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Limited Liability Company Management of an LLC may be vested either in the members or in certain designated "managers." Managers do not have to be members of the LLC, and even corporations may serve as managers. LLCs, however, cannot be used by professionals, or in situations when a regular "C" corporation would take advantage of the corporate reorganization tax provisions or the ability to have separate classes of stock. Also, an LLC is excellent as an estate planning vehicle for investments between an individual and his or her family corporation, trust or partnership. www.taxprophet.com /pubs/llc_nl.html   (857 words)

Limited Liability Company - how and whether to set up an LLC and if a Limited Liability Company is for you "LLC" stands for Limited Liability Company, is the newest type of legal entity that exists in the United States, and for many entrepreneurs it is the ideal marriage between the tax advantages of the limited partnership and the limited liability feature of the corporation. The LLC is like a limited partnership (and an S-corporation), because it is a "pass-through entity"--each partner's or member's share of the net gain or loss for the year "flows through" to the individual tax-payer's 1040 individual tax return. On the other hand, the LLC is also like a corporation, because unlike the limited partnership--which requires a general partner, who is responsible for all results of all decisions and actions of the partners--all its owners benefit from limited liability. www.anysubject.com /limited-liability-company-llc-set-up-a-limited-liability-company-formation.asp   (1800 words)

Limited Liability Company Information A limited liability company is formed at the time of filing of the certificate of organization with the Corporations Division or at any later time specified in the certificate of organization if, in either case, there has been substantial compliance with the requirements of M.G.L. Chapter 156C, §12. A limited liability company may at any time integrate into a single instrument all of the provisions of its certificate of organization which are then in effect and operative and may at the same time amend its certificate of organization. A limited liability company which is involved in a consolidation or merger must file a certificate of consolidation or merger with the Corporations Division. www.sec.state.ma.us /cor/CorpWeb/corllc/llcinf.htm   (1699 words)

Limited Liability Company - Iowa Code chapter 490A   (Site not responding. Last check: ) The limited liability company is a relatively new business form recognized in Iowa in 1992 which essentially combines elements of both a corporation and a partnership. Dissolution - A limited liability company may be administratively dissolved according to IC § 490A.1320, judicially according to IC §490A.1302 or is dissolved upon the happening of the events identified in IC § 490A.1301. A limited liability company is not voluntarily dissolved until Articles of Dissolution are filed with the Secretary of State according to IC § 490A.1305. www.sos.state.ia.us /business/llc.html   (935 words)

0.4.4: Corporation Versus Limited Liability Company - Encyclopedia - Library - VC Experts There are a number of alternatives not discussed in this text, including general and limited partnerships, business trusts, sole proprietorships, etc. In the final analysis, the choice of entity usually comes down to an election between a corporation, whether S corporation or C corporation, and a limited liability company. The founder and the investors want to be able to arrange the split between them of calls on the company's future income (in the person of shares of capital stock or interests in limited liability company profits) without worrying about the consequences of that allocation as a taxable event to either party. In a limited liability company, interests in profits can be allocated and reallocated more or less as the parties agree, without regard to the respective contributions of capital. vcexperts.com /vce/library/encyclopedia/documents_view.asp?document_id=41   (1432 words)

California Business Portal - Limited Liability Companies - Frequently Asked Questions The members of a limited liability company are afforded limited liability similar to shareholders of a corporation and have pass-through taxes comparable to a partnership. A limited liability partnership must have two or more partners whose type of business is to engage in the practice of public accountancy, the practice of law or the practice of architecture. Note, a limited liability company cannot act as its own agent and no domestic or foreign corporation may file pursuant to section 1505 unless the corporation is currently authorized to engage in business in California and is in good standing on the records of the Secretary of State. www.ss.ca.gov /business/llc/llc_faq.htm   (790 words)

WVSOS - Business Organizations - Starting a WV Limited Liability Company   (Site not responding. Last check: ) In a manager-managed company, any matter relating to the business of the company, with a few exceptions, may be exclusively decided by the manager or a majority of the managers who are elected by a majority of members. A limited liability company may set a fixed term for its existence, or it may be perpetual and exist until it is dissolved. The principal office of a West Virginia limited liability company is the executive office of the company, whether or not it is in the state. www.wvsos.com /business/startup/LLC.htm   (946 words)

