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

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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.

Commissioners say Montgomery County won't take direction from Woodlands on incorporation

Montgomery County Precinct 3 Commissioner James Noack along with fellow court members agree the county would work with The Woodlands through the process only after voter approval for incorporation but ...

Published:  Tue, 22 Oct 2019 12:54:00 GMT



CCITraders acquires international incorporation licence from St. Vincent and the Grenadines

CCITraders, a leading trading firm on Commodities, Currencies and indices trading has acquired their first international in-cooperated licence by Financial Services Authority (FSA) of St. Vincent and ...

Published:  Wed, 23 Oct 2019 01:44:00 GMT



TEPA customers to vote on amending articles of incorporation to offer broadband internet access

TEPA board members voted Thursday, Oct. 10 to amend their articles of incorporation allowing the company to offer the broadband internet service. The amendment states that TEPA has the legal right to ...

Published:  Fri, 18 Oct 2019 07:08:00 GMT



Residents Vote Down Quogue Village Incorporation

Voters nixed the idea of East Quogue Village Incorporation (Courtesy Southampton Town.) QUOGUE, NY - Voters have nixed the idea of proposed village incorporation for East Quogue. Residents turned out ...

Published:  Fri, 18 Oct 2019 12:06:00 GMT



ESG incorporation starting to take hold in U.S. - Callan survey

Foundations and endowments have typically led in ESG incorporation, but that rate dipped to 44% from 64% in 2018, with a common reason being that they focused on pure financial factors in the ...

Published:  Thu, 10 Oct 2019 07:46:00 GMT



CLPS Incorporation Reports Unaudited Financial Results for the Second Half and Full Year of Fiscal Year 2019

GAAP diluted earnings per share in the period when loss was reported.

Published:  Fri, 18 Oct 2019 09:16:00 GMT



Woodlands incorporation activist Lecocq creates informational website

In this Villager file photograph, local attorney and former federal prosecutor Amy Lecocq addresses The Woodlands Township Board of Directors during an incorporation planning meeting. Lecocq's passion ...

Published:  Tue, 15 Oct 2019 14:03:00 GMT



How did St. George vote break down? See which precincts voted for or against incorporation

The proposed city of St. George took a large step toward incorporation with Saturday's election, and a breakdown of select precincts show a clear divide on the issue. Voting data shows the voters ...

Published:  Mon, 14 Oct 2019 09:55:00 GMT



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