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Definition of LLC
When businesses form, there are a limited number of legal formations that they can operate under. There are advantages and disadvantages to each formation. A Limited Liability Company (LLC) is one of the many business formations available to business... More »
Difficulty: Easy
Source: www.ehow.com


A limited liability company (LLC) is the United States-specific form of a private limited company. It is a business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation. An LLC is not a corporation in and of itself; it is a legal form of a company that ...


Learn the definition of a Limited Liability Company or LLC. Find the information you need about starting an LLC and form an LLC online through LegalZoom.


Limited liability companies (LLC) differ slightly from one country to the next. However ... A limited liability company (LLC) is a corporate structure whereby the members of the company cannot be held personally liable for the company's debts or liabilities. ... Liabilities are defined as a company's legal debts or obligations .


Definition: A form of business organization with the liability-shield advantages of a corporation and the flexibility and tax pass-through advantages of a partnership . Many states allow a business form called the limited liability company (LLC). The LLC arose from business owners' desire to adopt a business structure ...


LLC is short for Limited Liability Company. It's a type of legal business entity that was developed to provide business owners with a lower level of liability. According to the IRS, LLC owners face significantly lower caps on company actions and debts. In general this means that if the LLC has unpaid debts, creditors can only ...


Simply put, an LLC is the least complex business structure. Unlike an s corp or c corp, the structure of an LLC is flexible. Starting an LLC also gives you the perk of pass-through taxes, limited liability (obviously), and legal protection for your personal assets. Plus the added benefit of looking more legit than the other guys.


Dec 13, 2017 ... A Limited Liability Company (LLC) is a business structure allowed by state statute . Each state may use different regulations, and you should check with your state if you are interested in starting a Limited Liability Company. Owners of an LLC are called members. Most states do not restrict ownership, and so ...


Whether you are just starting your business or have been operating as a sole proprietorship or general partnership, you may be wondering about the benefits of incorporating your business as a limited liability company (LLC). Many business owners assume it will be too costly or time-consuming—but neither is the case.


Dec 5, 2016 ... Like a partnership, the LLC's income passes to the owners (called "members" in an LLC), and the owners are taxed on that income. However, as in a corporation, each owner is shielded from the LLC's losses (hence, the term "limited liability") unless the member(s) leverages personal assets for the LLC.