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    高梓淇赵丽颖

    A limited liability company (LLC) is a US business structure that offers the personal liability protection of a corporation with the pass-through taxation of a sole proprietorship or partnership.

    高梓淇赵丽颖Forming an LLC is the simplest way of structuring your business to protect your personal assets in case your business is sued.高梓淇赵丽颖

    LLCs can be owned by one or more people, who are known as LLC “members.” An LLC with one owner is known as a 高梓淇赵丽颖single-member LLC高梓淇赵丽颖 and an LLC with more than one owner is a 高梓淇赵丽颖multi-member LLC高梓淇赵丽颖.

    高梓淇赵丽颖Get started today!高梓淇赵丽颖 Use our free LLC formation guides or one of these trusted LLC formation services.


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    Provided there is no fraud or criminal behavior, the owners of an LLC are not personally responsible for the LLC's debts or lawsuits.

    高梓淇赵丽颖Note:高梓淇赵丽颖 LLCs help protect your 高梓淇赵丽颖personal assets高梓淇赵丽颖. Liability insurance can help protect your 高梓淇赵丽颖business assets高梓淇赵丽颖 from lawsuits. Learn more about liability insurance in TRUiC's What is General Liability Insurance guide.

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    An LLC’s profits go directly to its owners, who then report their share of the profits on their individual tax returns. Hence, an LLC’s profits are only taxed once. This is known as pass-through taxation.

    In a C corporation, profits are subject to "double taxation". This means profits are taxed before being distributed to owners and taxed again when owners report their share of profits on their individual tax returns.

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    Limited liability companies are relatively easy to form and maintain with little paperwork. Unlike C corporations, LLCs are not required to assign formal officer roles, hold annual meetings, or record company minutes and resolutions.

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    There are few restrictions on how you can structure the ownership and management of an LLC:

    • Your LLC can be single-member or multi-member
    • A Multi-Member LLC can be managed by its members, termed as member-managed.
    • A Multi-Member LLC can be managed by a manager that is appointed by its members, termed as manager-managed.

    In addition, an LLC can elect to be taxed as a C corp or S corp.

    Recommended action box icon

    Use our free Operating Agreement Tool to outline ownership procedures for your LLC.

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    Forming your business as a limited liability company brings added credibility. An LLC is recognized as a more formal business structure than a sole proprietorship or partnership. Including LLC in your business name lets customers and partners know that you are a credible business.

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    Once you have formed an LLC, your business can begin building a credit history. This will help your business access loans and lines of credit.

    If you have a 高梓淇赵丽颖women-owned business高梓淇赵丽颖, discover the right financing opportunity by reading our list of the 高梓淇赵丽颖top loans for women entrepreneurs高梓淇赵丽颖.

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    People starting a business for the first time often ask where they should form their LLC. There is a lot of hype about forming in the following states: Delaware, Nevada and Wyoming. However, in most cases you should form a domestic limited liability company in the state where your business will be located.

    To understand why, consider this comparison:

    Scenario A: John starts a business in Michigan and registers his LLC in Michigan. He pays a filing fee and an ongoing maintenance fee each year to keep his LLC in good standing.

    Scenario B: Mike opens a business in Michigan but chooses to register his LLC in Delaware. Because his business is located in Michigan, his Delaware LLC must also register a foreign LLC in Michigan. Mike is now paying filing fees and maintenance fees in two separate states. He has double the paperwork and pays twice as much as John.

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    Some large investors and bankers prefer working with Delaware businesses due to Delaware’s business friendly laws. However, this rarely offers enough of an advantage to the small business owner to justify the added cost and paperwork of registering in multiple states.

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    Nevada and Wyoming have more relaxed business laws than most other states. However, unless your business is based in one of these states, your Nevada or Wyoming LLC will still need to register as a foreign LLC in the state where you conduct business. So you will be paying more and filing paperwork in two separate states.

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    If your business will have a physical presence in multiple states, then you will have to register as a foreign LLC in multiple states. In this case, there may be advantages to forming your business as a domestic LLC in Delaware, Nevada or Wyoming, depending on your specific needs.

    Read our Best State to Form an LLC guide to learn more.

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    Most small business LLCs are formed in Texas and Florida. Small businesses in these states seem most satisfied with the taxation and fees in these states. Again forming an LLC in Texas and Florida only makes sense if your business is located in these states.

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    An LLC is referred to as a "domestic LLC" when it is conducting business in the state in which it was formed. Normally when we refer to an LLC we are actually referring to a domestic LLC.

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    When an existing LLC decides to open offices or have any other kind of physical presence in a new state, it needs to register in that state as a foreign LLC. For example, if an LLC "organized" in Texas opens a business establishment in Michigan, then your Texas LLC will need to also form in Michigan as a foreign LLC.

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    A Professional LLC is a limited liability company that is organized to perform a professional service, like a medical or legal practice. To form a professional LLC, it is necessary for certain members of the LLC to possess the necessary state licenses to demonstrate their professional qualifications.

    In a professional LLC, the limitation on personal liability does not extend to professional malpractice claims. Therefore, before forming a professional LLC it is advised to seek legal counsel.

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    A Series LLC is a unique type of LLC where a single “parent” LLC provides limited liability protection across a series of “child” businesses (individual protected series). Also, each “child” business is protected from the liabilities of the other businesses under the single series LLC.

