What is an LLC, how can it protect you, and how do you start one?

Answer 1

An LLC - limited liability company - is just a registration with the state, that, if executed properly, protects you from personally liability of the acts of your business.

Make sure you have not just an llc, but an operating agreement, even if it's just you.

Click http://www.dpbolvw.net/click-1995821-5029413 to learn more about the docs and how to get them done

Answer 2

a Limited Liability Company.

If you form one and your company is sued, the liability is limited to the company's assets....rather than the individual owners or the "parent" company. (However, if you are the only person in the company and you are performing all work, someone may be able to successfully file suit against you as an individual and attempt to prove that you were negligent and/or melicious in your actions. An LLC is not 100% protection against suit, but may help limit liability.)

See http://en.wikipedia.org/wiki/Limited_liability_company

Answer 3

A limited liability company (denoted by L.L.C. or LLC) is a legal form of business company in the United States offering limited liability to its owners. In that respect, it is similar to a corporation, and is often a more flexible form of ownership, especially suitable for smaller companies with a limited number of owners. Unlike a regular corporation, however, a limited liability company with one member may be treated as a disregarded entity, so the member is often singled-out as a person performing the actions of the LLC. A limited liability company with multiple members is typically treated as a partnership for tax purposes, thereby avoiding double taxation. Advantages
No requirement of an annual general meeting for shareholders.
No loss of power to a board of directors.
Corporations are enduring legal business entities, with lives that extend beyond the illness or even death of their owners, thus avoiding problematic business termination or sole proprietor death.
Much less administrative paperwork and recordkeeping.
Pass-through taxation (i.e., no double taxation), unless the LLC elects to be taxed as a corporation using IRS Form 8832.
Limited liability, meaning that the owners of the LLC, called "members," are protected from liability for acts and debts of the LLC.
Using default tax classification, profits are taxed personally at the member level, not at the LLC level.
Check-the-box taxation. An LLC can elect to be taxed as a sole proprietor, partnership, S-corp or corporation, providing much flexibility.
Can be set up with just one natural person involved.
Membership interests of LLCs can be assigned, and the economic benefits of those interests can be separated and assigned, providing the assignee with the economic benefits of distributions of profits/losses (like a partnership), without transferring the title to the membership interest (i.e., See VA and Delaware LLC Acts).
LLCs in some states are treated as entities separate from their Members (See VA LLC Act), whereas in other jurisdictions case law has developed deciding LLCs are not considered to have separate juridical standing from their members (See recent D.C. decisions).

Answer 4

LLC = Limited Liability Corporation. You can find a handy guide at http://smallbusiness.yahoo.com/r-bizFilings-m-1-sc-60-getting_started_business_incorporation-i

Answer 5

LLC means Limited Liability Company - a relatively new and flexible business ownership structure. Here's a link you can check out to learn more: http://www.getincnow.com/faq.htm

Take charge!!!

Answer 6

A Limited Liability Corporation.

Pros: in the case of a legal crisis, only the corp can be sued, your personal assets are protected.

Cons: you may double taxes, on your payroll and on your personal income.

Talk to a lawyer. It usually costs in the range of $1000 -$1500 to get all the paperwork done.