LLCs means Limited Liability Company.
It provides limited liability to their owners, like corporations, so owners are typically not personally responsible for business debts and liabilities. They also provide pass-through taxation, like partnerships, LLC income is reported on the owners’ personal tax returns and any tax due is paid at the individual level.
LET US HELP YOU UNDERSTAND WHY CHOOSE LLC:
- LLC means that owners are not held personally responsible for business debts and liabilities.
- Typically an LLC does not pay taxes at the business level. Income/loss is reported on the owners’ personal tax returns and any tax due is paid at the individual level.
- LLCs offer owners flexibility in allocating profits and losses among its various owners.
- Written consent of LLC members must be obtained prior to increasing ownership in the company or adding new owners.
- LLC ownership is not limited to “100” owners the way an S corporation is. LLCs typically have no or very few ownership restrictions imposed.
- Limited liability company owners have flexibility in structuring company management.
- LLCs have less annual paperwork than, and do not face the meeting requirements imposed on C corporations and S corporations.
- LLCs are not limited to one class of ownership; LLCs can have different membership classes.
- Forming an LLC may help your business be perceived as a more legitimate business than a sole proprietorship or general partnership.
USATAXX understands all the complex issues faced under these circumstances. With our in depth knowledge and expertise in this field, u can rely on our advice and assistance to help us to make it quick, simple & easy for you.