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Limited Liability Company (LLC)

 

Overview of Limited Liability Company (LLC)

A "Limited Liability Company" a.k.a. LLC is business structure that protects the owners from personal liability. The owners are generally not liable for the LLC's debt, lawsuits, and other business related liabilities. Below are some of the benefits of forming an LLC:

  • The owners are protected from the LLC's debt, lawsuits, and other business related liabilities.
  • Flexible tax structure. LLCs can choose to be taxed as a sole-proprietorship, partnership, C-corporation, or S-corporation.
  • Generally, there are no ownership restrictions (except when chosen to be taxed as a S-corporation).
  • In most states, LLCs can have a perpetual life. This means that the business continues to exist even if the owners leave the company or dies.
  • Flexible management structure. The LLC can be structured as a "member-managed" LLC (all owners will manage the company) or a "manager-managed" LLC (the owners will elect a manager to manage the company).
  • Generally, there are no annual meeting requirements for a LLC. This means less formalities.
  • The LLC structure can help develop credibility and professionalism

When a LLC is formed, it starts off taxed as a sole-proprietorship if there is one owner OR it will be taxed as a partnership if there is more than one owner. However, a special election may be filed with the IRS to change its tax structure (a LLC may choose any tax structure that it would like as long as it meets the IRS requirements). Click here for a chart outlining the common differences between the tax structures.

My Legal Depot can form your LLC promptly and accurately at a fraction of the cost of an attorney. Our experienced staff will review your questionnaire for errors, prepare the formation documents, file them with the appropriate government office, create your post-formation documents, and ship the completed documents to you.

Forming a LLC can be time consuming and expensive. My Legal Depot has registered Legal Document Assistants (LDAs) that have experience in preparing and filing thousands of legal documents. Let us form your LLC promptly and accurately at a fraction of the cost of an attorney.

Click here for Frequently Asked Questions (FAQs) regarding LLC.

Click here for more information about your state's LLC Rules.

 

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Disclaimer: The information provided in this site is not legal advice and is intended to be used for informational and entertainment purposes only. Click here for the full disclaimer. My Legal Depot is a registered and bonded Legal Document Assistant with Los Angeles County. Registration # 0390