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What's an LLC?


An LLC, or limited liability company, is a type of entity that protects its owners and mangers from liability, unless they personally do bad things. Like a corporation 1, an LLC happens when its Articles of Organization 2 are filed with the state authority. In California, this is an online form. Keep in mind, there are other filings, and then ongoing responsibilities of those managers and members to continue shielding them from liability. And if there's more than one Member, having a written operating agreement is highly advised. There may also be tax advantages to filing as an LLC.
Excerpt: An LLC, or limited liability company, is a type of entity that protects its owners and mangers from liability, unless they personally do bad things. Like a corporation, an LLC happens when its Articles of Organization are filed with the state authority. In California, this is an online form. Keep in mind, there are other filings, and then ongoing responsibilities of those managers and members to continue shielding them from liability. And if there’s more than one Member, having a written operating agreement is highly advised. There may also be tax advantages to filing as an LLC.
Links:
  1. http://readysetincorporate.com/faq-items/what-is-a -corporation/
  2. http://readysetincorporate.com/faq-items/what-are- articles-of-organization/
Post date: 2015-06-15 16:48:45
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