Companies with LLC in their name are limited liability companies, a legal structure allowing the business owners some protection against liability, while getting the tax benefits of a partnership. Depending the state, an LLC can consist of one or more partners that can be individuals, corporations o
The primary advantages of an LLC, or Limited Liability Company, revolve around its liability protections, flexible profit sharing and marginal record keeping relative to other business formations. Also, the personal assets of LLC members are not subject to the actions or business decisions of the LL
An LLC is a limited liability company, while a company with the word "Inc." means that the business is incorporated. While LLCs share similar features with corporations, they have more operational flexibility.
Steps to creating an LLC in Texas include choosing and reserving a legal name for the company, filing a certificate of formation, appointing a registered agent, preparing an operating agreement and ensuring compliance with all applicable tax and regulatory requirements. Foreign LLCs must register wi
A limited liability company is not a corporation; in fact, there are distinct differences these business structures. An LLC doesn't have to pay income taxes on its profits, because these taxes are "passed through" to the owners of the LLC, who report them on their personal tax returns. A corporation
An S corporation is an entity separate from the individuals who own the corporation, while an LLC is an entity where the losses and profits are passed through the business to the owners, according to the U.S. Small Business Administration. Businesses can be classified as both an S corporation and an
All of the owners of a limited liability company are called members, and a managing member of an LLC has the authority to make decisions on behalf of the company. All members have this authority by default in most states, unless the members choose to relinquish their authority to a professional mana
Flexibility in management structure and pass-through taxation are two of the significant differences between limited liability companies and corporations. Corporations follow an established management structure with directors overseeing major business decisions and officers handling daily operations
In order for a Limited Liability Company, or LLC, to be recognized by the state it resides in, a document, titled Articles of Organization, must be filed with the state government. Articles of organization provide the state government with specific information regarding the new business.
The legal title of someone who owns or otherwise holds a vested interest in a limited liability company is “member,” according to LegalZoom. However, any title can be used on the LLC’s stationary or business cards.