Limited Liability Company 2017-11-24T10:57:55+00:00

The easiest, most flexible way to launch your business

Shield your personal assets from business liabilities.

The flexibility to run your business as you wish.

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What is a Limited Liability Company (LLC)?

A corporate structure where the members of the company cannot be held personally liable for the company’s debts or liabilities is what Limited Liability Company known as. If we simply put, then this the least complex business structure as it gives you the perk of pass-through taxes, limited liability (obviously), and legal protection for your personal assets. There may be different regulations for the different states, so if you are interested in starting a limited liability company then you first check it with your state.

In conclusion of the above lines means that the owners are not personally responsible for business debts and liabilities of the limited liability company so creditors cannot pursue owners’ personal assets to pay business debts. Most of the states also permit “single-member” LLC’s, those having only one member.

Advantages of LLC

  • Limited liability company provides you limited liability protection which means that owners are not are not held personally responsible for business debts and liabilities.
  • There is flexibility in allocating profits and losses among its various owners.
  • Not limited to only one class of ownership. LLC can have different classes of ownership.
  • It may help your business be perceived as a more legitimate business than a sole proprietorship or general partnership.
  • To increase ownership in company and add more new members, one has obtain written consent prior.
  • Without going through any corporation formalities you can still have benefits similar to a corporation.

Disadvantages of LLC

  • If company faces bankruptcy or any member of the company dies then LLC’s generally dissolves as it has a limited life.
  • Because of having no shares or shareholdings, LLC’s cannot go public. Issuing shares to employees through stock option is not available for the same reason.
  • Complexities and paperwork associated with LLC’s are significantly less than those required for forming corporation but still its formation is still significantly more complex than a partnership or sole-proprietorship.

How to apply for LLC

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In no time, you will receive your Limited Liability company package by mail.

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Economy

$149

The basics to get you started

Filing of your LLC state documents and personalized operating agreement.


Standard Turnaround

30 business days


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Standard

$289

Everything from Economy +


Deluxe LLC kit

All of your documents organized in a custom-embossed binder


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Express Gold

$359

Everything from Standard +


Priority Turnaround

7-10 business days


30-Day Trial of Attorney Advice*

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Frequently Asked Questions

If you are concerned about personal exposure to lawsuits or debts arising from business then you should consider forming LLC. LLC’s cannot be operated by all the businesses. Few business are prohibited to form a LLC like baking, trust, insurance industry etc.
There is NO need of an attorney to form an LLC as you can prepare the legal paperwork a file it by yourself. You can also use a professional business formation service such us ours (Impanix).
YES! You can name your LLC anything you want but you have to keep one thing in mind that any other company is not using the similar name in your state. You need to include the designation “LLC” or some other variation in your name to distinguish it as an LLC which is required by all the states.
If you are confused, whether LLC or Corporation is right for you? We have simple guidelines regarding it so you can figure it out by your own.
NO! Unless the LLC’s operating agreement requires meetings. The impanix operating agreements make meetings optional for you. Fewer Formalities is one of the key advantages of an LLC. This clearly means that there is less chance that the members will accidentally violate the law and possibly lose their liability protection and less paperwork too.
When it comes to taxation, LLC’s are quite Flexible in nature. A LLC can be taxed as corporation, a partnership, or a sole proprietorship, depending on how many members it has and the tax treatment its owner select. A LLC will automatically taxed as a partnership if two or more than two members are there. LLC with only one owner is sole proprietorship, unless company files documents with the IRS requesting a different tax treatment.
You cannot be a LLC officially until you register your name with your states. To get register, you first have to submit the articles of organization and also the name you want to register. The name you have provided will be first checked by the states to make sure that there is no other name like yours being used by other company. After this whole procedure, your LLC will be finally approved by the state.