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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?

 

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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.

CLPS Incorporation's Blockchain Passes University Testing

SHANGHAI, Jan. 16, 2019 /PRNewswire/ -- CLPS Incorporation (the "Company" or "CLPS") (Nasdaq: CLPS), a leading information technology ("IT") consulting and solutions service provider focusing on the b...

Published:  Wed, 16 Jan 2019 04:30:00 GMT



Holyrood's come home year coincides with 50th anniversary of incorporation

Pictured at the signing of a proclamation recognizing the Town of Holyrood's 50th anniversary since incorporation are the town's mayor and members of the committee planning for celebrations this summe...

Published:  Wed, 16 Jan 2019 12:23:00 GMT



2019 Look Ahead: Woodlands narrows focus of incorporation, set to open adventure park

The Woodlands Township will in a few months have a unique new recreational option for residents and visitors - a high-ropes tree-based obstacle course with more than 60 features. Called Texas TreeVent...

Published:  Sat, 05 Jan 2019 08:19:00 GMT



Town, City incorporation costs nearly half a million

BELOIT - Town of Beloit and City of Beloit officials have each spent more than $200,000 on the incorporation process. Since 2013, the Town of Beloit has spent $227,503.95 on incorporation, which mostl...

Published:  Thu, 10 Jan 2019 06:24:00 GMT



Islanders hold task force meeting to prep for possible incorporation

The islands are still working to become their own entity. Starting a new city means there is a lot of ground to cover and they're trying to make sure they do it the right way. In November they learned ...

Published:  Mon, 07 Jan 2019 19:22:00 GMT



Equatorial Guinea moves to support prospective entrepreneurs by cutting bureaucratic obstacles with a One-Stop Shop for business incorporation

Equatorial Guinea's one-stop shop became a reality this week, allowing investors and corporations alike to set up a business in sub-Saharan Africa's fourth largest oil producer in only seven days. The ...

Published:  Tue, 15 Jan 2019 03:30:00 GMT



Liht Cannabis Corp. Secures Exclusive Canadian Rights to Proprietary Technologies for the Quality Cultivation and Tracking of Cannabis

The incorporation of this technology will save millions of dollars in potential losses and has been specifically designed to increase organic plant health, vibrancy, yield production and enable ...

Published:  Thu, 17 Jan 2019 05:20:00 GMT



Town of Beloit to form committee to discuss next move for incorporation

The town of Beloit plans to form a committee to review a state board's decision last month to deny the town's incorporation petition, the town administrator said Monday night. The state Incorporation ...

Published:  Tue, 08 Jan 2019 02:18:00 GMT



The Incorporation Of Technology In Future Games

Games today offer a more immersive experience through the newest technological innovations. But if you think that 3D graphics is already cutting-edge, think again; future technologies will soon allow ...

Published:  Sun, 06 Jan 2019 16:54:00 GMT



High Education Software 2019 Global Market Outlook,Research,Trends and Forecast to 2024

Description:- High education software helps in teaching and learning management of various education courses. The incorporation of this software in interactive learning and the need of higher distance ...

Published:  Thu, 17 Jan 2019 05:49:00 GMT



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