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- Limited Liability Company (LLC) | Internal Revenue Service
An LLC that does not want to accept its default federal tax classification, or that wishes to change its classification, uses Form 8887, Entity Classification Election (PDF) , to elect how it will be classified for federal tax purposes. Generally, an election specifying an LLC’s classification cannot take effect more than 75 days prior to the date the election is filed, nor can it take effect later than 67 months after the date the election is filed. An LLC may be eligible for late election relief in certain circumstances. See About Form 8887, Entity Classification Election for more information.
LEGAL OPTIONS LLC (201203825R) - Singapore Business Directory
An LLC, which stands for "Limited Liability Company," is a type of business structure that lets you classify your business as a separate entity from you personally. This allows you to keep your personal assets separate from your business assets, and protect them from your business' debts and liabilities.
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Next, we'll review your answers and check if your proposed LLC name's available with the Secretary of State. If not, we'll contact you for an alternative name. Once your name's settled, we'll prepare your Articles of Organization and submit them to the Secretary of State to register your LLC.
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LLCs can be either member-managed or manager-managed, while corporations must have a board of directors, officers, and shareholders. Corporations also have more formal maintenance requirements than LLCs, requiring annual meetings with corporate minutes. And LLCs offer pass-through taxation—which means profits flow through to the owners, who get taxed on them as individuals—while corporations may be subject to double taxation at the business and personal level.
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Under both you can open bank accounts, enter contracts, hire employees, and obtain business licenses and permits. The key differences between the two include management structure, corporate formalities, and tax flexibility.
Limited Liability Company (LLC) | Internal Revenue Service
With an LLC, you get to choose how you'll be taxed. By default, LLCs are taxed as pass-through entities, but you can decide to be taxed as a corporation or an S corporation.
A few types of businesses generally cannot be LLCs, such as banks and insurance companies. Check your state’s requirements and the federal tax regulations for further information. There are special rules for foreign LLCs.
A Limited Liability Company (LLC) is a business structure allowed by state statute. Each state may use different regulations, you should check with your state if you are interested in starting a Limited Liability Company.