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What are the different types of LLC names?
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Oct 19, 2022 · Looking for some LLC examples from popular companies? We've compiled a list of some notable US companies that originally formed as an LLC. Check it out!
- Simplicity. An LLC is simple to form, requiring much less paperwork than a corporation. You only need to file articles of organization and have an operating agreement to define ownership and roles and responsibilities.
- Control. In an LLC, you can be the only owner just like a sole proprietorship so that you have full control of the business. If you have more than one owner, you can structure the management any way you choose with your operating agreement.
- Limited Personal Liability. Unlike a sole proprietorship, an LLC is considered a legal entity that is separate from you, the owner. Just as in a corporation, your personal assets are protected because you’re not personally liable for the company’s debts or legal liabilities.
- Tax Advantages. An LLC is considered a “pass-through” entity, meaning income passes through the business to the owners for tax purposes. The LLC is not a taxable entity, so all income is reported on the tax return of the owner or owners and taxed at their personal income tax rate.
- Domestic LLC. Domestic LLCs are limited liability companies that are incorporated and operate in only one state. Domestic LLCs are the most common type of limited liability company and are subject to the specific laws and regulations of the state in which they are formed.
- Foreign LLC. A foreign LLC is a type of domestic LLC that’s formed in one state, the domestic state, and registered to do business in one or more other states, also known as the foreign state.
- Professional LLC (PLLC) A professional LLC, also known as a PLLC, is a type of limited liability company used by licensed professionals, such as doctors, lawyers and accountants.
- Nonprofit LLC. A nonprofit LLC is a type of corporation formed with the intent of conducting charity work or public benefit activities. A nonprofit LLC is similar to a standard LLC but includes additional benefits and requirements.
Nov 4, 2020 · A limited liability company (LLC) is a private legal entity in the U.S. that mixes corporate limited personal liability with partnership and sole proprietorship's simplified taxation. The LLC's owners put the company's profits and losses on their individual tax returns (pass-through taxation) instead of an LLC corporate tax return.
Mar 21, 2024 · The limited liability company (LLC) is a corporate structure that protects its owners from being personally pursued for repayment of the company's debts or liabilities.
- Jason Fernando
Jul 8, 2020 · There are many well known LLC companies that people may not realize are LLCs. LLCs, or limited liability companies, have many advantages when running a business, which is why they're a popular business entity. Here are some examples of famous LLCs.
Feb 16, 2024 · An LLC name is your gateway to conducting business within your state. It’s the unique identifier under which all your state-specific business activities and legal processes will be fulfilled.
