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Hey, folks, Matt Horwitz at llcuniversity.com.I hope you're doing well.How to form an LLC in Colorado.I'm going to run through the five steps with you.Don't worry, I'm not cheating.I actually wrote this.Notes are really helpful for me.We teach in all 50 states.Rather than keeping all of this stuff memorized in my head, I don't want to sound like anidiot, so I'm going to read this off to you.If you don't know what an LLC is, it is a type of legal business structure that's createdunder state law.This video is specific to Colorado.There are five steps to forming an LLC in Colorado.Let's run through them.First, you're going to choose your LLC name.We'll go into more details in a second.First, you're going to choose your name.Number two, you're going to select your LLC's registered agent.I'm going to debunk a lot of myths there.Number three, you're going to file the articles of organization with the Colorado Secretaryof State.The cost is $50.Step four, you're going to complete an operating agreement.Step five, you're going to get your LLC's EIN.Then after your LLC is formed, there is two more steps: filing the Periodic Report andfiling your state taxes.Let's start with step #1: choosing a name for your Colorado LLC.I'm just going to go through the highlights here.You need to have the abbreviations LLC or L.L.C. at the end of your name.You cannot use the words Corp or Inc or Incorporated or Incorporated at the end of your name.You can't use the words like Bank and Insurance or any of the restricted names.We have another video on our channel and on our website that walks you through how tosearch the Colorado Secretary of State Business Entity Search to make sure that your desiredname is distinguishable.Some other tips when choosing a business name: make sure that's creative, try to pick a namethat's easy to spell and short, not something really long because that's going to make yourdomain name.Anytime someone mentions your business, it's going to be really confusing.Try to pick a name that has a positive connotation and shows your business in a good light.The link for the Colorado Business Entity Search is either below this video or on ourwebsite, depending on where you're watching it.If you have any questions, just call the Colorado Secretary of State phone number below thisvideo.The second step, after you've found your name, is to choose your LLC's registered agent.Most people are massively misinformed when it comes to choosing a registered agent.So many other websites lie and hide the fact that you can be your own registered agent.They say things like, "Your LLC is required by law to have a registered agent," period.They don't tell you, "Yes, that is the law, but in Colorado, Colorado is unique.Your own LLC can serve as its own registered agent, and you can be your own registeredagent.A friend or family member can be the LLC's registered agent.The only requirement is that they have a physical street address-no P.O. box-a physical streetaddress located in the state.If you don't have a friend or a family member or you yourself that have an address in thestate, then we recommend that you hire a commercial registered agent.We recommend Northwest Registered Agent, the best company in the business in my opinion,$125 a year.All that information if below.Really, a registered agent is just a fancy name for a person or a company who agreesto accept of service of process, which is legal documents like a subpoena or a complaintor a summons, in case you get sued.Hopefully, you don't.They just agree to accept that on behalf of the LLC.That's what a registered agent is.For most of you, that cost is going to be $0.Don't believe all the hype and bullshit you see in the internet.Third step is filing your formation documents with Colorado.In Colorado, it's called your articles of organization.Colorado is a very affordable state.It's $50 to form an LLC in Colorado.It can only be done online in Colorado.Colorado is very unique and very advanced.You cannot form your LLC by sending the docs in the mail.It's all done online.You'll pay with a debit or a credit card.The articles of organization is pretty simple.They'll have the name of your LLC, your name, your address, the registered agent's nameand address.We have another video that will walk you through step-by-step exactly how to file that withthe state.The coolest thing about Colorado is when you file online, your LLC is literally is instantlyapproved at the end vs. a lot of other states where you have to wait days or weeks for approval.Colorado is definitely up there in the books as one of the top states.Once your LLC articles of organization are approved at the state, the next step is tocomplete your operating agreement.The operating agreement is a contract between the members of an LLC.It's still good to have even if you have one member for liability.Reasons: it basically spells out who owns the LLC, how much of the LLC do they own,how are taxes, how are profits and losses distributed, etc.You can download a free operating agreement template from our website and just fill inthe blanks.It's super easy.Again, we have another video on that.That's your operating agreement.Then you're going to get your EIN.This is step 5.Your EIN, employer identification number, it's also known as your federal tax ID number.They're all teacher same thing.Think of it as a social security number but for the business.It identifies your business with the IRS.You're going to use it to pay taxes, open a bank account, handle employee payroll, andyou might need it for some business licenses and permits.This is completely free, $0.You can get it from the IRS via their online application.We'll walk you through that step-by-step.Takes about 15 minutes.The only thing you want to make sure, is make sure that your LLC is approved before youget your EIN.A lot of people make a mistake of they get the EIN at the same time they're doing toLLC, they'll do it ahead of time, and they get the EIN attached to the wrong LLC nameor they think they're doing it correctly but they end up getting the EIN for themselves.There's just a Sole Proprietorship, and then their assets aren't protected.Anyways, getting your EIN is really simple.It's really straightforward.IRS website; takes 15 minutes.We'll walk you through it step-by-step.That's pretty much all it takes to form an LLC in Colorado: 50 bucks.It's ridiculous.It's online.It's very fast.After your LLC is formed, you have two things to take care of.These are called post-formation requirements or how do you maintain your LLC.The first one is called, in most states, it's called an annual report.In Colorado, it's called a Periodic Report.It's due once a year.The annual fee is $10.Come on, it's ridiculous.Colorado is such an awesome state.Again, this is filed online with a debit or a credit card.You have this thing called your periodic month.Think of this as a fancy word for your anniversary month.If your LLC was filed in June, June is your anniversary month.So every year, that's your periodic month.You can file your Periodic Report during that month, two months before or two months after.You basically have a five-month window to file that, pay the $10.If you miss that five-month window, you have an additional 60 days where you can file.You have to pay a $50 late fee.Then if you miss that, your LLC goes into a delinquent and non-compliant status, andeventually you can't do business in Colorado.Then you need to file your Colorado state taxes.Form 104 is the form in Colorado.Pretty simple.Just have your accountant or tax professional make sure you file your taxes every year.Those are the only two things you need to do to keep your Colorado LLC in compliance.Other than that, let us know if you have any questions.Hopefully, that simplifies the process of the five steps to form an LLC in Colorado.Again, Colorado is one of my favorite states just because it's all online.It's super easy.It's quite affordable.Check out the other videos on our channel.Check out the videos on our website.We'll walk you through everything for free step-by-step.No hook; no catch.All right.Let us know if you have any questions.Hope this information is helpful for you.