Limited Liability Company
Limited Liability Company
DEFINITION
LLC are a form of business whose owners enjoy limited liability, but which is not a corporation. Allowable abbreviations vary by state. Note that in some states Ltd. by itself is not a valid abbreviation for an LLC, because in some states, it may denote a corporation instead. See also Series LLC. For U.S. federal tax purposes, in general, an LLC with two or more members is treated as a partnership, and an LLC with one member is treated as a sole proprietorship.
The US LLC allow one or more people to operate a company and have liability protection and tax savings. An LLC is easy to maintain, and does not require the regulations of a Corporation.
The owners of an America LLC need to create an Operating Agreement. This document shows the rules of the LLC, members, managers and responsibilities. Some banks may require a copy of the Operating Agreement if your LLC is in a state that protects the owners by leaving them off the Articles of Organization.
Limited Liability Companies or LLCs are very flexible form of business that incorporates corporations and partnerships. Owners of an LLC are called Members, and are not liable for the debts of the LLC except for fraud.
US Limited Liability Company
An America Limited Liability Company (LLC) is the most popular entity type for small businesses. An LLC combines the personal liability protection of a corporation with the tax flexibility of a partnership. Some advantages are
- Pass-through taxation to members
- No residency requirements
- Legal name registration
- Asset Protection
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Protection for your family, your business and your personal identity
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