Benefits Of A Company 's Limited Liability Corporation ( Llc )

812 Words Jul 13th, 2015 4 Pages
PASS.com will a member run Limited Liability Corporation (LLC). By using this business structure our founding members are able to blend the advantages of a partnership with the advantages of a corporation. This form of business offers our founding members many of the benefits of a sole proprietorship/partnership while reducing the exposure to unlimited liability.
Moreover, LLC’s offer many of the advantages of both the closely held forms of business (Sole Proprietorship, Partnerships, and limited partnerships) and those of the corporate forms of business. Most notable; reduced personal liability, relative simplicity to form and reduced regulatory operation burden to the owners. Following are the key reasons that our founding members have chosen to incorporate as an LLC:
 Liability: The name of this form of business accurately describes one of its greatest advantages: limited liability. LLC’s share the same limits of liability afforded to corporations. Our owners are limited in personal liability since the company and the owners are separate legal entities: just as in a corporation. However, each of our founding members is willing and able to assume personal liability for financial funding. Waiving the veil of financial liability protection is allowed under state LLC rules (Small Business - Chron.com, 2015)

Income taxes: With an LLC our members have the most flexibility for taxation; our company can choose the form of taxation that best suits our member needs…
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