LLC Limited Liability Corporation
Information on LLC Limited Liability Corporation
Setting Up Your LLC
- Until recently some states did not allow one-member LLCs. These are now allowed in every state.
- Converting a sole proprietorship or partnership into an LLC is a ‘non-taxable event’ – no tax has to be paid when you make the change over.
- LLCs are set up by filing articles of organization with your Secretary of State and paying the state fee. The articles are usually simple to complete and contain only basic information such as the name of the business and what it does.
LLC Limited Liability Corporation is a hybrid between a partnership and a corporation. The limited liability company members may participate in management of the company without risking personal liability.
The LLC tax business structure is designed to combine the best of corporate and partnership attributes into one entity. One of the greatest benefits of an LLC is that It offers the owners the limited personal liability of a corporation and the tax advantages of a partnership.
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