A limited liability company, or LLC, is a legal business structure registered in a state by a single owner or multiple members. A primary motive for business owners to register an LLC is to create a separate business entity to avoid personal financial liability for business debts.
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
LLC stands for limited liability company, a type of formal business structure. LLCs blend the advantages of a corporation with those of partnerships. An individual can set up an LLC, as can two or more partners. Forming an LLC avoids the personal financial liability of a sole proprietorship.
An LLC, or limited liability company, is a cross between a limited company and a partnership. It allows the business to practice as a limited company, but with the same tax benefits and flexibility as a partnership.
Business owners must file business formation documents, such as articles of organization, with the Secretary of State's office to legally form a Limited Liability Company. Since LLC filing requirements vary by state, business owners should visit the SOS website to file the correct documents.
In order to form a limited liability company, or LLC, the owners must choose a unique business name, file the articles of organization, create an operating agreement and obtain all applicable licenses and permits. Two other steps may be required: if employees will be hired, the business owners must
LLC stands for "limited liability company," which is one of four business organizational structures in the United States. In this business structure, owners are protected from personal liability for company actions and debt similar to a corporation.
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
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
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.