What is a Limited Liability Company
What is a Limited Liability Company?

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What is a Limited Liability Company?

A Limited Liability Company (LLC) is not a partnership or a corporation but includes features of both. LLCs are structured like a partnership or a sole proprietorship but with limited liability protection similar to a corporation. Because an LLC is considered a separate entity from its owners, the owners cannot be held personally liable for debts and obligations of the LLC. This is the principal advantage of an LLC. An LLC provides all the liability protection of a C Corporation but with far less formalities.

The IRS does not recognize an LLC as a classification for federal tax purposes. LLC members can elect for the IRS to tax the LLC as a sole proprietorship, partnership, C Corporation, or S Corporation. This decision may be made after the LLC is created. If a single member LLC does not declare a tax classification within the alloted time it is taxed the same as a sole proprietorship. A multiple member LLC that does not declare a tax classification is taxed as a general partnership.
CORPORATE GLOSSARY
 
Administrative Dissolution
Agent for Service of Process
Apostille
Apportionment
Articles of Incorporation
Articles of Organization
Assumed Name
At Will LLC
Authorized Shares
B Corporation
Benefit Corporation
Board of Directors
Business Dissolution
Business Entity
Bylaws
Certificate of Existence
Certificate of Status
Certified Copy
Close Corporation
Common Stock
Conversion
Corporate Bylaws
Corporate Name Reservation
Corporate Stock
DBA
Disregarded Entity
Dividends
ESOP
Excise Tax
Federal Tax ID
Ficticious Name
Foreign Qualification
Franchise Tax
General Partnership
Good Standing Certificate
Incorporator
Involuntary Dissolution
IRS Form 966
ITIN
Limited Liability Company
Limited Partnership
Liquidation
LLC
LP
Majority Shareholder
Meetings
Merger
Nexus
Non-Stock Corporation
Nonprofit Corporation
Obligated Member LLC
Organizer
Paid-in Capital
Paid-in Surplus
Par Value
Personal Service Corporation
Preferred Stock
Privilege Tax
Professional Corporation
Professional Service
Proxy
Registered Agent
Registered Office
Reporting Requirements
Revocation
S Corporation
Series LLC
Service Mark
Shareholder
Sole Proprietor
Stated Capital
Statutory Agent
Stock Certificate
Term LLC
Trade Name
Trademark
Trust
Trustee
Winding Up
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