Starting Your Own Business ? Hints & Tips Entrepreneurial Advice Suzie's Blogs ...

Limited Liability Company ( LLC ) Business Structure A Limited Liability Company (LLC) is a relatively new business structure allowed by state statute. LLCs are popular because, similar to a corporation, owners have limited personal liability for the debts and actions of the LLC. Other features of LLCs are more like a partnership, providing management flexibility and the benefit of pass-through taxation. Owners of an LLC are called members. Since most states do not restrict ownership, members may include individuals, corporations, other LLCs and foreign entities. There is no maximum number of members. Most states also permit “single member” LLCs, those having only one owner. A few types of businesses generally cannot be LLCs, such as banks, insurance companies and nonprofit organizations. Check your state’s requirements and the federal tax regulations for further information. There are special rules for foreign LLCs. Tasty meats to treat your family? Shopping Favorites Meat Market See you here tomorrow. Suzie Suzie's Business Blog Posted: Tuesday 24th May 2005, 1:36 AM

Back to the Business Startups Advice Blog