An LLC is a legal structure that combines aspects of a partnership and a corporation. Like a corporation, an LLC offers liability protection for its owners. This means the owners’ personal assets are protected from business debts and liabilities. However, unlike a corporation, an LLC does not have extensive record keeping and reporting requirements. It’s a simpler structure that still provides liability protection.
On StartupNoon LLC tips page, you’ll find pointers on choosing a business name and registering your LLC with your state. We explain the advantages and disadvantages of a single-member vs multi-member LLC. You’ll learn about LLC operating agreements – what they cover and why they are important.
Taxes are a big consideration with LLCs. We provide an overview of how LLCs are taxed. By default, they are taxed as a pass-through entity like a partnership or sole proprietorship. However, you can elect for the LLC to be taxed as an S-corporation or C-corporation. Our tips will help you understand the options.
Beyond formation and taxes, our page offers advice on LLC record keeping, holding meetings, adding or removing members, and dissolving the LLC when the time comes. We include tips on creating an operating budget, opening a business checking account, obtaining necessary licenses and permits, and more.
And since regulations can vary by state, our tips highlight some key state-specific requirements to be aware of.
Running an LLC involves ongoing maintenance and compliance with regulations. Our LLC tips page is designed to help you start out on the right foot and continue operating your LLC smoothly for years to come. With our plain-English guidance and actionable next steps, you’ll find the information you need to make the most of your LLC.
