Limited Liability Company (LLC) or PLLC
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Limited Liability Company LLC :
The limited liability company (LLC) is a business entity that offers limited liability protection and pass-through taxation. An LLC can be managed by either the members or by managers.
The LLC allows for pass-through taxation, its income is not taxed at the entity level; however, a tax return for the LLC must be completed and filed. Income and loss of the LLC is passed through to the owner(s) (members). The members must report the income or loss on their personal tax returns.
Just like the corporations, the LLC legally exists as a separate entity from its members and typically can not be held personally responsible for the debts and liabilities of the LLC.
Advantages of an LLC:
» Taxes are treated as a pass-through.
» Members typically are not held personally responsible for the debts and liabilities of the business.
» There is usually no ownership restriction.
» Many states do not require the annual reports like C-Corp and S-corps.
» Members are flexible to structure the management of the company as they wish.
» To create an LLC, Articles of Organization must be filed with the appropriate state agency and pay the filing fees.
Professional LLC :
Some states require that Real Estate Brokers file as a Professional LLC as apposed to an LLC.
The PLLC offers personal protection from business liability, shielding your business liabilities from your personal assets.
Advantages of a PLLC:
» Taxes are treated as a pass-through.
» Designed for businesses operating under a licensing authority.
» Many states do not require the annual reporting like C-corps and S-corps.
» Members are flexible to structure the management of the company as they wish.
» To create a PLLC Articles of Organization must be filed with the appropriate state agency and pay the necessary filing fees.
We believe everyone should be able to form a new business or prepare their own Will, Trust, Power of Attorney, Living Will or other important documents without paying expensive Attorney Fees.