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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.

Six months after incorporation, Indiantown sees new businesses, ideas, but has lots to do

Six months after incorporation, Indiantown sees new businesses, ideas, but has lots to do There are new businesses and ideas in the village, but there's still lots left to do, residents say. Check out ...

Published:  Thu, 12 Jul 2018 11:50:00 GMT



Edgemont incorporation vote up to state appellate court

Edgemont incorporation vote up to state appellate court A referendum on a bid to make Edgemont a separate village is now in the hands of a state appellate panel Check out this story on lohud.com: http...

Published:  Mon, 09 Jul 2018 03:02:00 GMT



Merger by incorporation of IMI Investimenti S.p.A. into Intesa Sanpaolo S.p.A.

The authorisation released by the European Central Bank for the merger by incorporation of IMI Investimenti S.p.A. into Intesa Sanpaolo S.p.A. (OTCPK:IITOF) was filed on 12 July, 2018 with the Turin C...

Published:  Thu, 12 Jul 2018 11:36:00 GMT



Town submits incorporation application

TOWN OF BELOIT - Incorporation is one step closer, as Town of Beloit officials submitted the application to become the Village of Riverside. Town administrator Ian Haas submitted the application to th...

Published:  Thu, 05 Jul 2018 07:33:00 GMT



Infibeam Incorporation Ltd is up for a third straight session in a row

The stock is quoting at Rs 153.1, up 1.69% on the day as on 12:49 IST on the NSE. Infibeam Incorporation Ltd is up 35.43% in last one year as compared to a 11.62% spurt in NIFTY and a 36.81% spurt in ...

Published:  Tue, 10 Jul 2018 00:46:00 GMT



Vote No on the Town of Hobe Sound incorporation

The area selected by the originators of the boundaries of the Town of Hobe Sound is made up of many diverse communities, each with its own individual flavor. From Hobe Hills to the southwest to the Sa...

Published:  Sat, 14 Jul 2018 01:16:00 GMT



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