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What is an LLC?
  A LLC is a form of enterprise that provides limited liability (low risk) to its owner(s) and has tax benifits of an S corporation without conforming to the S corporation restrictions. A LLC is an unincorporated association that is flexible and easy to set up which makes it very appealing to small business owners and it allows for pass through income taxation (no double taxation).
What are the advantages of having a LLC?
  • An LLC can elect to be taxed as a sole proprietor, partnership, or C corporation.
  • Partnerships may specially allocate the members' distributive share of income, gain, loss, deduction or credit.
  • Members are protected from some or all liability for acts and debts of the LLC depending on the state.
Is an LLC Operating Agreement needed if I am the only member of the LLC (Single Member LLC)?
  YES, if you want to protect yourself to the fullest, it's a no brainer! You need to create an Operating Agreement to separate yourself as an individual from your LLC. Without an Operating Agreement the LLC can closely resemble a sole proprietorship, which leaves you wide open for personal liability for business debts of the LLC and the core of the business operation would then be governed by state law, which would play an unfavorable role.
Do I need an Employee Identification Number (EIN) after I form my LLC?

  If you plan on forming a Single Member LLC, you will not need to obtain an EIN if you do not plan on having employees.

  Your Social Security Number can be used instead. You will need an EIN if the following occur:

  • The act of hiring of employees.
  • The act of withholding taxes on income, other than wages, paid to a non-resident alien.
  • The act of operating your business as a corporation or a partnership (including Multi-Member)
  • The act of filing taxes on: Excise, Employment, Alcohol, Tobacco, and Firearms.

  You will also need an EIN if you are involved with the following types of organizations:

  • Estates
  • Real Estate Mortgage Investment Conduits
  • Farmers' Cooperatives
  • Non-Profit Organizations
  • Trusts
Where do I file my LLC Operating Agreement?
  The LLC Operating Agreement does not have to be filed with any paticular Agency but every member shall keep a signed copy for their records.

 

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