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Monday, March 21, 2016

All About Business Series: #1 Limited Liability Company (LLC) Basics

A Limited Liability Company (LLC) is a non-corporate entity that provides limited liability to all of its owners (called “Members”).  An LLC has a legal identity separate from its Members.   LLCs are flexible types of business organizations that combine many of the great features of both partnerships and corporations.

The LLC is a popular business entity because it limits the liability of its owners while allowing for flexibility in business operations/management, options for passing its income through to its Members, incurring no tax at the entity (LLC) level.

The basic features of an LLC are:

1. Its Members have limited liability for the entity’s debts and obligations (similar to shareholders in a corporation); and

2. The LLC’s income and losses can be passed through to the Members as if it were a partnership (if the LLC is taxed as a partnership).

An LLC can elect federal taxation treatment in four different ways (they're flexible, remember!):

  1.  As a disregarded entity (single member or married couple as sole member(s), in Community Property states  like Nevada and California);
  2.  Partnership;
  3.  S-Corporation; and
  4.  C-Corporation

Check back soon for the next article in our series, where begin covering the benefits of different types of legal entities.  Should you ever have any questions, or if you’re looking to get more information on forming an LLC, please contact me

-Tiffany Ballenger, Esq.

Phillips Ballenger Estate Attorneys


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