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What is Limited Liability Company (LLC) ?

 
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Category : > Limited Liability Company (LLC)
Posted On : Fri Aug 28th,2009

 
An LLC is a distinct type of business that offers an alternative to partnerships and corporations, by combining the corporate advantages of limited liability with the partnership advantage of pass-through taxation.
 

The Limited Liability Company or LLC is not a partnership or a corporation. Limited Liability Company (LLC) is a relatively new business structure allowed by state statute. An LLC is a distinct type of business that offers an alternative to partnerships and corporations, by combining the corporate advantages of limited liability with the partnership advantage of pass-through taxation.

Limited liability companies, or LLCs, are becoming more and more popular, and it's easy to see why. The Limited liability Company (LLC) provides the desired limited liability while avoiding some of the drawbacks (like double taxation and excessive paperwork). They combine the personal liability protection of a corporation with the tax benefits and simplicity of a partnership. In addition, they're more flexible and require less on going paperwork than corporations.

Owners of an LLC are called members. Since most states do not restrict ownership, members may include individuals, corporations, other LLCs and foreign entities. There may be unlimited number of members. Most states also permit "single member" LLCs, those having only one owner.

Member owned LLCs are analogous to partners in a partnership or shareholders in a corporation, depending on how the LLC is managed. A member will more closely resemble shareholders if the LLC utilizes a manager or managers, because then the members will not participate in management. If the LLC does not utilize managers, then the members will closely resemble partners because they will have a direct say in the decision making of the company.

A member's ownership of an LLC is represented by their "interests," just as partners have "interest" in a partnership and shareholders have stock in a corporation.

  


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Comments (18)
JAMAL   wrote on : Sat Oct 10th,2009
I, am, starting a home base cleanining service. I have a partner. Can we still establish getting our business under the llc. status? Or, do we have to have board members as well? Also how does llc protect your personal assets? please email me back at chris_80061@verizon.net     View Detail
InfoTaxSquare.com   wrote on : Sat Dec 05th,2009
Yes you can establish an LLC for your cleaning business and it limits your liability at some extent.     View Detail
Blanca I. Castillo   wrote on : Sun Mar 28th,2010
I am opening a new business in massage therapy and teeth whitening. My question is what type of license and permits is required for me to operated this business in the state of Pennsylvania.     View Detail
Reply : infotaxsquare.com
 
Dear Blanca I. Castillo: Thanks for choosing InfoTaxSquare.com for your business needs. Along with registering your business you need to have sales tax permit and employer identification number. If you need our service to obtain all licenses for you then please use the following link to apply for.

https://www.infotaxsquare.com/processor/order-init.php?o=lc

If you have any question please either call us at 516.822.3100 or email at support@infotaxsquare.com

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