805 ILCS 180/ Limited Liability Company Act. Each organizer of a limited liability company organized to engage in the practice of medicine shall be a licensed physician of this State or an attorney licensed to practice law in this State. A limited liability company may amend its articles of organization at any time to add a new provision or to change or remove an existing provision, provided that the articles as amended contain only provisions that are required or permitted in original articles of organization at the time of amendment. A limited liability company, whenever desired, may integrate into a single instrument all of the provisions of its articles of organization which are then in effect and operative as a result of there having previously been filed with the Secretary of State one or more instruments under this Act. www.ilga.gov /legislation/ilcs/ilcs4.asp?DocName=080501800HArt%2E+5&ActID=2290&ChapAct=805%26nbsp%3BILCS%26nbsp%3B180%2F&ChapterID=65&ChapterName=BUSINESS+ORGANIZATIONS&SectionID=64925&SeqStart=3000&SeqEnd=6000&ActName=Limited+Liability+Company+Act%2E   (2376 words)

Limited liability company - SmallBusiness - Small Business Resources An LLC provides limited personal liability to owners of its equity interest, similar to a corporation and a limited liability partnership and in contrast to a general partnership or sole proprietorship. Basically, an LLC allows for the flexibility of a sole proprietorship or partnership structure within the framework of limited liability, such as that granted to corporations. A limited liability company (LLC) differs from a limited liability partnership (LLP) in that the LLP has the organizational flexibility of a partnership. www.smallbusiness.com /wiki/Limited_liability_company   (1062 words)

The Limited Liability Company (LLC) A limited liability company, or LLC, is a business entity that enjoys many of the advantages of being a corporation, including limited liability, while avoiding many of the more singificant burdens imposed on corporations, and while retaining many of the characteristics of unincorporated entities such as partnerships and sole proprietorships. The LLC can be attractive to businesses which might otherwise form as S Corporations, but would either have too many shareholders to qualify, or wish to include owners who are not citizens or residents of the United States. It is possible for an LLC to elect to be taxed in the same manner as a C Corporation, in which case the LLC pays taxes on its retained profits at the corporate tax rate. www.expertlaw.com /library/business/limited_liability_company.html   (1274 words)

Limited Liability Company Directors pay income tax and the company pays corporation tax on company profits, and with current rates of tax company profits earned and retained in the business are assessed to corporation tax at lower rates than if income tax were payable on equivalent profits earned by an unincorporated business. The company (and not the individual shareholders) is the appropriate person to be sued in the event that debts are incurred by the company which remain unpaid, despite demand. A limited company must have at least two Directors and a Company Secretary, they are known as the officers of the company and are responsible for the management of the company. www.incorporate.ie /irish-data/benefits-of-limited-company.html   (1380 words)

Establishing a limited liability company in the Czech Republic The guarantee of each shareholder for the debts of the company is joint and several and is limited towards a single creditor to the unpaid amount of the registered capital of the company as registered in the Commercial Register. Consequently, shareholders of the limited-liability company are not liable for the company’s debts provided they have paid up their contributions in full and such payment of the contributions has been properly registered in the Commercial Register. A limited-liability company with a sole shareholder cannot be the sole founder of, or sole shareholder in, another limited-liability company. www.pwc.com /cz/eng/ins-sol/spec-int/taxguide/busentity/be_limited.html   (1098 words)

Overview of the Limited Liability Company The LLC is a relatively new legal entity created by statute and recognized in all fifty states. A primary goal of the LLC legislation was to change this result by clearly stating that the members and managers of the LLC could not be named in a lawsuit against the company. Although the LLC may be useful in protecting accumulated assets from lawsuits, it will not insulate the individual from the liability associated with a medical practice. www.rjmintz.com /appch6.html   (780 words)

Form an LLC - Protect your business   (Site not responding. Last check: ) The LLC allows for pass-through taxation as its income is not taxed at the entity level; however, a tax return for the LLC must be completed. To create an LLC the proper formation documents, typically called the articles of incorporation or certificate of incorporation, must be filed with the appropriate state agency and the necessary state filing fees paid. In New York, limited liability entities are required to publish notice of their formation or registration in two New York newspapers and to file proof of publication with the Department of State within 120 days. www.bizfilings.com /learning/llcfaq.htm   (1864 words)

