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Simply forming an LLC in any state may not be enough to meet legal requirements, and specifically, if an LLC is formed in one state, but the owner (or owners) are located in another state (or states), or an employee is located in another state, or the LLC's base of operations is located in another state, the LLC may need to register as a ...
An LLC might be the better choice if you’re working alone or have one or two partners, given their flexibility and simpler filing requirements. Corporations are generally best for larger, more ...
On the other hand, a corporation (Corp.) or a limited liability company (LLC) may hold assets such as real estate, cars or boats. If a shareholder of a corporation is personally involved in a lawsuit or bankruptcy, these assets may be protected. A creditor of a shareholder of a Corp. or LLC cannot seize the assets of the company.
Many states have an initial filing fee along with an annual fee and annual report filing requirement necessary for an L3C to maintain its legal status. Following filing, the members of the L3C must execute a formal operating agreement. In the operating agreement, L3Cs need to define its purpose per the provisions of IRS Treasury Regs.Sec.53. ...
Small business owners face severe penalties if they don't report to the federal government by year's end. Thousands of businesses may not realize they are subject to a new reporting process ...
Section 306(c) of the Revised Uniform Partnership Act (1997) (RUPA), a standard statute adopted by a majority of the states, grants LLPs a form of limited liability similar to that of a corporation: An obligation of a partnership incurred while the partnership is a limited liability partnership, whether arising in contract, tort, or otherwise ...
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