Quote: "An LLC is a hybrid legal entity having certain characteristics of both a corporation and a partnership or sole proprietorship."
A type of business that combines the benefits of a corporation with those of a partnership. Owners have limited liability, but the business is taxed like a partnership.
Definition: Describes what a Limited Liability Company is and how it differs from other business structures.
Laws and Regulations: Provides an overview of the legal requirements that govern Limited Liability Companies and the documentation needed to form one.
Management and Ownership: Discusses the roles and responsibilities of LLC owners and managers, and methods for managing the business.
Taxation: Explores how Limited Liability Companies are taxed and the benefits and drawbacks of different tax classifications.
Liabilities and Protections: Discusses the protections offered by LLC status, as well as how to limit personal liability for company debts.
Investing and Fundraising: Explores different methods of financing an LLC, such as investments and loans.
Operating Agreement: Defines the structure and rules of the LLC through a legally binding agreement, laying out how the company will be run.
Formation and Registration: Outlines the steps involved in registering a Limited Liability Company and securing the proper documentation.
Dissolution: Provides an overview of the process for dissolving an LLC, including the legal requirements and tax implications.
State-Specific Laws: Explores the differences in Limited Liability Company laws and regulations in different states.
Single-Member LLC: This type of LLC has only one owner and can be treated as a disregarded entity for tax purposes by the IRS.
Multi-Member LLC: This type of LLC has more than one owner and can be taxed like a partnership or S-corporation.
Series LLC: This type of LLC allows entrepreneurs to create different subdivisions under one LLC to segregate their assets and liabilities.
Cooperative LLC: This type of LLC is owned and operated by its members and operates in a cooperative manner.
Low-Profit LLC (L3C): This type of LLC is designed to combine the benefits of a non-profit with those of a for-profit organization.
Professional LLC (PLLC): This type of LLC is available to certain professions, such as accountants, lawyers, and doctors, that require a professional license.
Benefit LLC: This type of LLC is designed to focus on creating a positive impact on society and the environment while still generating profit.
Foreign LLC: This type of LLC is registered in one state but transacts business in another state.
Quote: "LLCs are well known for the flexibility that they provide to business owners..."
Quote: "depending on the situation, an LLC may elect to use corporate tax rules instead of being treated as a partnership..."
Quote: "under certain circumstances, LLCs may be organized as not-for-profit."
Quote: "In certain U.S. states, businesses that provide professional services requiring a state professional license... may be required to form a similar entity called a professional limited liability company (PLLC)."
Quote: "The primary characteristic an LLC shares with a corporation is limited liability..."
Quote: "the availability of pass-through income taxation."
Quote: "When an LLC is formed, it is said to be 'organized', not 'incorporated' or 'chartered'..."
Quote: "its founding document is likewise known as its 'articles of organization'..."
Quote: "ownership in an LLC is represented by a 'membership interest'..."
Quote: "a document evidencing ownership rights in an LLC is called a 'membership certificate'..."
Quote: "it is more difficult to pierce the LLC veil because LLCs do not have many formalities to maintain."
Quote: "Membership interests in LLCs and partnership interests are also afforded a significant level of protection through the charging order mechanism."
Quote: "Limited liability company members may, in certain circumstances, also incur a personal liability..."
Quote: "in cases where distributions to members render the LLC insolvent."
Quote: "most American courts have held that LLC members are subject to the same common law alter ego piercing theories as corporate shareholders."
Quote: "Internal operations of an LLC are further governed by its 'operating agreement'."
Quote: "ownership measured in 'membership units' or just 'units' and at other times simply stated only as percentages."
Quote: "a 'member', rather than a 'shareholder'."
Quote: "it is a legal form of a company that provides limited liability to its owners in many jurisdictions."