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Related Articles

What are the Main Differences between an LLC and an S-Corp?

What Is a C-Corporation?

What Is an LLC?

What Is an S-Corp?

Which Type of Company Incorporation is Right for You?

 

Top Consumer Reviews Articles

TopConsumerReviews.com provides unique articles that you won't find anywhere else on the internet. These articles are designed to help you make the most informed decisions possible.

What Is An LLC?

When you first come up with the idea of a business, it’s the most tempting thing in the world to jump right in and get started. But the realities of taxation and federal and state regulations are best faced during the planning stages of a new venture. For small business owners, the legal structure of the concern can affect taxation on both a federal and state level – as well as a host of other legal and financial matters. Among the choices in structure are sole proprietorship, limited liability corporation (LLC), S-corporation, and partnership. Of these, the LLC is prized by some but often misunderstood.

What is an LLC? An LLC is a legal entity separate from any of the individuals involved in ownership of the venture. Among the primary attractions of this structure is that no owner – or member, as defined in this structure – is individually liable for the debts or obligations of the business. This factor may not seem relevant when sales are booming and the business is flush. But during times of economic distress, if the business falls on hard times, it can save you the inconvenience of sleepless nights.

Commonly, the LLC structure is applied to partnerships and other businesses with a small number of owners. But sole proprietors too can take advantage of its benefits.

Taxation
The federal government taxes LLCs in one of two ways: As a pass-through entity or as a corporation. When an LLC is taxed as a pass-through, the profits go to the owners. The owners in turn pay taxes on those profits when they file their individual tax returns.

Formation
Each state treats the LLC structure differently. Generally, it is simplest to form an LLC in the state in which you do business. However, if you prefer, you can form an LLC in a different state. You must become familiar with the regulations of the state you choose to avoid running afoul of any rules. Some owners choose to form an LLC is a state different from their own – a foreign state – because their native state levies high taxes.

Registered Agent
A registered agent is a person or company on whom notice must be served in case of a lawsuit. It’s no fun thinking about potential legal action even before your business is off the ground, but when you form an LLC, you have to name a registered agent. You can choose an owner or manager of the LLC. But naming an independent party or even another company can lend peace of mind. In fact, any adult who lives in the state where the LLC is formed and who has a street address -- rather than a post office box -- can serve as your registered agent. Of course, you want to select a registered agent who is responsible and trustworthy.

Management
The LLC members may choose to manage the entity for themselves. If your members are scattered about the United States, however, it might be prudent to hire a manager. Of course, no matter what your choice, regular communication with the manager is essential to successful business operation.

An LLC is a business structure that may offer tax advantages. Consult your accountant and/or tax professional and consider carefully when deciding whether to form an LLC.

Coronavirus scuttles incorporation plans for The Woodlands

The Woodlands Township Board of Directors may have to delay putting the question of whether or not to incorporate the township on the November 2020 ballot after economic fallout from the COVID-19 ...

Published:  Tue, 24 Mar 2020 17:49:00 GMT



Warzone loadout guide: Here are the guns, perks and attachments to consider

The incorporation of customizable loadouts - including guns, grenades and perks - in Call of Duty: Warzone is one feature that differentiates the experience from the many other battle royale titles.

Published:  Fri, 03 Apr 2020 09:48:00 GMT



Woodlands officially postpones incorporation efforts; no vote planned in 2020

One of the biggest projects in The Woodlands Township for the past two years - ongoing incorporation planning studies - has officially been put hold to a future time period after concerns stemming ...

Published:  Thu, 26 Mar 2020 15:42:00 GMT



Laredo the third oil/gas company seeking reverse stock split in 2020

The number of Oklahoma-based oil and gas producers that have conducted or plan reverse stock splits to keep their shares active on major exchanges climbed to three the final week of March. Tulsa-based ...

Published:  Sat, 04 Apr 2020 23:06:00 GMT



Sharing memories of Laurel on its 150th anniversary

The city of Laurel will celebrate the 150th anniversary of its incorporation on April 4. Festivities began on Jan. 13 at the first mayor and City Council meeting of the year, when event planners ...

Published:  Fri, 03 Apr 2020 03:10:00 GMT



Carnival Corp. Won't Go Bankrupt: A Dive Into Its Debt

Carnival Corp. recently raised $4 billion of 11.5% senior secured and $1.75 billion of 5.75% senior convertible notes due 2023. A public equity offering of 62.5 ...

Published:  Fri, 03 Apr 2020 03:01:00 GMT



Improved performance of small molecule organic solar cells by incorporation of a glancing angle deposited donor layer

Improving the photovoltaic performance directly by innovative device architectures contributes much progress in the field of organic solar cells. Photovoltaic device using different kinds of ...

Published:  Wed, 01 Apr 2020 02:13:00 GMT



Corporate Training Market 2020-2024 | Rising Incorporation of Bite-Sized Learning to Boost Market Growth | Technavio

LONDON--(BUSINESS WIRE)--The corporate training market is expected to grow by USD 52.7 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample ...

Published:  Tue, 24 Mar 2020 03:00:00 GMT



Could regulatory review open door to advisor incorporation?

What's more, the conditions for making the necessary regulatory and legislative changes to allow for advisor incorporation have presumably never been more favourable. For one, Ontario's Progressive ...

Published:  Wed, 25 Mar 2020 01:45:00 GMT



Personal Mobility Devices Market To Reach USD 13.25 Billion By 2027 | TOPRO, Carex Health Brand Incorporation, Invacare

The global Personal Mobility Devices market is highly fragmented with major players like TOPRO, Carex Health Brand Incorporation, Drive Medical Design & Manufacturing, Invacare, Sunrise Medical, Pride ...

Published:  Wed, 25 Mar 2020 05:11:00 GMT



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