Limited Liability (LLC) Attorney

Although newer than corporations, LLCs have the same liability protections as a corporation, and usually with far fewer formalities.  LLCs can be taxed as a sole-proprietorship (single member or husband and wife in a community property state), or as a partnership (multiple members).  Although it is technically possible to tax an LLC as a corporation, we don’t recommend it absent extraordinary circumstances.

An LLC is either “member-managed” (managed by all of its members) or “manager-managed” (managed by one or more designated managers).  A manager can, but need not be, a member of that LLC.

What separates LLCs from corporations is the lack of formal hierarchy and meeting requirements.  Whereas a corporation has to elect directors, appoint officers, and have annual meetings of shareholders and directors, LLCs have no such requirement.  Once established, no formal meetings (or minutes of those meetings) are required.

Is an LLC right for you?  Again, it depends.  If you simply want to provide additional liability protection without a complicated set of ongoing formalities, LLCs work well.  If you need to take advantage of certain tax benefits, a corporation may be best.  If you have high gross revenues and low profit margins, and LLC might not work since LLC fees are based on gross revenue and not net profits.

Our LLC attorneys can form your Limited Liability Companies in all 50 states, and always includes every aspect of the set up for a low flat fee.

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