How to form an LLC
A novel business structure that came into existence in 1977 in Wyoming, LLC is the acronym for Limited Liability Company (LLC). Being a recognised one by every State’s statute and the IRS, an LLC is a unique blend of limited liability’s corporate advantages with the advantages of pass-through taxation of partnerships. A better alternative to traditional entities, LLC is neither a partnership nor a corporation.
Limited Liability Companies has achieved its limelight status for them not holding the disadvantages of partnerships and corporations, but inheriting only their best features. Flexible and demands less ongoing paper work when compared with corporations also if you compare it with partnerships, the dangers of personal liability has been evaded here. To surprise you further, “do you know that Chrysler and Amazon, both are limited liability companies?”