Chapter 1
What Is an LLC, Really?
IN THIS CHAPTER
Getting an overview of important LLC topics
Creating your plan of attack
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 two decades 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 the predominant business structure at the time, 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 ...
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