Keyword Analysis & Research: llc definition simple

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What are the advantages and disadvantages of LLC?

A disadvantage of the LLC format is that all members of the corporation must pay taxes on corporate profits, even if they do not share in the distribution, according to the Entrepreneur website. This means that if a member decided not to pull profits out during a given year, he is still liable for taxes on the amount.

What does LLC mean in business?

The acronym LLC refers to a limited liability company. When a company registers with the secretary of state to start a business, there are several business entity options including an S-corporation, C-corporation and LLC. ... LLC business owners then obtain a free tax identification number, also called an Employer Identification Number, from the IRS by completing the Tax ID Application at the IRS website.

What is the legal definition of LLC?

The definition of an LLC is a limited liability company which is a legal designation for a business organization that has features of a sole proprietorship, a partnership and a corporation. An example of an LLC organization is a firm of several lawyers. YourDictionary definition and usage example.

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