LLC stands for Limited Liability Company and has rapidly become one of the most popular business entity types for new and small businesses, largely because it is considered to be simpler and more flexible than a corporation. The LLC business structure combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation, creating the best of both worlds for business owners. This means that if you choose to form an LLC, your business will become it's own legal entity that has separate debts and legal matters. However, LLCs are still tied to your personal taxes. If you are the owner of an LLC, you are referred to as a member, and LLCs can have a single member or multiple members — it's up to you. Read on to understand the advantages and disadvantages of forming an LLC, asset protection, amending and dissolving an LLC, common LLC terms and more.
Articles in this section
- LLCs vs C-Corporation: Which Is Best for Your Business?
- What is the process involved in changing the name of an LLC?
- Can an LLC be formed without listing the members on on the articles of organization?
- Why it's important for the members on an LLC to have an operating agreement in place?
- Can another business entity be a member of an LLC?
- Can a Limited Liability Company (LLC) be taxed as an S Corporation?
- Which entity type should I choose?
- Is an LLC the best fit for your entity?
- The Benefits of Forming an LLC
- The LLC Operating Agreement