Home Buying in 11231>Question Details

Bob401bo, Home Buyer in Long Beach, NY

Tell me exactly what an LLC is

Asked by Bob401bo, Long Beach, NY Thu Sep 13, 2012

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Now that you know what an LLC is, you should find out what the pros and cons are of forming such an entity. This may require consulting with an attorney and a tax professional. Good luck!
0 votes Thank Flag Link Sun Sep 16, 2012
Check out the IRS website for a thorough explanation:
0 votes Thank Flag Link Sat Sep 15, 2012
LLC is a Limited Liability Company; for any necessary legal information it's really in your best interest to consult with an attorney; he/she can best advise if it's a good option for you and your situation....
0 votes Thank Flag Link Thu Sep 13, 2012
From the IRS web-site "Limited Liability Company (LLC)

A Limited Liability Company (LLC) is a business structure allowed by state statute. LLCs are popular because, similar to a corporation, owners have limited personal liability for the debts and actions of the LLC. Other features of LLCs are more like a partnership, providing management flexibility and the benefit of pass-through taxation.

Owners of an LLC are called members. Since most states do not restrict ownership, members may include individuals, corporations, other LLCs and foreign entities. There is no maximum number of members. Most states also permit “single member” LLCs, those having only one owner.

A few types of businesses generally cannot be LLCs, such as banks and insurance companies. Check your state’s requirements and the federal tax regulations for further information. There are special rules for foreign LLCs."
0 votes Thank Flag Link Thu Sep 13, 2012
Couldn't have answered it better myself Tom... Very good!
Flag Thu Sep 13, 2012
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