    Currently, you can only form a series LLC in seventeen states:

    Alabama, Delaware, Washington D.C., Illinois, Indiana, Iowa, Kansas, Minnesota, Missouri, Montana, Nevada, North Dakota, Oklahoma, Tennessee, Texas, Utah, and Wisconsin.

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    Step 1: Select a State

    Step 2: Name Your LLC

    Step 3: Choose a Registered Agent

    Step 4: File the Articles of Organization

    Step 5: Create an Operating Agreement

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    Generally, an LLC is managed by its members, known as member-managed. However, in some cases, members will appoint a manager to handle the LLC’s daily operations, and this is called manager-managed.

    The membership of an LLC and the way it will be run are laid out in a legal document known as an operating agreement. This is an internal agreement among all the members of the LLC.

    You can learn more about LLC management in our member-managed vs manager-managed LLC guide.

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    The cost of forming an LLC will vary from state to state. In general, you can expect to pay a minimum of between 高梓淇赵丽颖$50 and $500高梓淇赵丽颖 to form your LLC, and around $100 annually to maintain your LLC. These costs will increase if you hire a lawyer or use a professional service provider to form or maintain your LLC. Visit our form an LLC guides to set up your LLC.

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    A registered agent is 高梓淇赵丽颖a person or business nominated to receive and send legal documents on your LLCs behalf高梓淇赵丽颖. In most states, you are required to nominate a registered agent when forming your LLC. In some states a registered agent is known as a resident agent or agent for service of process. To learn more, read our registered agent article.

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    An LLC Operating Agreement is 高梓淇赵丽颖a legal document that outlines ownership and operating procedures of your Limited Liability Company高梓淇赵丽颖. This agreement allows you to create the financial and working relations among business owners (members) and between members and managers. Having this document in place is important in the event that a dispute or lawsuit arises.

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    The articles of organization is 高梓淇赵丽颖the legal document you submit to your state to form your LLC高梓淇赵丽颖. This document contains important information related to your LLC, such as your LLC's name, purpose, and the name and address of your registered agent. The articles of organization are also known as a certificate of formation or certificate of organization.

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    LLCs have the advantage of 高梓淇赵丽颖pass-through taxation高梓淇赵丽颖. This means the LLC’s profits pass through to its members, who pay taxes on their share of the earnings on their individual tax returns. Multi-member LLCs file an annual earnings report to the IRS using form 1065. For more information on state level LLC taxation, read our state tax guide.

    Although LLCs are pass-through entities, there are several types of state-level tax that may still apply to your LLC:

    高梓淇赵丽颖Franchise Tax高梓淇赵丽颖

    Many states levy a "franchise tax" on LLCs, which is either a flat-rate annual fee, or a percentage of your LLCs annual earnings.

    高梓淇赵丽颖Unemployment Tax and Income Withholding Tax高梓淇赵丽颖

    If your LLC has employees, you will need to register for Unemployment Insurance Tax and Income Withholding Tax.

    高梓淇赵丽颖Sales Tax高梓淇赵丽颖

    If your LLC sells taxable goods or services, you will need to register for a seller's permit and collect sales tax on behalf of your state. For more information, read our 高梓淇赵丽颖guide to sales tax for small businesses.

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    高梓淇赵丽颖There is no such thing an "LLC license"高梓淇赵丽颖 per se. To form your business as an LLC, simply follow the steps above in the How to Form an LLC section. Many types of companies do require a state business license in order to conduct business. To learn more about business licenses and permits, read our guide.

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    The standard processing time for forming an LLC is 高梓淇赵丽颖two to three weeks高梓淇赵丽颖 from the time the state receives the formation documents. Many states offer same-day or expedited LLC formation for an extra fee

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    高梓淇赵丽颖You don’t need a lawyer to form an LLC高梓淇赵丽颖. Our free LLC formation guides cover all the steps to set up an LLC in all 50 states. To save time, you can hire a professional service provider that can set up your LLC for you. If you are thinking about starting a Professional LLC, such as a legal or medical practice, it is recommended that you consult a lawyer.

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    Unlike corporations, LLCs are 高梓淇赵丽颖not required高梓淇赵丽颖 to have a board of directors. An LLC is typically managed by its members, unless the Articles of Organization appoint a non-member manager to manage the LLC.

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    高梓淇赵丽颖LLCs don’t have shareholders高梓淇赵丽颖 and they can’t sell shares on the stock market. Instead, an LLC is owned by its members, who split the business earnings among each other. The way your LLC’s earnings will be divided should be explicitly stated in your Operating Agreement.

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    高梓淇赵丽颖Yes, you can form an LLC in another state高梓淇赵丽颖. If you already have a domestic LLC and wish to expand your business to another state, you will need to form a foreign LLC in that state. Generally it is not recommended to form an LLC in a state where you do not plan to conduct business.

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    How LLC owners pay themselves depends on how the LLC is taxed, the number of members, and any agreements regarding profit sharing and sweat equity.

    In a single-member LLC (SMLLC) or multi-member LLC (MMLLC), you can pay yourself:

    • a distribution that passes through to your individual tax return, or
    • a reasonable salary and distribution as an S corporation (S corp)

    Read our guide to learn more about how to pay yourself from an LLC.

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    It is easy to convert your sole proprietorship into an LLC. Our Sole Proprietorship to LLC guide discusses the exact steps to take to make the transfer.