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Limited Liability Company: Five Most Commonly-Asked Questions
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Have you ever encountered “LLC”? Maybe you have noticed some business firms having such three letters instead of the letters “Co.” which signifies their business entity as a corporation. If you are unfamiliar with business trends, you will find it hard to understand what is LLC and its attributes.
This article will give you insights and basic ideas about LLC by answering five of the most commonly-asked questions with regards to the subject. In case you are planning to establish you own business, you can use these questions and answers as a guide if you will consider LLC as part of your business identity. Continue reading and learn more about LLC.
What is LLC?
LLC stands for limited liability company, which is a type of business structure that falls somewhere between the partnership and the corporation. In other words, there are certain attributes of partnership and corporation which can also be found in an LLC. For instance, if you are an LLC owner, you will be reporting your business profits or losses on your personal income tax declaration, which is also a basic feature found in a partnership and sole proprietorship.
LLC possess a personal limited liability feature, or protection as an LLC owner from personal liability against institutions or entities your business is indebted to. In other words, the funds and other assets of the LLC are only at risk, not the personal assets of its owners. Your creditors simply can not go after your personal assets such as real property.
Who are entitled to form an LLC?
Anybody is entitled to form an LLC, especially if you are concerned with regards to the exposure of both your personal and corporate assets to potential lawsuits that may arise from the conduct of your business. For instance, you may consider forming an LLC if your commercial liability insurance can not protect you from different lawsuits and claims by your suppliers for unpaid or undelivered payments. LLC instantly gives you personal protection in instances like these.
How do I form an LLC?
In the United States, different states have their own procedures on forming an LLC. However, all of the states require all LLC applicants to file articles of organization with the respective state’s LLC filing office. This organizational document is furnished in a fill-in-a-blank form.
There are other states that will require you to publish your intention to form an LLC prior in accomplishing your articles of organization. In addition, you may also opt to prepare an LLC operating agreement which explicitly covers all the rights and responsibilities of the LLC owners. It is done to clarify your business arrangement and to vary from the requirements of the state’s laws on LLC.
Do I need a lawyer in forming an LLC?
You can also consider hiring a lawyer in case of filing articles of organization, although state laws allow the business owners themselves to form their own LLC. The information required in accomplishing the articles of organization for LLC is non-technical. It simply includes the name of the LLC, the specific location of its main office, the names and addresses of the owners, and the name and address of the LLC’s registered agent, who can be an individual or organization that accepts legal papers in behalf of the LLC itself.
How are LLCs taxed?
LLC is considered to be a united entity from its owners in case of tax purposes. In other words, the LLC does not generally make income taxes payment itself. The owners make tax payments based on their allocated share of profits on their personal income tax return.
These are just some of the basic commonly-asked question about limited liability company. You will no more wonder why there are business entities that use the letters LLC in their business names.
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