May still require licenses or forms, depending on state regulations
Protections & Taxes
There is no personal liability protection
Only taxed on a personal level
Can complete taxes without a separate filing
No limited liability protection
No company structure or organizing documents
Limited business rights
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Frequently Asked Questions
If you’re trying to decide if starting an LLC is the smartest choice for your business, look through these frequently asked questions. To get all of your questions answered, you can send us a message and an attorney will reach out.
LLC stands for Limited Liability Company. The name essentially describes the main benefit of starting an LLC. LLCs offer Limited Liability Protection, which means if a business takes on debt or is sued, the owners are separated from the company. Owners’ personal assets such as money, homes, and others possessions are protected unless there is “gross negligence”.
No, an LLC is a business entity, like a corporation, but with a different structure. An LLC, which stands for Limited Liability Company, has limited liability protection, a lax structure, and pass through taxation. A standard Corporation also has limited liability protection but with a much more rigid structure and double taxation- once at the business level and once at the personal level.
An LLC is simply a business structure with greater protections than a sole proprietorship or partnership. LLCs can operate any way the owner chooses because LLCs require less oversight than a Corporation. LLCs can own property, run businesses, acquire other businesses, and a litany of other acts.
What is the difference between an LLC and an S-Corporation?Zachary Hanby2021-05-13T17:07:07-04:00
LLCs and S-Corporations are both pass-through entities, which means profits and losses are passed directly to the owners, but an S-Corporation is still a Corporation. This means an S-Corporation must appoint board members and corporate officers, keep corporate minutes, and hold annual meetings. An LLC doesn’t have nearly as many requirements to operate, and offers the same liability protections as a Corporation.