Limited liability company

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  • Limited Liability Company Essay

    A limited liability company is a hybrid business organization that takes the limited liability aspects of a corporation and merges them with the tax benefits and operational flexibility associated with a partnership. The Commonwealth of Virginia defines a Limited Liability Company or LLC as an entity that is an unincorporated association having two or more members that is organized and existing under the Virginia Limited Liability Act. § 13.1-1002. In the Commonwealth, the first step in forming a limited liability company is choosing a name. There are two distinct requirements for a business name, the name must be distinguishable from other business names registered with the Virginia State Corporation Commission and the name must contain the words “Limited…

    Words: 860 - Pages: 4
  • Advantages And Disadvantages Of A Limited Liability Company

    The company will have many kinds of stakeholder which include internal and external stakeholders. The stakeholders are people who interest or stake in an organization and their opinion can affect the organization. The main stakeholders incorporate shareholders, creditors, employees and the community. There are advantage and disadvantage for stakeholder when dealing with or using a limited liability company (LLC) structure for small businesses in New Zealand. In a limited liability company,…

    Words: 835 - Pages: 4
  • Limited Liability Companies Advantages And Disadvantages

    Limited liability companies (LLCs) offer business owners several advantages over sole proprietorships, partnerships and in some cases S and C corporations. Business operators who take advantage of LLC business formation can realize significant financial benefits and can also use living trusts to facilitate exchanging limited liability company ownership more easily relative to using a will. LLCs offer the asset protection enjoyed by corporate entities, are less expense to maintain and require…

    Words: 1202 - Pages: 5
  • Limited Liability Company Case Study

    LIMITED LIABILITY COMPANY Like a corporation, a limited liability company upholds limited liability features. It also ensures pass-through taxation and flexibility of partnerships in its operations LLC owners are referred to us ‘members’. A member can be a single person (owner), two or more persons, corporations and other LLCs The LLC members file federal tax return for facilitation of taxes unlike shareholders of corporations. This is due to the fact that LLCs are not regarded as separate…

    Words: 1174 - Pages: 5
  • Limited Liability Company Case Analysis

    We believe that a Limited Liability Company (LLC) is the best entity structure for partnerships. It is often regarded as a hybrid business structure as it mergers the protection of a corporation with the tax benefits and relative administrative simplicity of a partnership. For these reasons, it is considered an ideal business form for most small to mid-sized businesses with multiple owners. If partners do not form a business entity when they begin doing business, they are deemed to be a…

    Words: 1075 - Pages: 5
  • Case Study Of A Limited Liability Company

    I would advise Shania that the current economic environment the best option for the formation of her company is that of a Limited Liability Company, or LLC. This is because it offers the pass-through tax status and the safety of liability protection of a corporation. This would allow her to only be taxed once like a sole propriety or a partnership, which helps small-business owners keep their earnings. However, remove the personal liability as any action against the business can only act…

    Words: 1017 - Pages: 4
  • Personal Differences: Characteristics Of A Limited Liability Company

    My business will be a limited liability company. A limited liability company is a company composed of multiple people in a special written agreement. It distributes the loses and gains and assigns to people to their interests. When using an LLC our personal assets will also be protected if someone were to sue the company. A LLC also doesn’t limit the number of people that can manage. It appears as the best option because, there will be many different people working in the company who help run…

    Words: 2145 - Pages: 9
  • The Pros And Cons Of Starting A Limited Liability Company

    Are you involved in corporate business affairs? Then you must be in need of an LLC operating agreement. It is evident that once you are done with your Limited Liability Company (LLC), you are free to use LLC operating agreement in order to delineate the operating terms of your corporation. In addition, it also helps to safeguard legal rights and responsibilities. With the help of written record expressing the management policies and procedures of your organization you can easily get down to…

    Words: 1919 - Pages: 8
  • Advantages Of Limited Liability Companies (Llcs)

    Limited Liability Companies (LLCs) Advantages of LLCs A limited liability company (LLC) is seen as “combining the most advantageous features of partnerships and corporations” (Kubasek, Browne, Herron, Dhooge, Barkacs, 2015b, p. 266). Perhaps the most significant aspect is the variety of choices the LLC has upon its inception which are included in the operating agreement. “[T]he enormous flexibility and contractual nature of the LLC may provide advantages such as clearly negotiated and defined…

    Words: 1306 - Pages: 6
  • Case Analysis: Why Choose A Limited Liability Company

    Reid. This is an option that you are currently lacking during this moment and is a major component as to why I believe that staying as you are and running your business, as a General Partnership is just not a good choice to make. This “separation of liability” benefits all members of the business in case the company was to ever go bankrupt or lose a substantial amount of money. Not being liable is something that you should strongly consider yourself, even if you accidently or unknowingly are the…

    Words: 2491 - Pages: 10
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