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LegalZoom walks through the process of starting an LLC. In 2023 alone, American entrepreneurs started a record-breaking 5.5 million small businesses—the lion's share of which were LLCs.
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It is a hybrid structure that combines the legal and tax flexibility of a traditional LLC, the social benefits of a nonprofit organization, and the branding and market positioning advantages of a social enterprise. An anonymous limited liability company is an LLC for which ownership information is not made publicly available by the state.
A low-profit limited liability company (L3C) is a legal form of business entity in the United States. [1] Commonly referred to as a hybrid structure, it has characteristics of both for-profit and non-profit entities. [ 1 ]
But an LLC can also be a single-member LLC, organized by one individual. If that’s the case, the IRS treats the LLC as a “disregarded entity” unless it chooses to be treated as a corporation.
There are a number of legal benefits that come with incorporation. One significant legal benefit is the protection of personal assets against the claims of creditors and lawsuits. Sole proprietors and general partners in a partnership are personally and jointly responsible for all the legal liability (LL) of a business such as loans, accounts payable, and legal