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Corporations 4 Less > Services > Researches > Limited Liability Corporations

Limited Liability Corporations

Limited Liability Company, commonly known as an LLC, may pass losses or gains, deductions, or credits to all LLC members in the same way as a partnership.

Having an LLC will help you avoid double taxation – a potential issue that may arise with other corporations. Individual members can benefit through the reduced taxable income if a corporation is operating on a loss.

Regardless of a one-of-a-kind tax treatment, LLCs have all the corporate features like a limited liability. If you aren’t sure about what corporation you should buy, an LLC is the one to choose. That’s because you can easily convert an LLC into a C-Corp but can’t do the opposite as easily.

Characteristics of an LLC:

  • There aren’t any shareholders. Instead, there are members.
  • Members don’t necessarily have to be US citizens.
  • The managing member will run the company.
  • If there needs to be a special action, all members should consent to it.
  • If there needs to be a special action, the LLC should file an IRS form and show losses and profits.

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