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Limited Liability Companies For Dummies, 3rd Edition
book

Limited Liability Companies For Dummies, 3rd Edition

by Jennifer Reuting
July 2019
Beginner content levelBeginner
368 pages
10h 26m
English
For Dummies
Content preview from Limited Liability Companies For Dummies, 3rd Edition

Chapter 1

What Is an LLC, Really?

IN THIS CHAPTER

Bullet Understanding LLC basics

Bullet Creating your plan of attack

Bullet Knowing the essentials for operating an LLC

The Limited Liability Company (more commonly known by its acronym, LLC) is by far the most popular business structure. Only a decade ago, the LLC was the new kid on the block — untrusted and unverified. Luckily, that changed pretty rapidly — LLCs gained popularity and, within a short time, became firmly established in the business world. Since then, LLC has become a household term, and for good reason.

The LLC is a complete divergence from its predecessor, the corporation. While corporations have a fixed management structure, LLCs offer flexibility. While corporations have strict rules regarding owners and profit distributions, LLCs are adjustable. While corporations are stuck with corporate taxation (or its limited variant, S corporation taxation), with an LLC you can select whichever form of taxation you prefer. The added flexibility of the LLC enables you to build a solid foundation for your business that works for your exact circumstances.

Great, right? Well … yes and no. With all the hoopla and the incessant commercials from filing ...

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Publisher Resources

ISBN: 9781119602187Purchase book