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The limited liability company (LLC) is a business entity that offers the limited personal liability of a corporation while affording its owner or owners the tax benefits of a partnership. If a limited liability company has only one member, it can choose to be taxed as a sole proprietorship, for income tax purposes. If, however, an LLC has two or more members, it will be taxed as a partnership by the Internal Revenue Service. It may be elected to be taxed as either an association taxable as a corporation or treated as an entity separate from its owners (disregarded entity). In either case, the owner recognizes income and deductions on his/her personal federal income tax return.
An LLC can be formed at the state level by filing articles of organization sometimes called “certificate of organization” with the secretary of state’s office in the state where you want to form your LLC. LLCs also can be formed at the state level by filing articles of incorporation in some states.
Businesses are often categorized as either sole proprietorships, partnerships, or corporations.
A sole proprietorship is an unincorporated business owned and managed by one individual. This means that all profits and losses are taxed on the individual’s personal income taxes, making it a popular choice for small businesses that don’t make too much money or have few employees. The downside of being a sole proprietor is that you are personally liable for any debts incurred by your company—meaning if someone sues or files a claim against your business, they can come after your personal assets (like savings accounts and property) in order to cover those costs.
A “partnership” refers to two individuals who own a business together as equal partners; each partner has equal authority over decisions regarding their shared venture but does not have full ownership rights over its assets unless specified in the partnership agreement. For example: if one partner wants to sell her stake in the company while another wants to keep working there until retirement age arrives, these types of conflicts must be resolved outside courtrooms when possible because both parties would lose out financially if they were forced into bankruptcy due to legal fees incurred during litigation proceedings brought forth by creditors seeking repayment on loans given out before bankruptcy was declared invalid due to lack of proper documentation proving such claims validly filed against them first before filing suit against anyone else involved with trying to get out from under debt incurred through no fault but theirs own actions taken knowingly without consenting bystanders’ knowledge beforehand
The law requires all businesses to keep a registered agent. This person is responsible for receiving official communications from the state on behalf of the business, including tax notices and legal papers. If you choose to hire an attorney or another professional as your registered agent, make sure they’re available 24/7 so they can receive all of your mail on time. Your registered agent also needs to be able to provide proof that they are indeed whom they say they are; this could include a notarized power of attorney form signed by you and delivered by mail, fax or email before your company is officially registered online through the New York Department of State website.
Once everything is complete with the state agency, you’ll need someone who has experience creating LLCs in order for them not only start but maintain ownership over it throughout its entire existence as well as keep track of any management changes or shareholders who come or go from within its ranks at any given time throughout its lifespan hereinafter known as.
A person or business entity that agrees to act on behalf of the LLC in legal matters. For example, if someone sues your company, they will send their paperwork to the registered agent’s address and mailbox.
The benefits of using an official registered agent are: You don’t have to worry about changing the address on all of your important documents (tax returns, licenses), also, burden of paying extra taxes decreases.
The process of registering a company involves filling out the necessary forms, paying a fee, and submitting them to the appropriate government agency. In the United States, this can be done online or by postal mail. Once registered your company should have an EIN to open bank accounts and apply for loans.
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