A Limited Liability Company (LLC) is one of the most popular business structures for small and growing businesses. It combines the liability protection of a corporation with the tax flexibility of a sole proprietorship or partnership.

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Key Benefits of an LLC

• Protects owners’ personal assets from business debts and lawsuits

• Flexible tax options (can be taxed as sole proprietor, partnership, S-Corp, or C-Corp)

• Less paperwork and fewer formalities compared to corporations

• Allows unlimited members (owners), individuals or entities

• Profits and losses can be passed directly to owners without double taxation

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Operating Rules

• Must file Articles of Organization with the state

• Requires a Registered Agent with a physical address in the state

• Must keep business and personal finances separate

• May need an Operating Agreement to outline roles and responsibilities

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Common Uses

• Service-based businesses

• Real estate holdings

• Startups and small businesses seeking liability protection

• Family-owned businesses