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A limited liability company (LLC) is a type of business form combining attributes of both corporations and partnerships. It has TWO PRIMARY ATTRIBUTES: (1) the limited liability that shareholders of a corporation enjoy, AND. (2) the tax treatment of a partnership.
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- What Does LLC Stand for? Plus, Tax and Legal Considerations
- What Is A Limited Liability Company?
- Personal Liability
- Pros and Cons of LLCs
- Articles of Organization
- Types of LLCs
- How Does An LLC Compare to Other Business Structures?
- LLC Legal Considerations
- State-by-State LLC Requirements
- LLC Tax Overview
An LLC, or "limited liability company," is a business structure that protects business owners from personal liability for the limited liability company's business debts. LLCs as a business structure are very popular, but how do you know if it's your right choice? Let's explore all that you need to know in our definitive LLC guide.
A limited liability company is a business designation that limits the personal responsibilityof its owners for their company's debts and liabilities while also allowing them to avoid the double taxation often associated with corporations. Instead, the responsibility falls on the LLC, meaning the firm is its legal entity. In bankruptcy or a legal di...
LLCs are so popular because they limit the personal liability of their members and owners, protecting their personal assets. LLCs are designed to keep their owner's assets separate from their business assets so that in the case of bankruptcy or lawsuit, the personal assets and personal income of the LLC's owners and members are protected from busin...
LLCs offer a simple, adaptable corporate structure perfect for businesses of any size. More importantly, they give protection from liability and control over finances. That said, they suit some business models more than others. So, before creating an LLC, you should weigh the pros and cons.
The articles of organization are legal documents that are filed with the Secretary of State when you form your LLC. The articles of organization outline the basics of your LLC. Articles of organization include: 1. Business name and address 2. LLC's registered agent 3. Names and important information on LLC members Articles of organization are also ...
LLCs include single-member, multimember, multi-member, -managed, manager-managed, and PLLCs—professional limited liability companies. The individuals who own and run LLCs are called members. Limited liability companies' members invest capital, or membership interest, to claim a stake in the business. The number of members involved and their manager...
The most common alternatives to an LLC are corporations, partnerships, and sole proprietorships. Each business structure presents benefits and drawbacks over LLCs. Here's a brief explanation of other kinds of business structures.
While LLCs shield members from liability, they also must adhere to certain legal guidelines. State and federal law compliance involves research, planning, and careful leadership. Your operating agreement needs to address these concerns and provide a roadmap when legal questions arise.
An LLC must qualify to run in any state where it conducts intrastate business. Some states also require qualification if you conduct interstate business from that location. Registering as a foreign business in other states is similar to registering in your home state. We've included a table summarizing important registration information, including ...
Different types of LLCs pay taxes through unique forms and channels. Your forms and tax rate depend on the structure of your business and filing decisions. LLCs generally file taxes as a sole proprietorship, partnership, or corporation. LLC taxes and filing statuses fall into three categories:
- Jenn Morson
Jan 7, 2015 · A limited liability company is a U.S. form of privately owned company that combines the limited liability of a corporation with the simplified taxation of a sole proprietorship or partnership.
What is a Limited Liability Company (LLC)? A limited liability company (LLC) is a business structure for private companies in the United States, one that combines aspects of partnerships and corporations.
Feb 3, 2020 · A limited liability company is an ideal option for entrepreneurs who want to establish a business as a stand-alone entity. It is also suitable for anyone who wants to limit their liability by segregating the company’s financial records from the owner’s personal assets.
Dec 20, 2023 · One easy, efficient, and fast way to start a company is to set up a Limited Liability Company (LLC). Let’s explore what exactly an LLC is, its suitability, advantages, and disadvantages,...
