Anyone know the ins and outs of a LLC business?

[Chins]

Thanks guys and gals

[Receiver84]

You'll have better luck in the lounge.

[crazycrab]

My company is an LLC. Picked this mostly for the pass through tax reasons. There are some bennies if you were to get sued. I beleive they can only sue the company and assets and not the owners.

[soulstealer]

LLC= Limited Liability company... not to be confused with a corporation more so like a LLP or limited liability partnership... the differences as stated is it is a passthrough entity or all income generated goes directly to the owners or owner disadvantages range from a restriction on right-offs to a lesser "Corporate veil" being in effect... it isnt know for its veil piercing protection but will protect the owner in most circumstances. The Positives include no need for a separate entity also known as a registered agent.... no need to hold stockholder meetings and take minutes..... but with an S type corporation the meetings are required but it simply acts as a pass though entity.. with a fiscal year coensiding with the calender year... and if one were to go to a C type corporation or standard corp one gets all the headaches but all the protection from liability and also can select the fiscal earnings year end date which would in theory(not that I have done this muahahah) allow someone to juggle fundings in and out of the corp for tax evasion purpouses...also as long as the person or persons separates their assets from the companies they are awarded the protection if intermingled its easier to pierce the veil.

Hope it helps

[rockbottom]

LLC= Limited Liability company... not to be confused with a corporation more so like a LLP or limited liability partnership... the differences as stated is it is a passthrough entity or all income generated goes directly to the owners or owner disadvantages range from a restriction on right-offs to a lesser "Corporate veil" being in effect... it isnt know for its veil piercing protection but will protect the owner in most circumstances. The Positives include no need for a separate entity also known as a registered agent.... no need to hold stockholder meetings and take minutes..... but with an S type corporation the meetings are required but it simply acts as a pass though entity.. with a fiscal year coensiding with the calender year... and if one were to go to a C type corporation or standard corp one gets all the headaches but all the protection from liability and also can select the fiscal earnings year end date which would in theory(not that I have done this muahahah) allow someone to juggle fundings in and out of the corp for tax evasion purpouses...also as long as the person or persons separates their assets from the companies they are awarded the protection if intermingled its easier to pierce the veil.

Hope it helps

Good analysis. In addition, you will be liable for the amount of your investment in the LLC. And, in most circumstances, will be liable for other members' liable actions. I think I may disagree with soul's comments regarding the annual meetings and minutes (thinking back to law school in the arctic tundra of Ann Arbor). It's certainly less stringent; especially since one needs only one member to creat an LLC.

Also, you can have the LLC member managed or manager managed. Meaning, you can have one person make most of the managerial decisions without much opposition. What's more, that manager need not necessarily be a member.

They're cheap to set up, and can be pretty easy - depending on your state. You'll have to register so your creditors are aware. Great idea for real estate dabblers.

That'll be $400. I'll split my fee with soul because he's smart.

[soulstealer]

I was actualy stating that the LLC need not hold stockholder meetings as it is a member based entity but the C corp or S corp must

P.S. Thanks for the kick back rockbottom hehe

[Chins]

I sent you guys a pm if you could repsond I would appreciate that.

Thanks