A limited liability company (LLC) blends partnership and corporate structures. You can form an LLC to run a business or to hold assets. The owners of an LLC are members. LLCs protects its members against personal liabilities.
An LLC will be either:
A disregarded entity (for federal purposes), if it has only one member
-Single member limited liability company (SMLLC)
A partnership, if it has more than one owner
-Limited liability partnership
-Limited liability limited partnership
-Series limited liability company
An LLC being taxed as a corporation
An LLC must have the same classification for both California and federal tax purposes.
NoticeEvery LLC that is doing business or organized in California must pay an annual tax of $800.
WANTING TO START YOUR BUSINESS?
WHAT DO I NEED FOR TRANSPORTATION/ LIMO BUSiNESS?
WHAT TYPE OF CORP?
INC, LLC S-CORP, OR JUST A SOLE PROPRIETORSHIP
HOW TO START MY TCP?
CALL FOR AN APPOINTMENT AND DISCUSS YOUR FIRST STEP. (310) 417-9002
LLC
Flexible, offers liability protection, great for new businesses
Unlimited number of members allowed
Separate legal entity, filing required with the state
C Corporation
Great if you plan to go public or international
Unlimited number of shareholders allowed
Separate legal entity, filing required with the state
S Corporation
The choice of smaller corporations
Up to 100 shareholders allowed
Separate legal entity, filing required with the state