Limited Liability Company -
What is a limited liability company? A limited liability company is a type of company that is legally recognized in all states, and is generally the simplest startup option for new businesses. A limited liability company does not sell stock, nor does a limited liability company need to keep written minutes or hold mandatory annual meetings; corporations, on the other hand, do issue stock, and must keep minutes and hold annual meetings. One of the major differences between a corporation and a limited liability company is this: a corporation must pay taxes on its profit, while a limited liability company is a "pass-through" tax entity. In other words, the owner of a limited liability company would only pay taxes on his personal income (the profits from his limited liability company), and would not be doubled taxed like the owner of a corporation. So why should you start a limited liability company, rather than a corporation? You'll have much more management and profit-sharing flexibility, and your tax burden will be much lighter.
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