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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.

How Does Biosino Bio-Technology and Science Incorporation's (HKG:8247) P/E Compare To Its Industry, After Its Big Share Price Gain?

Biosino Bio-Technology and Science Incorporation (HKG:8247) shares have had a really impressive month, gaining 31%, after some slippage. The bad news is that even after that recovery shareholders are ...

Published:  Wed, 04 Dec 2019 16:13:00 GMT



AgroSavfe announces name change to Biotalys and incorporation of US subsidiary, Biotalys, Inc.

New corporate identity reflects mission to shape the future of sustainable and safe food supply Incorporation of Biotalys, Inc. supports ambitious international growth strategy GHENT, Belgium, Dec. 10 ...

Published:  Mon, 09 Dec 2019 22:00:00 GMT



Lawyers for St. George ask courts to toss suit filed to block incorporation

St. George organizers want the court to dismiss a lawsuit seeking to block incorporation of the new city, arguing among other things that Mayor-President Sharon Weston Broome and other named ...

Published:  Tue, 03 Dec 2019 08:11:00 GMT



Fundc1 is necessary for proper body axis formation during embryogenesis in zebrafish

DrFundc1 induced LC3B activation. The ectopic expression of Drfundc1 caused cell death and apoptosis as well as impairing cell proliferation in the 293 T cell line, as detected by Trypan blue, ...

Published:  Wed, 11 Dec 2019 02:34:00 GMT



Nebras Power celebrates 5 years of incorporation

Nebras Power has celebrated its fifth year of incorporation in a ceremony held recently, it was announced in a statement. As a part of the celebration, HE the Minister of State for Energy Affairs and ...

Published:  Sat, 07 Dec 2019 09:55:00 GMT



Liberia launches Incorporation of IDSR Training Course into Preservice Curricular of Health Training Institutions

The National Public Health Institute of Liberia (NPHIL), with support from the World Health Organization (WHO) and the U.S. Centers for Disease Prevention and Control (US CDC) is set to pioneer the ...

Published:  Thu, 05 Dec 2019 02:29:00 GMT



Global Automotive Connectors Market Report 2019-2024 - Incorporation of Machine Learning in Self-Driving Vehicles Expected to Drive the Market

For more information about this report visit https://www.researchandmarkets.com/r/qb1jne ...

Published:  Tue, 10 Dec 2019 02:48:00 GMT



Italeaf: Approved the merger by incorporation of the wholly owned company Softeco Sismat Srl into TerniEnergia S.p.A.

Italeaf: Approved the merger by incorporation of the wholly owned company Softeco Sismat Srl into TerniEnergia S.p.A. The Merger by Incorporation was approved by the Board of Directors of TerniEnergia ...

Published:  Tue, 03 Dec 2019 16:18:00 GMT



Site-Specific Incorporation of Multiple Thioamide Substitutions into a Peptide Backbone via Solid Phase Peptide Synthesis

Article Views are the COUNTER-compliant sum of full text article downloads since November 2008 (both PDF and HTML) across all institutions and individuals. These metrics are regularly updated to ...

Published:  Tue, 03 Dec 2019 21:49:00 GMT



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