Llc Meaning For Dummies For Business
Description
How to fill out Limited Liability Company - LLC - Formation Questionnaire?
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FAQ
You business purpose can reference the industry you work in, such as: ?to sell real estate in the state of [x].? In most cases, unless instructed otherwise, you can write something generic for your business purpose. It can even be as simple as: ?to engage in lawful activity within the state of [x].?
Key takeaways. LLC stands for limited liability company, which means its members are not personally liable for the company's debts. LLCs are taxed on a ?pass-through? basis ? all profits and losses are filed through the member's personal tax return.
Punctuation It should be treated as part of the business name and not separated by punctuation. For example: Correct: "ABC Company, LLC, is a leading provider of IT services." Incorrect: "ABC Company, LLC, is a leading provider of IT services."
Most states do not require you to be specific about the purpose of your LLC. Instead, a statement such as "The purpose of the Limited Liability Company is to engage in any lawful activity for which a Limited Liability Company may be organized in this state" is usually sufficient.
Disadvantages of creating an LLC Cost: An LLC usually costs more to form and maintain than a sole proprietorship or general partnership. States charge an initial formation fee. ... Transferable ownership. Ownership in an LLC is often harder to transfer than with a corporation.