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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
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.
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.
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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Maria k Jones   wrote on : Tue May 04th,2010
I've decided to change the business to an LLC instead of a C Corporation. Can I do this in Nevada? And what all is involved?
Reply : infotaxsquare.com
 

Do you want to file an article of conversion to convert from C-Corporation to an LLC or a new LLC? To convert from regular corporation to an LLC you have to file an article of conversion otherwise file article of organization for a new LLC.



vidya   wrote on : Mon Mar 14th,2011
I went through your doucuments today on forming a LLC. I intend to start a textile import busness while exporting leather products , textiles , and electonic itemes from usa. Please let me know weather i should take a busness licence from the county/state in additon to th forming the llc
Reply : infotaxsquare.com
 
Dear  Vidya:

Thanks for choosing InfoTaxSquare.com for your business needs. Please let us know which state do you want to register LLC (Limited Liability Company).


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vidya perera   wrote on : Mon Mar 14th,2011
i have decided to start this busness in ALABAMA , CITY- MONTGOMERY COUNTEY- MONTGOMERY
Reply : infotaxsquare.com
 
Dear Vidya,

To register LLC in the stat of Alabama will cost you $304.00 excluding address. For address we charge additional $159.00 for one year.

You can use the following link to to apply for:

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



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Norbert Schneider   wrote on : Fri Apr 01st,2011
Is a LLC in Canada legal or does it have to be a LLP ?
Reply : infotaxsquare.com
 
Norbert Schneider:

Thanks for choosing InfoTaxSquare.com for your business needs. We register business in USA only.

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Cindy   wrote on : Wed Jul 13th,2011
I am starting an online Catholic books and gifts store. I would also sell outside of the online. I have no physical store, though. would I need to get an LLC and would I also need a tax number for sales and wholesale purchase? Would I need to apply for any other licenses or tax ID's. It is only me the owner in business - very small business. Will be web-hosted by yahoo. Thanks.
Reply : infotaxsquare.com
 
Dear Cindy,

Thanks for choosing InfoTaxSquare.com for your business needs. Yes if you are using other than your personal name to advertise your business then certainly you are required to register your business either as an LLC (Limited Liability Company, Corporation Formation or Sole proprietor/DBA (Doing business as). You are also required to obtain state identification number to conduct business.

To register business you can either call us at 516.822.3100 or email at support @infotaxsquare.com.

You can also use the following links to register company.

Register Corporation: http://bit.ly/4xbuab

Form LLC:  http://bit.ly/pHak2f

Register DBA/Sole Proprietor: http://bit.ly/a4IBhh

If you have any question please do not hesitate to contact us.


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KellyWilliams   wrote on : Wed Sep 07th,2011
Hello, can you transer your LLC from one state to another?
Reply : infotaxsquare.com
 
Dear  KellyWilliams,

Thanks for choosing InfoTaxSquare.com for your business needs. To transfer your LLC or Corporation from one state to an other state you are required to file Article Domestication, but only few states  recognize filing domestication of your company from one state to an other state to retain the age of your company. Please use the following link to confirm whether your state recognize it or not.

http://bit.ly/r51d3q

Please do not hesitate to contact to file Article of Domestication for your  state if applicable.

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STEVEN ELY   wrote on : Mon Dec 05th,2011
I'm starting my own moving company i need to know what i need with llc or permits.
Reply : infotaxsquare.com
 
Dear Steven Ely,

Thanks for considering InfoTaxSquare.com for your business needs. Can we have the state where you want to form your LLC please? and would be appreciated if you give us little more detail to advice your properly.

You can also call us at 516.822.3100 to acquire additional information.


