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Chad Marshall Mollusk Surf Shop, Filed 2009
-Chad Marshall Mollusk Surf Shop, Filed 2009

Limited Liability Company (LLC)

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An LLC is a separate legal entity from its owners. This provides limited liability protection to its owners. Meaning: owners are generally not held personally responsible for business claims, debts and liabilities.

An LLC is a “pass-through” tax entity. Meaning: the business’ income/loss “passes through” on the owner’s personal tax return. All taxes owed are paid at the individual level instead of at the corporate level (as with a C corporation).

Why a LLC is right for my business

You may choose to file a LLC for the following benefits:

  • Limited Liability Protection- An LLC limits your personal liability to no more than that of the original investment. Therefore, owners of an LLC cannot be held personally liable for business claims, debts, or other liabilities.
  • “Pass-Through Taxation”- LLC’s profits or losses are “passed through” to the owner’s personal tax returns. Taxes are paid at the individual level at the individual tax rate.
  • Tax Savings- An LLC’s business expenses are frequently tax-deductible. Also, an LLC is commonly audited less than a sole proprietorship.
  • Management- LLC’s have flexibility when structuring company management.
  • Business Maintenance and Formalities- LLC’s have less ongoing business maintenance and formalities in comparison to a corporation.
  • Ownership Restrictions- LLC’s do not have restrictions on the number or types of owners it may have.
  • Adding Owners- Owners may be added at anytime during the life of an LLC. However, written consent by the members of the LLC must be provided prior to adding additional owners or increasing ownership in the LLC.

Why a LLC corporation may not be right for my business

You may look into filing a different entity type for the following reasons:

  • Ownership Transferability- Membership interest (ownership) in a LLC is not freely transferrable. Meaning: written consent by other members of the LLC is required in order to transfer ownership. This does not affect sole-member LLC’s.
    • Try a S-Corporation or C-Corporation (Read More)
  • Self Employment Taxes- Owners of an LLC are not treated as employees of the corporation.This disqualifies them from taking advantage of Self Employment Tax benefits.
    • Try a S-Corporation or C-Corporation (Read More)

How It Works

Now that you have decided an LLC filing best fits your business needs, here is how it works:

  • Select a name and we will check to see if it is available.
  • Choose the state where you wish to file your entity.
  • Determine whether or not you wish iCorp to acquire your EIN and perform the Registered Agent Service.

These three tasks can all be accomplished by filling out our fast and easy filing application. The fees associated with each product and service will be listed in your order summary and throughout the application.

Our online application will track your status as you proceed and will also save all the information populated page by page.

After the application has been submitted you will receive a confirmation e-mail with your order status and summary.

If we have questions or concerns, we simply give you a follow up call to clarify.

Again, help is only a phone call away. Give one of our knowledgeable representatives a call to assist you with your order: 1-866-689-3989

What is an LLC (Limited Liability Company)?

A Limited liability company (LLC ) is a business entity that offers limited liability protection and pass-through taxation. An LLC is legally separate from its owners. Therefore, owners of LLC ‘s cannot be held personally responsible for debts or liabilities.

An LLC also allows for pass-through taxation, meaning it is not taxed at the entity level but instead is represented on the owner’s personal tax return.

In What State Should I Form my LLC or Corporation?

It is commonly best to file company in the state in which it is located. The only exception is if your company is a large, multi-state operation.

If you do elect to file out-of-state, you may be required to register your company as a foreign (out of state) company in the state where your company is located. Registering your company as a foreign company with the state will incur additional fees, taxes and regulations.

Does Forming an LLC (Limited Liability Company) or Corporation Require an Attorney?

No, an attorney is not needed to file your business nor is a legal requirement. By filing you company with us we allow you to avoid getting billed exorbitant legal fees. That said, we do not offer legal advice and we may advise you to speak to an attorney as we deem fit.

What is a Registered Agent and do I Need One?

Almost every state requires a corporation or an LLC to maintain a Registered Agent. The Regisered Agent address accepts legal and official documents including but not limited to: franchise tax notices, annual reports, official legal notices such as a court summons, and more on your company’s behalf. If a registered agent is not designated, this may infringe on the companies’ ability to gain access to stet courts and legally enter into contracts.

What is the Management Structure of an LLC?

An LLC is usually operated by its members and/or owners. This is in contrast to a corporation which has shareholders, directors and officers. This allows for a less rigid business structure.

Are Non-U.S. Residents Allowed to Own a Corporation or LLC?

No citizenship or residency requirements exist when filing an LLC or C-Corporation. An S-Corporation restricts non-US residents from being the owner, but any resident alien may be the owner (shareholder).

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