Home  Corporate Structures Small Business Limited Liability Company (LLC)
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Small Business Limited Liability Company (LLC) |
Limited Liability Company (LLC): Incorporating a Small BusinessThe LLC combines the limited liability advantages of a corporation with the tax advantages of a partnership. It is a legal srtucture that can be used for incorporating a small business. There is limited liability for debts and lawsuits for all the members (owners) in an LLC. The LLC is not subject to federal tax – the small business losses or gains are reported on the personal tax returns of the members. There is no limit to the number of shareholders and more than 1 class of stock is permitted. The LLC dissolves if one of the owners dies, unless other formal agreements have been made. For help with questions about a limited liability company (LLC) or incorporating a small business, please contact us. |
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