow your freight agency, but we also focus on financial growth with tax experts.
Looking for a company you can build a long-term partnership with? Look no further. Consider joining the Tallgrass Freight agent network, and reach out to our team today.