An LLC (limited liability corporation) is a popular type of business structure, especially for small businesses—but just because they’re common doesn’t necessarily mean they’re right for you. Learn the pros and cons of starting an LLC....
A series LLC can be used to protect assets and liabilities within a master LLC. However, the capacity of a series LLC to restrict liabilities within a single series is unclear.NeviusAlistairM.EBSCO_bspJournal of Accountancy
In the U.S., LLC laws are governed by individual states but are recognized in all. The laws further vary across countries. The “owners” of the company, in the case of LLCs, are referred to as “members.” Usually,a single person can start an LLCand there is no upper ceiling on ...
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The cons of an Illinois LLC Like any business structure, setting up your business as an Illinois LLC, or limited liability company, can have both advantages and disadvantages. Whether a particular feature is an advantage or a disadvantage may depend upon the type of business structures you're ...
LLC and S-corp: Differences Ownership The difference between an LLC and other entities is thatan LLCcan be owned by a single person. The business owner could be one person or a group of principal LLC owners. Limited liability companies can be owned by another corporate entity, while an S-...
What is an S Corp? Owners of LLCs and corporations can elect for a taxation status known as S Corp. Because only incorporated businesses can elect for S Corp treatment, business owners enjoy the separation of personal and business assets and debts. When business owners choose to form an S ...
An LLC allows for an unlimited number of members; however, if the LLC has just one owner, it will be taxed as a sole proprietorship. The LLC allows for the "special allocation" of profits--the disproportionate splitting of member profits and losses (in different percentages than their respect...
LLC Taxes An LLC is taxed as a pass-through entity by default. This means that the profits of the business are "passed through" to the owners (called members). Profits and losses are reported on the individual tax returns for the owners, and not at the business level. As a result, fi...
Okay, so we've covered a lot of information in this post — but, when it comes down to it, which option is best for you? Let's quickly cover the pros and cons of each so you can make the best decision for your needs. Advantages of an LLC: ...