Florida Limited Liability Company $154.95 COMPLETE! (Includes Florida LLC Sunbiz Filing Fee) The LLC is a hybrid entity that is taxed as a partnership, if it has multiple owners, or as a sole proprietorship, if it has only one member, while providing limited liability protection for all of its members. The use by Spiegel and Utrera, P.A. of a Dual Class LLC ownership to distinguish between a manager and a non-manager class of ownership is used to allow the non-manager membership class to be treated as a limited partner class. The other member could have a very small percentage of ownership interest in the LLC and you could limit the second owner's ability to vote, it is therefore also important to prepare and enter into an Operating Agreement between the members and LLC to clearly spell out all the terms and conditions. www.amerilawyer.com /fl_llc.htm   (6139 words)

Wisconsin LLC - Incorporate a Wisconsin Limited Liability Company information or LLC Therefore, when a LLC Wisconsin is sued, there are provisions in the law to protect the owners (members) and managers from personal liability. LLC Wisconsin has the power to hold, purchase and convey real property and personal property and to mortgage or lease any such real and personal estate with its authorization. LLC Wisconsin and Wisconsin Corporation has the power to sue and be sued in any court of law or equity. www.companiesinc.com /llc/wisconsin.asp   (1431 words)

Limited Liability Company A limited liability company ("LLC") is as a legal entity that is a hybrid between a partnership and a corporation. Unless the members elect to be taxed as a corporation, the tax treatment of a properly organized LLC is very similar to that of a partnership or sole proprietorship. Because an LLC combines the protection from personal liability of a corporation with the tax advantages and managerial flexibility of a partnership, it is oftentimes the entity of choice for many new businesses. business-law.lawyers.com /business-enterprises/Limited-Liability-Company.html   (712 words)

LLCWEB - THE BASICS The limited liability company is becoming the entity of choice for business in every realm and will continue to gain momentum as more and more people learn of its existence. The LLC does not pay any tax itself (which is not the case with corporations) and it qualifies for partnership tax status. The limited liability company does have the benefit of simplicity of operation and was designed with the small business owner in mind. www.llcweb.com /Basics.htm   (1145 words)

Limited Liability Company (LLC) The limited liability company structure has become very popular because, similar to a corporation, owners have limited personal liability for the debts and actions of the LLC. At the basic level, when you form an LLC you are creating a type of business formed at the state level. An LLC structure basically allows the owners or members of an LLC to recored their taxable income on their individual income tax returns like partners and sole-proprietors. www.incorporatefast.com /llc.asp   (409 words)

Questions answered about LLC (L.L.C., Limited Liability Company) A limited liability company is created when proper articles of organization (or the equivalent under the laws of a particular state) are filed with the proper state authority, and all fees are paid. A limited liability company is not a partnership or a corporation, but it combines the corporate advantages of limited liability with (normally) the partnership advantage of pass-through taxation. A limited liability company is owned by its members, who may (member-managed) directly manage the limited liability company, or who may (manager-managed) appoint managers to directly manage the limited liability company for them. 4inc.com /llcfaq.htm   (800 words)

Nevis Limited Liability Company (LLC) Formation The Nevis LLC is governed by the Nevis Limited Liability Company Ordinance 1995, which is one of the most state-of-the-art LLC legislation in the world. The owners of Nevis LLCs are referred to as members, who may be thought of in the same way as one thinks of partners in a partnership or shareholders in a corporation. The company’s records may be located anywhere in the world and no annual or other reports by members are required to be filed in Nevis. www.apintertrust.com /1142_limited_liability_company.htm   (275 words)

Limited Liability Company Formation - SFS A private company may be limited by shares or by guarantee (a commitment to contribute a given sum if the company is wound up). Because of the limited liability of the company, risks that would normally be the responsibility of partners and sole traders become the responsibility of the company. Partnerships have unlimited liability and so all partners are fully liable for debts of the business that may have been incurred by other irresponsible partners (this is called joint and several liability). www.sfsgo.com /whyhaveacompany.asp   (815 words)

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