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Pennsylvania Annual Benefit Report Benefit Limited Liability Company

State:
Pennsylvania
Control #:
PA-SKU-0208
Format:
PDF
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Annual Benefit Report Benefit Limited Liability Company

The Pennsylvania Annual Benefit Report Benefit Limited Liability Company (PAIR LLC) is a type of business entity that allows members of the LLC to be shielded from personal liability for the debts, obligations, and liabilities incurred by the business. The PAIR LLC is a special type of LLC that is typically used for the purpose of offering employee benefits including health care, disability, and retirement plans. The PAIR LLC allows employers to offer benefits to their employees without having to establish a separate legal entity. The PAIR LLC can be structured as single-member LCS, multi-member LCS, or even as a partnership. There are various types of PAIR LCS including those that are used to cover medical expenses, disability benefits, long-term care insurance, and retirement plans. The PAIR LLC is a great option for employers who want to provide employees with benefits without having to create a separate legal entity.

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FAQ

You may reach the bureau by telephone by calling (717) 787-1057. The telephone lines are available from am to pm.

What Are The Disadvantages Of Forming An LLC In Pennsylvania? Cost of forming an LLC. The cost of forming an LLC in PA is higher than the cost of forming a Sole Proprietorship or Partnership.Taxation. Self-employment taxes are levied on the income received through LLC that is passed to the members.Transfer of ownership.

Limited Liability Protection Starting with the most crucial benefit of a PA LLC, limited liability can separate the financial and legal obligations of the company from its members. In case of a lawsuit, members can be protected due to a legal shield the entity provides, which defends personal assets.

The limited liability company provides the liability protection of a corporation for owners, with the advantage of being treated as a partnership for taxation purposes. A limited liability company may have any lawful purpose other than acting as an insurer, regardless if the propose is for profit.

Unlike most states, Pennsylvania does not require LLCs to file an annual report. However, Professional Limited Liability Companies (PLLCs) and foreign LLCs engaged in professional services must file a Certificate of Annual Registration (Form DSCB:15-8221/8998) with the Department of State.

All corporations and limited liability companies doing business in Pennsylvania are required to pay corporate net income tax. Businesses that elect federal subchapter S status are considered Pennsylvania S corporations and are subject to the 9.99 percent corporate net income tax only to the extent of built-in-gains.

The main advantage to an LLC is in the name: limited liability protection. Owners' personal assets can be protected from business debts and lawsuits against the business when an owner uses an LLC to do business. An LLC can have one owner (known as a ?member?) or many members.

The new annual report filing is required for: Domestic business corporations. Domestic nonprofit corporations. Domestic limited liability (general) partnerships.

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Pennsylvania Annual Benefit Report Benefit Limited Liability Company