Can anybody here explain to me what is LLC business? thanks!
Can anybody here explain to me what is LLC business? thanks!
My question involves business law in the state of: Michigan
Can anybody here explain to me what is LLC business all about? thanks!
Without having people do the homework here, it's a wide question, get hold of this book, and I've seen it at my local library, and I've seen it at Barnes and Nobles, and if you don't mind grabbing a chair at a book store, you can sit down and read it in about an hour or less.
http://www.amazon.com/Limited-Liabil.../dp/0470173289
The other one to get is (there's a list of them):
http://www.amazon.com/s?ie=UTF8&rh=n...dummies&page=1
After reading through it, you might then ask more specifc questions.
thank you..but where can i find free information?:-))
Free stuff is located at the public library, including ones that's in the links noted above, and book stores in your area, but you have to get out of the house to get yourself down there. I have a Barnes and Nobles where I am, they have the books listed in those links, and if I get down there early enough on a Saturday morning, I can usually grab a chair, and read the book if I don't feel like buying it. In my book, that's free.
Personally, I have set up an LLC for one business, an S Corp for another, and a C Corp for the third. For the LLC though, I got myself the book because an LLC has many angles and can elect to be taxed as a partnership, or a corporation. LLC have members and managing members unlike corporations with stockholders and a board of directors, and you should set up operating agreements.
Most people here are volunteers, and we don't have enough information or time to go into all the intricate tax and legal issues involved. It's almost like you asking about what type of car you should buy. Now, how would we know, as we don't know anything about you, or what you need the car for?? We don't know what you'll be doing with an LLC to begin with.
As an example, for a real estate investing business, LLC's are considered good entities for holding and "S Corps" for doing quick flips. This has to do with the intracicies of being taxed as an individual versus a corporation, and I'm not about to start a dissertation on that. However, if you manage the properties yourself, like I do, an LLC would not shield me from liability, and thus superfluous. Negligience and liability is another major area, I'm not going to start a dissertation on that either.
And because your failed to mention what state you are in so we can't help you there, another major issue is what type of formation is involved, thus fees, and franchise taxes you'll be paying for each type of entity, In NY State where I am, LLC's are higher than all the others.
Also, the Amazon link to the book contains readers comments, 18 of them, they are free, and if you read it, you might find some of the reader feedback useful as these people bought the book to find out if they should have an LLC..
thanks mr schinfchin...