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FAQ Corp
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FAQ LLC
Frequently asked
questions about Limited Liability Companies
What is an LLC and how does it offer limited liability?
An LLC or a Limited Liability Company is a separate legal entity (business structure) from the owners of the LLC. An owner of an LLC is frequently referred to as member.
An LLC is frequently referred to as a hybrid of a corporation and a partnership. The members of a limited liability company are shielded from personal liability and profits and losses may pass directly to the members without taxation of the LLC itself.
What are the benefits of an LLC?
As mentioned above, an LLC offers primarily two benefits. First and foremost, an LLC provides the members protection from personal liability. Additionally, an LLC provides certain tax benefits. That is, an LLC allows for pass through taxation.
An LLC is similar to a corporation because it has a) limited liability; b) free transferability c) continuity; d) centralized management.
The taxation of a limited liability company is comparable to an S corporation. However, unlike an S corporation an LLC can have an unlimited number of shareholders or "members" as they are known in an LLC. Additionally, there are no restrictions on who is a shareholder as there may be with an S corporation.
Thus, an LLC is similar to a corporation because it allows for protection from personal liability and simultaneously it is similar to a partnership because it allows for pass through taxation. Therefore, an LLC is commonly referred to as "hybrid corporation/partnership".
What is the organizational structure of an LLC?
The company may be directly by the members, or members may designate a manager. If management is by the members then each member is a manager of the company.What is a LLC kit? (more information on this subject)
The LLC kit includes a professional customized binder with your LLC name and a matching slip case, custom LLC seal, 20 custom membership certificates with your LLC's name, sample operating agreement and transfer ledger. In several states, the seal is necessary to open a bank account under the LLC.
What services does IncorporateTime provide for me in a formation of my LLC?
IncorporateTime will file all the all the paperwork and documents necessary to form your LLC. In addition our low fee also includes name search and availability and a payment of the state filing fees.
What is your low fee policy? (view our affordable fee table)
We offer you the lowest possible price on the internet. If you find a lower total inclusive price please let us know and we will do our very best to satisfy you.
How do I file for my LLC?IncorporateTime.com will file and execute all the necessary paper work and documentation to file your Limited Liability Company. Simply utilize our online order form or call 1-800-600-2841 to place your order over the phone.
