Limited Liability Form Formation
Description
How to fill out California Limited Liability Company LLC Formation Package?
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FAQ
The formation of an LLC broadly requires filing the ?articles of organization? which is a document including basic information like business name, address, members. The filing is done with the Secretary of State for most states and has an associated filing fee.
Because an LLC is a separate entity, the owners of the company have limited liability. This is one of the most important benefits to operating as a limited liability company. Limited liability means that the individual assets of LLC members cannot be used to satisfy the LLC's debts and obligations.
Examples of limited liability companies LLCs can be individuals or global corporations such as Pepsi-Cola, Sony, and Nike. LLCs owned by individuals are known as single-member LLCs. They are taxed in the same way as sole proprietorships.
A limited liability partnership is similar to a limited liability company (LLC) in that all partners are granted limited liability protection. However, in some states the partners in an LLP get less liability protection than in an LLC. LLP requirements vary from state to state.
Single-member LLCs are recognized in every state and are the most common type of LLC. Here, the word "member" is a stand-in for "owner." Single-member LLCs have an individual owner. The Internal Revenue Service (IRS) treats them as sole proprietorships for tax purposes.