Limited Liability Company (LLC)
LLCs Offer Unique Business Advantages.
Limited Liability companies have become a favored form for operating a business and have gained in popularity over the past twenty years as their unique advantages became widely known. The first were formed in 1977, but it wasn't until 1988 that the Internal Revenue Service finally awarded the LLC its pass-thru tax status. Since then, states rushed to adopt this form of business entity. All 50 states offer and recognize LLC's.
An LLC is a hybrid - a combination of a corporation and a partnership. LLCs enjoy the limited liability of a corporation and the pass-thru tax treatment of a partnership, where the individual members (owners) take the tax liability to their personal tax returns. This can be especially advantageous as a substitute for an "S" corporation when the entity cannot meet the requirements of an "S" corporation but desires the advantages of the tax pass-through.
When setting up an LLC, it is extremely important to keep in mind the requirements to take advantage of the LLC's special considerations. Limited Liability companies are different from corporations in that they may choose the favorable tax treatment as a partnership.
Please note as of August 1, 2014, Delaware LLCs are required by statute to provide the Registered Agent with a communications contact for the entity who can provide the name and last known address for each member and manager of the LLC. BE SURE you are mainating an accurate, up to date list of all members and managers including names, business or residential addresses for each to be available upon request by the Delaware Secretary of State.
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