Every business needs a documented plan to help focus its direction, outline operations, and secure investors. Get prepared before you start your business to maximize your chances for success. Include a short identification and a description of your business activities.
Like a corporation, a limited liability company or "LLC"is a separate and distinct legal entity. This means that an LLC can have its own tax identification number and bank account.
The primary advantage of an LLC is that its owners have "limited liability," meaning that, under most circumstances, the owners are not personally liable for the liabilities and debts of the LLC. For example, if an LLC is forced into bankruptcy, the owners will not be required to pay the LLC's debts with their own money.
If the assets of the LLC are not enough to cover the debts and liabilities, the creditors generally cannot look to the owners, managers or officers for relief.
An LLC can be taxed either as a "pass-through" entity, like a sole proprietorship or partnership, or as a regular corporation.
By default, an LLC is taxed as a pass-through entity, where the owners just pay taxes on the profits of the LLC at their individual tax rates.
This is different from a regular C Corporation, which pays a corporate tax on its net income before distributing profits to the stockholders the owners as dividends.
When the corporation distributes profits, the stockholders also must pay income tax on these dividends. Most LLC owners choose to have the profits pass-through so that taxes are only paid once on the profits.
However, this site does not provide legal advice and use of this site is not a substitute for hiring an attorney licensed to practice in your state. · ForeFlight, LLC provides digital flight planning and navigation software.
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It is not a licensed investment bank, law firm, or accounting firm. Business plans are not a legal solicitation for securities and do not serve the purpose of a private placement memorandum or SEC registration.
The SBA connects entrepreneurs with lenders and funding to help them plan, start and grow their business. We support America's small businesses. The SBA connects entrepreneurs with lenders and funding to help them plan, start and grow their attheheels.com://attheheels.com An LLC can be taxed either as a "pass-through" entity, like a sole proprietorship or partnership, or as a regular corporation.
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This is the biggest benefit of an LLC over any other form of business entity. This power is attheheels.com