A limited liability company (LLC), also known as a company with limited liability (WLL), is a flexible form of enterprise that blends elements of partnership and corporate structures. It is a legal form of company that provides limited liability to its owners in the vast majority of United States jurisdictions. LLCs do not need to be organized for profit. Often incorrectly called a "limited liability corporation" (instead of company), it is a hybrid business entity having certain characteristics of both a corporation and a partnership or sole proprietorship (depending on how many owners there are).
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A limited liability company (called an "LLC") is a legal entity that, in the eyes of the law, exists separate and apart from its owners. The owners of the LLC are called "members" (as compared to a corporation, where the owners are referred to as "shareholders"). An LLC is formed by filing with the proper state governmental authority (usually the Secretary of State) articles of organization (or the equivalent under the laws of a particular state) and all filing fees are paid. Some state laws may impose additional pre or post-creation requirements as well. Forming an LLC like any business has its own set of pitfalls. Here in one of the three dumbest mistakes that I see people make with their LLC. Read those tempting advertisements for Delaware or Nevada limited liability companies? The advertisements sound pretty good, but most small businesses shouldn't use out-of-state LLCs or for that matter out-of-state corporations. An operating agreement is an agreement among limited liability company ("LLC") Members governing the LLC's business, and Member's financial and managerial rights and duties. Many states in the United States require an LLC to have an Operating Agreement. LLCs operating without an Operating Agreement are governed by the State's default rules contained in the relevant statute and developed through state court decisions.
Our experts have what it takes to help you determine if an LLC is the correct choice for your business. Every state has different rules and our network of professionals are well versed in rules and regulations for starting an LLC where you plan to do business. Our charter is to provide the expertise through our services you may not have or you do not have the time to implement. Once you decide how to proceed, this peripheral task can easily be deligated to us while you are off tackling other challenges.
The limited liability afforded by the LLC formation is a very obvious benefit that it offers. In addition, there can also be tremendous benefits based on the flexibility by which the LLC can be taxed. Members of an LLC can, via the check box method, elect to have their LLC taxed as either a C corporation or, by timely filing the 2553 form, as an S corporation. By default an LLC is taxed as a sole proprietorship if it is a single-owner LLC, or as partnership if it has two or more owners. All options should be examined.