Jennifer Reuting

Individuals are now, more than ever, realizing the power of the limited liability company (LLC). If you’re like many people, you probably understand that an LLC can benefit you somehow; you just don’t know the next steps to take.Read on to find out the benefits of LLCs, get help naming your LLC, and get the lowdown on the different tax types for LLCs so you can make the best decisions for your business.

A limited liability partnership is like a limited partnership without limited partners. An LLP has only general partners who are held personally responsible for the debts and obligations of the business. So how is this entity different from a general partnership, you ask? Well, an LLP has an added layer of liability protection that insulates the partners from the wrongful acts of the other partners.

Everyone seems to be going crazy over limited liability companies (LLCs), and for good reason. The LLC is one of the most flexible entities — you can choose how to distribute the profits, who manages the business’s day-to-day affairs, and how the profits are taxed. The LLC also offers a lot in terms of liability protection (hence the name limited liability company).

Tens of millions of Americans operate small businesses. They range from small, home-based side businesses to fully operational companies with many employees. For the most part, these individuals operate without protection. Granted, they may not take what they do too seriously. They may consider themselves independent contractors or consultants, but in today’s litigious society, operating without even a basic level of liability protection is a bad move.

You can't expect to pick a great name for your LLC (limited liability company) out of thin air. Creativity is best served when subject to a few helpful restrictions. The following are a few naming rules for your businesses: Be distinct. Naming your brand-new and improved social media site FaceSpace or MyTube won't give the impression that you are either "new" or "improved.

Because LLCs (limited liability companies) are allowed to elect pretty much any tax status that suits them, the federal returns, information statements, and notices that they are required to file each year vary accordingly. An LLC can choose the following types of taxation: disregarded entity, partnership, corporation, or S corporation.

LLCs, or limited liability companies, are one of the most flexible business entities. They allow you to choose how to distribute the profits, decide who manages the business's day-to-day affairs, and decide how the profits are to be taxed. They also offer a lot in terms of liability protection. The overall advantages of the LLC include the following: Personal liability protection: Any creditors who come knocking or lawsuits filed against your business can't affect you personally.

LLCs (limited liability companies) are the perfect tool for planning an estate. Planning your estate is sort of like shooting at a moving target — you can't plan for a future that you are unsure of. Nothing is certain in estate taxes, and Congress may pass another tax act in the coming years that changes the estate tax structure.