Starting an LLC
If you're opening a business, one thing you might consider is starting an LLC. In other words, you may want to file as a limited liability company. A Limited Liability Company is one of the corporate structures recognized by the United States. Furthermore, at FinishLine Tax Solutions the nation's top tax problem solver, tax relief service, and business services, we can help you with starting a Limited Liability Company. However, there are benefits and downsides to starting an LLC. Likewise, our firm can advise you on whether you should start a Limited Liability Company. Similarly, we can also help you determine if there's another corporate structure under which you should file. With an LLC, the owners are not liable for the company's debts or liabilities. Furthermore, if you're interested in starting a Limited Liability Company, give us a call. Likewise, we can help you work through the process. Additionally, we can also help you decide if a Limited Liability Company is right for you.
What is an LLC or Limited Liability Company?
A Limited Liability Company is a corporate structure recognized by the United States. In other words, if you start a Limited Liability Company, you have a limited liability company. Furthermore, a Limited Liability Company is a hybrid entity combining features of a partnership and sole proprietorship. In other words, you have your own company, but it's also a partnership. Your private assets will not be at risk if your company fails.
What to know before starting an LLC
There are a few things you should understand before starting a Limited Liability Company. First, the regulations behind LLCs can vary from state to state. At FinishLine Tax Solutions, we can help you understand the regulations for your specific state. Generally, Limited Liability Company owners are considered "members." In addition, most dates do not have restrictions on ownership of LLCs. In other words, almost anyone can own a Limited Liability Company, including:
- Foreign entities
- Other Limited Liability Company
However, there are some entities that cannot start an LLC, including:
- Insurance companies
LLCs and Taxes
There are a few tax-related things to note when applying for an Limited Liability Company. First, LLCs can decide not to pay federal taxes. Instead, you can list profits and losses on the personal tax returns of the owners. However, if the IRS detects fraud, they can go directly after the Limited Liability Company owner.
More Information on LLCs
There are different state requirements to start an LLC. FinishLine Tax Solutions can help you understand the requirements for your individual state. However, there are some requirements for starting a Limited Liability Company that is the same in every state. For instance, owners or members must choose a name when starting an LLC. Once you have a name, you can file the articles of organization with the state. These articles will establish the following for each member of the LLC:
- Other obligations of each member of the Limited Liability Company
In addition to submitting the articles, you must also pay a fee to the state.
What are the benefits of starting an LLC?
There are a few benefits to starting a Limited Liability Company. First, an LLC limits the business owner's liability. In other words, your private assets are not at risk if the company fails. However, if the IRS suspects fraud, they will come after you.
What are the disadvantages of an LLC?
There are also disadvantages to starting a Limited Liability Company. For example, a Limited Liability Company may have to dissolve based on the death or bankruptcy of a member. However, this disadvantage varies from state to state. In contrast, a corporation can exist in perpetuity. Likewise, if your goal is to become a publicly-traded company, an LLC may not be best.
Interested in starting an LLC? Call FinishLine Tax Solutions
If you're interested in starting a Limited Liability Company, call us today. We have years of experience helping our clients file for an LLC. Additionally, our business consultants can also tell you if a Limited Liability Company is a right move. Furthermore, our goal is simple: to make sure your business succeeds. Furthermore, whatever you need, we're here for it. Therefore, call us today to schedule an appointment to get expert advice on our business services.
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