Limited Liability Company

Limited Liability Company 2017-08-07T09:44:06+00:00
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What is a Limited Liability Company?

Limited Liability Company – Combines the operational flexibility and favorable tax treatment of partnerships with the limited liability feature of a corporation.

LLC Facts to Know

Advantages

  • Tax flexibility – By default, an LLC is treated as a “pass-through” entity for tax purposes, much like a sole proprietorship or partnership. This means that LLCs avoid double taxation. However, an LLC can also elect to be treated like a corporation for tax purposes, whether as a C corporation or an S corporation.
  • Ability to place membership interests in a living trust – Members of an LLC are free to place their membership interests in a living trust.
  • Contributions – members contribute in the form of cash, property, services, or promises to contribute cash or property or to perform services.
  • Property contributions. Contributing property to set up an LLC is not taxable, even for minority interest owners.
  • Ability to deduct losses. Members who are active participants in the LLC’s business can deduct its operating losses against the member’s regular income to the extent permitted by law.
  • Limited liability – a creditor may not seek satisfaction of any limited liability company debt against the personal assets of any member.
  • Tax advantage – the members each pay their share of tax on their share of profits avoiding double taxation of LLC profits.
  • Number (unlimited) and type of investors (can be individuals, LLCs, Corporations, Trusts, Partnerships) and there are no restrictions as to ownership unlike an S corp.
  • Non-transferable interest – a member may not transfer his voting interest without concurrence of all remaining members.
  • Ease of transferability – A limited liability company and all of its assets and accounts may be transferred by the simple assignment of an interest (stake) in the company.
  • Management – The management of the business and affairs of an LLC may be conducted by the members or, if the members agree, may be vested in a manager or managers.
  • Continuity of life – the term of existence must be stated in the Articles of Organization. In most States perpetual duration is accepted.
  • Can convert to a Series LLC (instead of using multiple LLCs) to segregate assets and liabilities.

Disadvantages

  • Your state may impose income taxes on LLCs even though the IRS doesn’t.
  • Converting an S or C Corporation to an LLC may carry too heavy a tax price.
  • Unfavorable state tax rules and fees. In some states, an LLC must pay higher taxes and fees than would a corporation that generated the same revenues.

What is a Series LLC?

A Series LLC is a special form of a Limited liability company that provides liability protection across multiple “series” each of which is theoretically protected from liabilities arising from the other series.

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Do you require assistance to incorporate or have questions?

Speak to our Business Support Specialists today:

1-800-254-5779

Email Us
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Ready to Get Started?

Are you ready to form your LLC?

To begin, give us a call at 1-800-254-5779

Download PDF Application

Please save the form to your computer, you can send the form to us via E-Mail when completed.

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Why Use Sage International, Inc.?

Simplicity

Our goal is to remove the confusion and complexity so that you can make an informed choice right from the start.

Service

Our clients dig the fact that we are available by phone, email and in person. Our Staff is available to answer any questions promptly.

Empowerment!

Utilizing our wealth of information from our staff. You can rest assured that we provide education for your success!

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Ready to Get Started?

Are you ready to form your LLC?

To begin, give us a call at 1-800-254-5779

Download PDF Application

Please save the form to your computer, you can send the form to us via E-Mail when completed.

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What People Say About Us

Thank you for your informative, engaging, and very valuable presentation at the ANN Reno Conference for Nonprofits. "The Keys to Successful Nonprofit organization will be critical to the success of our fledgling nonprofit. Your presentation style is extremely effective and furthered networking among those attending the conference, Thank You! I appreciate your generosity in sharing your time and expertise with us at the conference.
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My wife and I took the class on the Language of Money last Saturday and heard you speak. To be honest with you, both my wife and I wished that you had done the entire class! We found the info you had presented both interesting and hopeful that there is something we can do to protect our business and our money from getting consumed by the IRS.
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Northern Nevada Metro Woman
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Pieter Droog
ProNet Reno
Dear Cheri, I wanted to thank you for speaking at the Sparks Power Players. I have to say that most of the meetings I have gone to for other organizations are usually very boring and do not pertain to me, but today was great! I got so much out of the material that you presented to us. I want to thank you for your passion and heart for helping companies not only survive, but thrive. I am very excited to apply what I learned today to our business and see the results. Again thank you for your time.
Duane Lee
Moving Consultant
I loved your article in the Northern Nevada Business Weekly about "Sparking Creativity". You make some really great points about the importance of investing in your creative core. For years I have followed the Artists Way and all the books by Julia Cameron, you must be familiar with her work. As an Interior Designer, I love that I am rewarded for my creative ideas and designs. Your article made me smile, gave me some great ideas about how to live a creative life and I wanted to thank you.
Marilee Wintz
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