So what is an LLC, and what's the difference in that and other types of business formations?
LLC is the most popular incorporation under our current laws.
Why?
It is run like , and taxed like a sole proprietorship. There are very few formalities, and it requires very few trappings of a publicly traded corporate entity.
According to the IRS: A Limited Liability Company (LLC) is a business structure allowed by state statute. Each state may use different regulations, you should check with your state if you are interested in starting a Limited Liability Company.
Owners of an LLC are called members. Most states do not restrict ownership, so 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 and insurance companies. Check your state’s requirements and the federal tax regulations for further information. There are special rules for foreign LLCs.
What does an LLC need?
-Corporate Structure
-Anual reporting
-Taxes
-Bookkeeping
What doesn't an LLC need?
-Meeting Minutes
-Officers
-Updating Records Quarterly
-Secratary and other members like that
TO BE CONTINUED
This is a two part video! Stay tuned for part 2 on Tuesday!
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