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An LLC, or limited liability company, is a business entity type that allows business owners to take advantage of the taxation of a sole proprietorship and the liability of a corporation.
LLCs are complicated, but with a team like us at your side,
you’ll be able to navigate the complexities of starting a business with ease.
An LLC offers the best of both worlds for business owners as it simplifies the tax process while separating your business assets, debts, and liabilities from your own. This means you won’t be held individually liable for company debts or other responsibilities, but can still enjoy the ease of merging your business profits with your personal income for tax purposes.
The company — not the members — will be liable for any debts and liabilities incurred by the business.
Your business's net profits and losses are “passed through” to the personal income of the owner(s) of the LLC and are taxed as traditional income.
LLCs allow you to form a member-managed system, where all members are equally operating the business themselves.
LLCs do not have any residency restrictions, meaning you have the ability to partner with foreign nationals.
LLCs allow net income and profits to be allocated to members in proportion to their ownership levels.
LLCs are largely considered simpler and flexible, as they aren’t required to comply with the same state laws and regulations as corporations.
In general, an LLC will operate as a Domestic LLC where it is formed and operates within your state, or a Foreign LLC where it operates in a different state than the one in which it was formed. Outside of these conditions, there are seven different types of LLCs to be aware of.
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