Limited Liability Companies are a relatively new business form. LLCs were first formed in 1977 and were granted pass-thru tax status by the Internal Revenue Service in 1988. As a result, LLCs can elect to be taxed like partnerships, only at the individual level when profits are paid as dividends, which yields a considerable advantage over C corporations, which are subject to double-taxation. Once at the corporate level, and again at the individual level when profits are paid as dividends to the shareholders.
Similar to corporations, LLCs shield personal assets from business debt. However, note that LLCs have a limited life of about 30 years, depending on the state, and do not have stock (and thus do not benefit from stock ownership and sales). Currently, all 50 states recognize the LLC business form.
The name of the LLC must include name endings of “Limited Liability Company, ““Limited Company,” “Limited,” or the abbreviations, “LLC,” “LC,” or “Ltd,” the available name endings vary by state.
We can form Limited Liability Companies (LLC) in any of the 50 states. Our LLC formation package includes the following:
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