Limited liability company

Abstract Selecting a business form is a big decision for all companies. Those involved in the entity need to decide what is important in terms of how liability, taxation, time devoted to the company, e tc. There is no right or wrong combination of factors to consider when deciding on the business form that is right for your company. In this case, I will highlight the key attributes of the partnership, corporation, and limited liability corporation (LLC) for potential clients interested in forming

I would like to acknowledge the client development on their company, which makes a granite cleaning product. Being a sole proprietorship, our new client made a big accomplishment because the product has been sold in many major retail stores. This only brings big and better ideas to an individual owner of a company. While the client was involved in the sole proprietorship, there were different characteristics of the business that the expansion was required to be utilized, but there were still issues

negotiations, May of 2001, Mr. Henry Phillips agreed to acquire the franchises, assets, and assume the liabilities of Telecable Communications. In order to make the purchase, he sought the help of six investors, two which were appointed by a friend, Mr. Carter. His ultimate goal was to choose a business entity that would accommodate the different interests of the different parties. A limited liability company (LLC) is Mr. Phillips’ best option; a majority of the objectives is met when compared to the alternatives

should be considered are the costs connected with the entity type. These cost include the cost of formation as well as any continuing administrative cost that may be incurred. (“Choose Your Business,” 2011) This paper will focus on the Limited Liability Company, commonly known as

implications for the business can be large. If you are working towards a new business, find a tax professional who knows the ins and out of business entities in your area. What is a Business Entity? A business entity is not only the identity of the company you are creating, but also determines the type of legal structure your new business will have. This decision is complicated, and possibly the most important item you will decide when you start a new business venture. There is no single type of entity

proprietor, you own your business solely; no other interested parties are involved. • LIABLITY – The business is controlled and operated solely by the individual, and all profit/loss is the responsibility of the business owner; creating unlimited liability. • INCOME TAXES – All business income/expenses are to be reported as personal income tax; not taxed separately. • LONGEVITY/CONTINUITY – Once the business owner is deceased or retires, the business no longer exists. • CONTROL – Business is operated/controlled

The heart of a Limited Liability Company is known as the "Operating Agreement". This document sets the rules for operating the company and can be modified as the business grows and changes. Operating an LLC is less formal than a corporation, usually only requiring an Annual Members’ Meeting and Members’ agreeing to changes of the Operating Agreement and other major company decisions. Provides the liability protection of a corporation without the corporate formalities

business can helps operational success. There are different types of business structures include limited liability companies (LLC), partnerships, S corporations, C corporations and sole proprietorships. My research paper will focus on the difference of corporate tax between those business structures. What is most favorable that small business structures owner will choose for their businesses? What is tax liabilities before and after they change their business structure?

is to say, if your company ends up on the losing end of a court judgment or incurs debt, the company pays, not you. Thus, your personal belongings, such as your boat and lake house are not touched because of the limited liability protection. Since this is a limited liability; any wrongful acts committed by you, stakeholders, and your employees could require you to be personally responsible. However, I would not let the possibility of any wrongdoings committed by the company, stakeholders, or employees

with how to select a proper business structure, whether a company or corporation. This act in itself can determine your chances how the business will be successful in operational blessing and financial profits. The most common business types are sole