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A Limited Liability Company (LLC) is a corporation and partnership hybrid that allows owners the freedom of decision making of a partnership along with the liability protection of a corporation. Each state interprets this hybrid status differently and has different requirements for ownership. The majority of states require that an LLC have at least one member, or owner.
→ Read MoreYou do not need to dissolve your LLC and create a new one in the state to which you move it. There is no obligation that a limited liability company be established or formed in a state in which it does business. This means that an LLC does not need to be formed in the state in which it is based, nor does a corporation have to be incorporated in that state.
→ Read MoreMost states will allow a member of an LLC to seek a dissolution of an LLC if there are opposing interests between the members. However, if the members cannot work it out between themselves, the court will have to get involved.
→ Read MoreA limited liability company may be managed however you like. When you set up a limited liability company or LLC, you create an operating agreement that will determine the management structure of the company. It should contain sufficient explanation of how members will manage the LLC, how managers are elected, and how managers will vote on operating and managing the business.
→ Read MoreYou want to make sure you maintain the distinction between yourself and your business’ not always easy in a small business’ but it is an important distinction if you want to limit your personal liability. Make sure that the LLC has its own bank account for LLC funds and that you have your own account for your personal funds. Do not blend the two.
→ Read MoreOne of the main advantages of a limited liability company, or LLC, rests in how the IRS treats the business under tax rules. Usually, an LLC is taxed as a partnership or a sole proprietorship, which means that the LLC pays no federal income taxes.
→ Read MoreA limited liability company (or LLC) is not a corporation, but rather a hybrid business entity. It combines the advantages of a partnership and a regular corporation. Even though an individual must file paperwork with a state agency to create the LLC, which includes filing membership and operating agreements, the organizational structure is still more similar to a partnership.
→ Read MoreA limited liability company (LLC) is a hybrid organization that has characteristics of both a corporation and a partnership. Its members, comparable to corporate shareholder, receive interests in the LLC in exchange for property, money, or services.
→ Read MoreFind the right lawyer for your legal issue.
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