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Register An LLC

What is a Limited Liability Company?

 

A limited liability company is one of the entity types in the USA which is used to start a business. It starts with one member too, and a single member limited liability company report profit and loss in the form 1040 where as a multi-member limited liability company files a form 1065 to report the income and loss from the business.

 

Characteristics of an LLC: An LLC has a number of characteristics and few are explained as follows;

 

  • An LLC form as member managed or a manager managed limited liability company.
  • An LLC restricts the owners to pull out the payroll, instead an owner of the limited liability company receives the self-employment income which is reported on a form 1040, and that is subject to self-employment taxes.
  • An LLC can either file taxes as a corporation, s-corporation or a partnership.
  • An LLC is a pass through entity that does not pay taxes on the corporate level, instead flows through to the income tax to pay taxes.
  • An LLC is managed by an operating agreement, which is written by the limited liability company's management. That document lists the names, duties, limitations and the obligations of each member or manager of an LLC.
  • An LLC type is considered an ideal structure to start a  real estate business due to its unique characteristics and having a great flexibility of treating active and passive activities.

 

How to file an LLC?

 

Following information are generally requested by the secretary of state or the division of corporations to incorporate an LLC.

 

  • Proposed name of the limited liability company
  • Name  and the addresses of each member or manager of the LLC.
  • Ownership of each member
  • State filing fee
  • A Non US resident is also eligible to register an LLC and there is no requirement of a social security number to create a limited liability company in the USA.

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