What is an LLC? An LLC is a hybrid legal entity with the characteristics of a corporation, partnership and sole proprietorship. “LLCs are just another entity type to protect the business owners,” said attorney Ryan Gordon. Typically, LLCs are highly advantageous for business owners. They pro...
LLC stands for Limited Liability Company and is a type of business entity allowed by the state statute. The sorts of businesses that are eligible to form an LLC are determined by state law. Several firms can incorporate an LLC, except for banks and insurance companies, which aren’t allowed ...
An LLC, or limited liability company, offers certain tax benefits and some personal liability protection. Learn how to form an LLC in this article.
A business is an organization that sells goods or services for profit. Businesses can range in size fromsole proprietorshipsrun by one person to multinational corporations with thousands of employees around the world. Someone who creates a business organization is called an entrepreneur, which is Fre...
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“… a business entity that has a single owner and is not a corporation under paragraph (b) of this section is disregarded as an entity separate from its owner.” This means that a Single-Member LLC will be treated as a Disregarded Entity (unless it made an election to be taxed as a...
Here’s an example of what a general LLC purpose statement might look like: “The purpose of this limited liability company is to engage in any lawful activity for which Limited Liability Companies may be organized in this state.” In states that require a more detailed statement, business own...
What is an LLC? At its most basic definition, an LLC is a type of business structure. Each state has its own set of laws and regulations for LLCs. It’s essential to work with a local attorney or accountant for your location-specific rules. Having said that, most LLCs have the follo...
A limited liability company is a type of business structure that shields the owners of the company from personal liability for the financial dealings of the operation. An LLC does not pay federal taxes since the profits are only reported on the owner's tax return as personal income. The creat...
An LLC is a formal business arrangement that requiresarticles of organizationto be filed with the state. An LLC is easierto set upthan a corporation and provides more flexibility and protection for its investors. LLCs may elect not to pay federal taxes directly. Instead, their profits and loss...