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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.

Natural Language Processing Market by 2023 with Leading Key Players like Apple Incorporation, Dolbey Systems, Google

The Big Market Research has recently added a new survey report to their vivid and dynamic database. They have formulated this report by taking into consideration all the key aspects that tend to have ...

Published:  Thu, 16 Jan 2020 07:35:00 GMT



Development of Tripolymeric Triaxial Electrospun Fibrous Matrices for Dual Drug Delivery Applications

A sharp increase in elastic modulus after the incorporation of PCL in the core of the triaxial fibers in comparison with uniaxial PLGA (50:50) and coaxial PLGA (50:50) (sheath)-gelatin (core) fibers ...

Published:  Fri, 17 Jan 2020 03:25:00 GMT



Industrial Controls Market 2020 Copmetitive Analysis- Siemens, Honeywell International Incorporation, Emerson Electric Company

Industrial Controls Market Global Report 2020 from The Business Research Company provides the strategists, marketers and senior management with the critical information they need to assess the global ...

Published:  Wed, 15 Jan 2020 02:38:00 GMT



Special badge marks town bicentennial

KENNEBUNK - Police officers in Kennebunk are sporting brand-new badges that reflect on the history of the community they serve, and the anniversary of the town's incorporation. Though settled much ...

Published:  Fri, 17 Jan 2020 02:41:00 GMT



Quantitation of deoxynucleoside triphosphates by click reactions

Specific oligomers were designed for dCTP, dTTP, dATP and dGTP measurement, and the incorporation of 5-ethynyl-dUTP or C8-alkyne-dCTP during the polymerization reaction allowed for fluorophore ...

Published:  Fri, 17 Jan 2020 02:33:00 GMT



CLPS Incorporation Announces Chairman's Letter to the Company's Shareholders

SHANGHAI, Jan. 9, 2020 /PRNewswire/ -- CLPS Incorporation (Nasdaq: CLPS) ("CLPS" or "the Company"), today released a letter to shareholders from the Chairman of the Company's Board of Directors (the ...

Published:  Thu, 09 Jan 2020 03:00:00 GMT



Digital PCR (dPCR) & Real-Time PCR (qPCR): Global Market Study 2019-2025 - Incorporation of Novel qPCR Products is Propelling Market Growth

DUBLIN, Jan. 14, 2020 /PRNewswire/ -- The "Global Digital PCR (dPCR) and Real-Time PCR (qPCR) Market 2019-2025" report has been added to ResearchAndMarkets.com's offering. The digital PCR and ...

Published:  Tue, 14 Jan 2020 16:08:00 GMT



Court revokes incorporation for masquerading Kansas company

WICHITA, Kan. (AP) - A judge has revoked articles of incorporation of a company who used a similar name and its registered corporate status in Kansas to masquerade as a Koch Industries subsidiary in ...

Published:  Wed, 08 Jan 2020 16:05:00 GMT



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