Limited Liability Company (LLC)
A Limited Liability Company, often abbreviated as LLC, comes into existence by submitting articles of organization to the Secretary of State in the respective state. Those who have an ownership stake in an LLC are referred to as members, and these members can encompass a diverse range of entities, including individuals, corporations, other LLCs, and foreign entities. The formation of an LLC can involve one or more members, and there is no upper limit on the number of members it can have.
LLCs are frequently the favored legal structure for certain professionals and landlords. This preference arises from the fact that an LLC is a corporate entity wherein its members (or owners) are shielded from personal liability for the company's debts and obligations. The beauty of an LLC lies in its adaptability, as its owners have the freedom to elect their tax treatment, whether it be as a partnership, S Corporation, or even a sole proprietorship. This flexibility is a testament to the fact that an LLC's nature is primarily legal in character, rather than purely tax-related.
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