Limited Liability Companies
Laws and legal information about limited liability companies
Limited Liability Company
A limited liability company ("LLC") is a business entity that combines the benefits of a corporation with that of a sole proprietorship or partnership. The basic features of an LLC are that the owners (or members) are not personally liable for the debts of the business and may elect to have the profits and losses taxed as "pass-through" income on their personal returns or have the profits and losses taxed as a corporation. It is a relatively new form of business. While there are state formation fees, filing fees, and annual fees, it is easy to begin a business as an LLC. Read more
LLC Operating Agreements
An LLC operating agreement is an agreement that governs the operating of a limited liability company ("LLC"). An LLC is a hybrid business form that combines the advantages of a corporation with that of a sole proprietorship or partnership. An operating agreement allows the owners to structure an LLC business in a manner that suits them best. LLC Agreement ProtectionsAn LLC agreement protects the owners of an LLC and is important even if there is only one owner. The presence of an LLC agreement lends credibility to the claims that an LLC is a limited liability company, not a sole proprietorship.An LLC agreement protects owners by ensuring that they enjoy limited liability for debts and liabilities of the LLC. Read more