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What is an LLC Limited Liability Company
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Forming your LLC? Use our free guide or for convenience use a professional service, we have negotiated the best deals for you. • Best Value Bundle Package for LLC formation is with Northwest ($29 + state fees) • https://go.truic.com/46SvCNT • 🔥Includes 1 FREE Year of Registered Agent Services • Or, check out this $0 LLC solution from Tailor Brands: • https://go.truic.com/3zyWhEt • 📙 Free LLC Checklist • https://howtostartanllc.com/downloads... • Secure the Domain Name for your Business using our discount link • https://go.truic.com/40gvEh1 • If you use our discount links, you get a discount and we receive a small commission. Thanks for supporting our work! • --------- • What is an LLC and why is it so useful? LLC stands for Limited Liability Company, it is one of the most popular business structures and helps with Personal Asset Protection. • 📙 Read our free 'What is an LLC?' guide : • https://howtostartanllc.com/what-is-a... • 🚀 Learn How to Form an LLC here: • https://howtostartanllc.com/form-an-llc • 📄Free LLC Operating Agreement Template: • https://howtostartanllc.com/free-oper... • --------- • TIMESTAMPS • 0:00 - What is an LLC • 1:09 - Main Features of an LLC • 2:07 - How an LLC protects your personal assets • 3:02 - How LLCs are taxed • 4:19 - The Importance of an Operating Agreement • 5:11 - Using a professional LLC formation service • 6:34 - Conclusion • --------- • 🎯 Key Topics Covered: • Main Features of an LLC • LLCs create a separate legal entity from their owners, establishing a corporate veil that protects personal assets. They offer pass-through taxation, avoiding double taxation that corporations face, and provide simplified accounting and compliance requirements compared to other business structures. Highlights that LLC ownership is not restricted to US citizens or permanent residents, offering flexibility for international entrepreneurs. • Asset Protection Through LLC Structure • The corporate veil serves as a crucial protection mechanism, shielding personal assets from business liabilities and lawsuits. To maintain this protection, owners must keep personal and business finances separate, follow operating agreements, avoid fraudulent activities, and stay current with annual filings. Emphasizes the importance of proper documentation and business insurance. • LLC Taxation Framework • Single-member LLCs are typically taxed as individuals, with business income reported on personal tax returns. Multi-member LLCs benefit from pass-through taxation, where profits flow to individual members' tax returns. Explains that LLCs can alternatively opt for C-corp or S-corp taxation and outlines various state tax obligations, including franchise, sales, and unemployment insurance taxes. • Operating Agreement Essentials • The operating agreement serves as the LLC's foundation document, detailing ownership structure, management rules, capital contributions, and dissolution procedures. While not filed with the state, this internal document is crucial for maintaining corporate credibility and protecting the corporate veil. • Professional LLC Formation Services • The formation process typically costs between $50-150 for basic state filing, with additional fees for professional services. Discusses the benefits of hiring a registered agent service, including privacy protection, mail handling, and assistance with compliance requirements. It emphasizes how professional services can help maintain personal privacy by keeping contact information confidential. • --------- • Other Resources: • 🔥 Get Free, Powerful Business Tools—sign up now for TRUiC’s Business Center • https://business.truic.com/ • Get an EIN • • What is an EIN? - Employer Identifica... • Important Steps AFTER forming an LLC • https://howtostartanllc.com/after-for... • 🔔 Please like, comment, and subscribe if you appreciate our content, and want to see more! • 🔥 At TRUiC we are dedicated to providing the most useful information for small business owners, and would love to see your feedback in the comments on what other information you need to help follow your entrepreneurial dreams. • #llc #smallbusiness #startingabusiness #whatisanllc #smallbusiness #howtostartanllc #truic #checklist #smallbusiness #entrepreneurship #businessstartup #truic #BusinessFormation #businessownership
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