A limited liability company is a business designation that limits thepersonal responsibilityof its owners for their company's debts and liabilities while also allowing them to avoid the double taxation often associated with corporations. Instead, the responsibility falls on the LLC, meaning the firm i...
For small business owners, figuring out the best ways to grow and protect their business, while also ensuring that their own personal property and income remains protected and separate, is essential. Developing a Limited Liability Company — or LLC — is one way to potentially do that. ...
Professional LLC A Professional LLC is a limited liability company that is organized to perform a professional service, like a medical or legal practice. To form a professional LLC, it is necessary for certain members of the LLC to possess the necessary state licenses to demonstrate their professi...
What Is a Limited Liability Company? An LLC is a type of business in which the owners are called members. The business entity is separate from the members so only the entity may be held liable if the company is sued or fails to pay its debts. An LLC contains elements of a sole propri...
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An LLC, or "Limited Liability Company," is a business structure that offers personal liability protection. It draws a clear line between the company's assets and the owners' personal ones. This protects business owners if their company faces issues like lawsuits, debts, and bankruptcy (liabiliti...
There is usually a small filing fee associated with forming an LLC. Owners may also choose to employ a tax professional to handle the formation paperwork on their behalf, which adds cost to the process.There are exceptions to personal liability protection...
You can also use the full forms such as Incorporated, Limited, Incorporation, Company, Professional Corporation, or Corporation at the end of your business name. What is a Corporation or Incorporated Business? An incorporated business or a corporation is a legal entity that is registered with the...
An S corp, also known as an S subchapter, is one type of legal business structure common among small business. A limited liability company (LLC) is another. An S corp with 100 shareholders or less has the benefit of incorporation while being taxed as a partnership. ...
Limited liability companies are taxed differently from other corporations. An LLC allows pass-through taxation, which is when the business income or losses pass through the business and are instead recorded on the owner's personal tax return. As a result, the profits are taxed at the owner's ...