LLCs and corporations differ in many different ways. Their differences are in their formation, management structure, outside investment, taxation, formalities, profit distribution, employee incentive plans, and health insurance benefits. The two structures are similar in that they both protect their own...
Firstly, If you want to create an LLC, you’ll need to come up with a unique name that isn’t currently being used by another domestic or qualifying LLC or other business organization in the state. Also, the terms “insurance” and “banking,” for example, are generally prohibited in ...
Firstly, If you want to create an LLC, you’ll need to come up with a unique name that isn’t currently being used by another domestic or qualifying LLC or other business organization in the state. Also, the terms “insurance” and “banking,” for example, are generally prohibited in ...
Regulation of LLCs varies from state to state. Any entity or individual can be a member of an LLC with the notable exceptions of banks and insurance companies. LLCs do not pay taxes on their profits directly. Their profits and losses are passed through to members, who report them on their...
You can be your own registered agent so long as you have a physical street address in the state in which your LLC is filed (P.O. boxes aren’t allowed); however, hiring an outside registered agent service has its benefits. One drawback of being your own registered agent is the increas...
If the amount exceeds what your business insurance policy covers, the LLC will protect your personal property. However, remember that an LLC is not a magic cloak of protection—you can still be held personally liable in some situations. example A landlord is frustrated with the tenant and ...
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Although sole proprietorships have been the easiest to set up, to begin with, the creation of an LLC is relatively simple. Inmost states, the filing requirement for LLCs is regulated by state statutes. Generally, every state will require you to choose the names of the businesses you want to...
Employer Taxes: If your Indiana LLC has employees, you are responsible for withholding state income tax and contributing to unemployment insurance. You’ll need to register with the Indiana Department of Workforce Development and follow regular withholding and reporting requirements. ...
And since I am legally considered being in business for myself as a independent contractor I have definitely decided to create a single member LLC in Arizona the state I reside in, for the benefits the llc offers. Here is my question: As your article states I might need certain business ...