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ally   wrote on : Thu Dec 22nd,2011
hi i'm a home improvement licsence contractor but i't under my name can i do a llc.
Reply : infotaxsquare.com
 
Dear Ally,

Thanks for considering InfoTaxSquare.com for your business needs. Yes, you can register LLC for your home improvement business. To form LLC you can use the following link or to place an order over the phone please call us at 516.822.3100

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



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Jose Aponte   wrote on : Fri Apr 13th,2012
Concerning MMAB, how can I or am I entitled to access the capital gains and interest that they have in their books, in my name, for my shares in the company fowr which I paid federal and state Taxes.
Reply : infotaxsquare.com
 
Dear Jose Aponte:

Thanks for choosing InfoTaxSquare.com for your business needs. To access the capital gain or interest information you either have to call to the concerned agencies or the institution who should have these information.


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derrick hammonds   wrote on : Wed Jun 20th,2012
went in on a company when the name of the company was incorporated years ago. i didnt now. they have 100% ownership. i have contract with the lease of the building in both names. what could i need to do to have 50% of bussiness.
Reply : infotaxsquare.com
 

Derrick Hammonds:

Thanks for considering InfoTaxSquare.com for your business needs. We are unable to understand your question and would be appreciated if you kindly send us more details to advice your dproperly.

You can also use the following link for more details.

http://infotaxsquare.com/e-book/

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wayne   wrote on : Wed Oct 17th,2012
Hi, my name is Wayne. I live in the Caribbean and i want to invest in income property in Florida. Should i register a LLC?, and what would be the process? Thank you.
Reply : infotaxsquare.com
 
Dear Wayne:

Thank you so much for choosing InfoTaxSquare.com for your business needs.

To find out price to Register LLC in the state of Florida, you can either use the following link or call us at 1+516.822.3100.

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

You can also use the following link to read more about our services.

http://infotaxsquare.com/e-book/book-view.php


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Jon J   wrote on : Thu Jan 03rd,2013
I have a small photography business and I am wondering if I should do a DBA or a LLC and what is the difference? Also what is the difference in my income taxes with each?
Reply : infotaxsquare.com
 
Dear Jon J:

Thanks for choosing InfoTaxSquare.com for your business needs. For a small business, you can go for a DBA to avoid LLC tax complications.

You can also use following link to read more about different business structures.

http://infotaxsquare.com/new_business_setup.htm


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Avinash   wrote on : Mon Dec 30th,2013
Dear Sir/ Madam, I am a citizen and resident of India. I hold a passport but not any visa in US. Can I start a company in US being a non resident and non citizen of US. What are the formalities that I need to undergo for formation. Can I get a business address and bank account in the name of the company. Is single member LLC the right choice. Also need some guidance.
Reply : infotaxsquare.com
 
Dear Avinash,

Thank you so much to choose InfoTaxSquare.com for your business needs. Can you please let us know what state do you wan to form your LLC?

You can use the following link to check prices.

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


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F Khatibi   wrote on : Sun Jan 19th,2014
Dear Madam/Sir, I am the director of a UK based company and would like either to create a whole new company in the US or open up a branch of the UK company in the US. My first priority is to establish the company in California or Texas. Could you be kind enough to provide me with your bets suggestions? regards, F. khatibi
Reply : infotaxsquare.com
 

UK based company and would like either to create a whole new company in the US or open up a branch of the UK company in the US

Dear  F Khatibi:

Thank you so much to reach InfoTaxSquare.com for your business needs. You can conduct business in United States either as a foreign entity or a domestic company. Let me explain you the process separately.

Open a domestic company in USA:

You can register a domestic corporation  in USA to conduct business either in California or Texas. To check prices, you can use the following link.

http://goo.gl/kxuPii

Open a Foreign Entity of your UK based company:

In order to create a branch office or a foreign entity of your existing company in US, you have to provide to secretary of state the letter of good standing or certificate of status of your UK company to show that your company is legally registered in UK.
To check prices, you can use the following link.

http://goo.gl/eG6QEQ




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arpit kanotra   wrote on : Fri Mar 04th,2016
i want to incorporate a LLC for my website making and web development business. I am from India . What would be the procedure?
Reply : infotaxsquare.com
 
You can use the following link to apply cor an LLC.

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


 


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