How Do You Set Up A Limited Liability Company?
What exactly is a Limited Liability Company (LLC)? It is a formation of members (unlike partners or shareholders). These members (which can be unlimited) can include other corporations or individuals. A Limited Liability Company also combines many aspects you will find in a partnership or corporation. The primary advantage of a Limited Liability Company is the protection. As with a Limited Company the members will not be liable for any debts the company may incur , unless an individual personal guarantee has been signed. Setting up a Limited Liability Company will be more simpler than for a corporation. Unlike Corporations or Limited Companies, there is no requirement to keep company minutes, note resolutions or hold meetings, this in itself can reduce the workload on the business. You have the flexibility to choose how profits are shared, unlike a conventional partnership or company where profits are given equally or in ratio to the number of shares held. There is a tax advantage if c
