Own Limited Liability Company
Do USA Federal or State bodies force privately owned companies to disclose account information?
Question
Limited Liability Company or Sole Proprietorship?
my teacher says the best way to open your own small business is by LCC. what are the advantages of it and what are the disadvantages over a sole proprietorship??
2 months ago - 2 answers
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Good question. The Limited Liability Company (LLC), which combines the pass-through taxation of a sole proprietorship, or general partnership, with the limited liability of a corporation. - There are no federal corporate taxes imposed on the LLC as a separate entity. - LLCs provide personal liability protection for members. - There is no need to meet the requirements and formalities of a corporation to maintain the business status. - Members can draw up their own contract, allowing for flexibility in management and responsibilities. - One has greater flexibility than with a corporation in allocating income to members. Hope this helps! --- Brad
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2 months ago
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Other Answers
Limited liability means that if the company goes bankrupt... you don't. Sole Trader, you're responsible for the debts of the company. That means that *everything* you own would be seized if the company goes under due to debts.
by bishopdante- 2 months ago