Small Business Without Llc
Description
How to fill out Small Business Startup Package For LLC?
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FAQ
An anonymous limited liability company (LLC) is one that hides all ownership information. This can be done by creating an anonymous LLC in a state that allows it and then using a different person to register it. The secrecy jurisdiction keeps company information anonymous.
Overall, a limited liability company offers more protection in terms of personal liability protection than sole proprietorships?one of the major benefits of this business type. In an LLC, the owner is only personally liable up to the amount of money they've invested in the LLC.
However, if you just do nothing, either the Secretary of State will "suspend" the LLC for failure to file the Statement of Information and/or the FTB will "suspend" (not dissolve) the LLC for failure to file tax returns. Frank W. Chen has been licensed to practice law in California since 1988.
An LLC has distinct advantages in the areas of legal protection and liability. While there are filing fees for setting up an LLC, that cost can be well worth it when compared to the thousands of dollars you could be liable for as a sole proprietor. On the other hand, it costs no money to start a sole proprietorship.
"LLC" stands for "limited liability company," while the abbreviation "inc." at the end of a company name means the business is a corporation. Both LLC and inc. offer personal liability protection for their owners.