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What is a Limited Liability Company (LLC)?

A corporate structure where the members of the company cannot be held personally liable for the company’s debts or liabilities is what Limited Liability Company known as. If we simply put, then this the least complex business structure as it gives you the perk of pass-through taxes, limited liability (obviously), and legal protection for your personal assets. There may be different regulations for the different states, so if you are interested in starting a limited liability company then you first check it with your state.
In conclusion of the above lines means that the owners are not personally responsible for business debts and liabilities of the limited liability company so creditors cannot pursue owners’ personal assets to pay business debts. Most of the states also permit “single-member” LLC’s, those having only one member.

Advantages of LLCDisadvantages of LLC
Limited liability company provides you limited liability protection which means that owners are not are not held personally responsible for business debts and liabilities.If company faces bankruptcy or any member of the company dies then LLC’s generally dissolves as it has a limited life.
There is flexibility in allocating profits and losses among its various owners.Because of having no shares or shareholdings, LLC’s cannot go public. Issuing shares to employees through stock option is not available for the same reason.
Not limited to only one class of ownership. LLC can have different classes of ownership.Complexities and paperwork associated with LLC’s are significantly less than those required for forming corporation but still its formation is still significantly more complex than a partnership or sole-proprietorship.
It may help your business be perceived as a more legitimate business than a sole proprietorship or general partnership.
To increase ownership in company and add more new members, one has obtain written consent prior.
Without going through any corporation formalities you can still have benefits similar to a corporation.

How to apply for LLC

1. Apply

Complete our Simple Form

2. Questionnaire

Answer our few easy questions in
little time

3. Documents

Your documents will be assembled by us in little time and file them directly to the secretary of state.

4. Complete

In no time, you will receive your Limited Liability company package by mail.

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Frequently Asked Questions

1. Do I need to form LLC?

If you are concerned about personal exposure to lawsuits or debts arising from the business then you should consider forming LLC. LLC’s cannot be operated by all the businesses. Few businesses are prohibited to form an LLC like baking, trust, the insurance industry, etc.

2. Do I need a lawyer to set up a LLC?

There is NO need for an attorney to form an LLC as you can prepare the legal paperwork a file it by yourself. You can also use a professional business formation service such as ours.

3. Can I name my LLC anything I want? IS mentioning LLC in the name is required?

YES! You can name your LLC anything you want but you have to keep one thing in mind that any other company is not using a similar name in your state. You need to include the designation “LLC” or some other variation in your name to distinguish it as an LLC which is required by all the states.

4. What is the difference between an LLC and corporation?

If you are confused, whether LLC or Corporation is right for you? We have simple guidelines regarding it so you can figure it out on your own.

5. Does a LLC need to hold formal meetings?

NO! Unless the LLC’s operating agreement requires meetings. The impanix operating agreements make meetings optional for you. Fewer Formalities is one of the key advantages of an LLC. This clearly means that there is less chance that the members will accidentally violate the law and possibly lose their liability protection and less paperwork too.

6. How are LLC’s taxed?

When it comes to taxation, LLC’s are quite Flexible in nature. A LLC can be taxed as corporation, a partnership, or a sole proprietorship, depending on how many members it has and the tax treatment its owner select. A LLC will automatically taxed as a partnership if two or more than two members are there. LLC with only one owner is sole proprietorship, unless company files documents with the IRS requesting a different tax treatment.

7. Do I need to register LLC name with my state?

You cannot be an LLC officially until you register your name with your states. To get register, you first have to submit the articles of organization and also the name you want to register. The name you have provided will be first checked by the states to make sure that there is no other name like yours being used by other companies. After this whole procedure, your LLC will be finally approved by the state.