Why choose an LLC?
LLCs provide limited liability protection to their owners (called members).
Typically, owners are not personally responsible for business debts and
liabilities of the company so creditors cannot pursue owners’ personal assets to
pay business debts.
Advantages of an LLC
Business owners stand to gain many benefits when they register a company as an
LLC. These benefits are, in many cases, unavailable to sole proprietorships and
general partnerships. Creating an LLC typically provides the business owner with
the following advantages:
liability protection. Owners are not held personally responsible for
business debts and liabilities.
taxation. Typically LLCs do not pay taxes at the business level.
Income/loss is reported on the owners’ personal tax returns and any tax due is
paid at the individual level.
restrictions. LLCs do not face restrictions on the number or type of
management. Owners have flexibility in structuring company management.
formalities. LLCs have less annual paperwork than, and do not face the
meeting requirements imposed on C corporations and S corporations.
LLCs may be perceived as a more legitimate business than a sole
proprietorship or general partnership.
add owners. Written consent of LLC members must be obtained prior to
increasing ownership in the company or adding new owners.
How do you form an LLC?
To form an LLC, Articles of Organization must be filed with the state and the
applicable filing fees paid. With our incorporation service packages, MICOS
Group handles the whole process for you.
LLCs provide limited liability protection to their owners, like corporations, so
owners are typically not personally responsible for business debts and
liabilities. They also provide pass-through taxation, like partnerships, LLC
income is reported on the owners’ personal tax returns and any tax due is paid
at the individual level.
LLCs are subject to ongoing requirements in the state of incorporation, such as
filing annual reports and paying the applicable annual report fees and/or
L.L.C. Formation Request Form
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