Flexible membership:LLC members (owners) can be individuals, partnerships, trusts, or corporations, and there is no limit on the number of members. S corporations (which is a corporation that has elected to be taxed as a pass-through entity under Subchapter S of the Internal Revenue Code) ar...
LLCs organized for professional services, such as medical or legal practices, are called Professional LLCs. It is required that certain members of an LLC possess the necessary licenses to verify their professional qualifications before the LLC can be formed. It would be wise to have a lawyer by...
LLCs are considered separate entities from owners. This gives business owners personal liability protection that safeguards their personal assets. The government or banks can't seize a member's belongings or properties if the business goes under—only what the company owns. The only condition is ...
A federal requirement of forming an LLC is to get an employer identification number, or EIN, from the Internal Revenue Service (IRS). Think of an EIN as a Social Security number for businesses. You must also register for a business license with your state and/or local government....
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A limited liability company, or an LLC, is a U.S business structure that gives you protection and flexibility to run your business.
Inc. vs. LLC: Which is better for a small business? Corporations and limited liability companies are simply two different options for how a company wants to set itself up; as such, neither one is objectively better than the other. But one will likely be a better fit for your company. ...
If a Single-Member LLC has made a special election with the IRS to be taxed as a Corporation, the Single-Member LLC is not a Disregarded Entity. If a Single-Member LLC has not made an election to be taxed as a Corporation, it is automatically a Disregarded Entity and the IRS “looks...
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An enrolled agent is one that represents taxpayers in front of the Internal Revenue Service (IRS). To become an enrolled agent, one needs to pass an IRS test that covers individual and business tax returns or through experience by being a former IRS employee. Enrolled agents can represent any...