Corporation vs. Limited Liability Company. When it comes to entity formation you have two choices: a limited liability company or a corporation. Your choice (or lack thereof) affects a number of business activities, including, but not limited to, your personal exposure, tax liabilities, ability to raise capital, record keeping and other compliance requirements, and ownership structure. LLCs were first authorized in Wyoming in the 1970s and are basically a contract. This option may work well for

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The ACTUAL benefits of an LLC: Looks Professional, Limited Liability Protection, Build Business Credit Privacy (in some states). Tax Tip: To gain tax advantages for your LLC, consider exploring the option of electing S Corporation taxation. By choosing S Corporation taxation, you can unlock greater tax benefits. However, it’s crucial to ensure that both you and your business are prepared for this step, as it introduces complexities and additional expenses. As an S Corporation, you’ll need to fil

when the limited liability company llc is manager managed all members have actual and apparent authority to bind the llc to contracts on its behalf all member votes have equal weights 98353

Does an LLC Protect Your Personal Assets?