About Sole limited liability company
The main advantage to an LLC is in the name: limited liability protection. Owners’ personal assets can be protected from business debts and lawsuits against the business when an owner uses an LL.
LLCs also provide more flexibility than other business types as to how taxation functions. LLCs are automatically taxed as either a sole proprietorshipor partnership, depending.
LLCs are not required to have annual shareholder meetings or maintain a board of directors, nor.
State law usually doesn’t allow you to form a new business with the same name as an existing one. When you form an LLC, you gain the exclusive right to use your name as a busine.
One advantage a multi-member LLC has is the ability for members to decide how to share profits. Corporations issue dividends on stock according to the number of shares owned, an.A sole-member LLC or limited liability company is a LLC that is owned by one person123. The IRS treats a married couple-owned LLC as a sole-member LLC for tax purposes1. By default, the IRS taxes a single-member LLC the same as a sole proprietorship3. An LLC is a business structure in the U.S. that protects its owners from personal responsibility for its debts or liabilities45.
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