Limited Liability Forms

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Commonly Asked Questions about Limited Liability Forms

What is a limited liability company LLC vs sole proprietorship?

As you can see, although sole proprietorship is easier to start and operate, LLC is a separate entity and offers protection in terms of liabilities. However, you can always start a sole proprietorship and then convert your business to an LLC in the future.

How does an LLC affect my personal taxes?

Income and losses pass through the corporation to the owners personal tax returns and are taxed at the owners individual rates. Your LLC profits are taxed at your individual income tax ratesjust like when your LLC is taxed like a sole proprietorship.

Do I have to renew my LLC every year in NY?

Domestic and foreign limited liability companies (LLCs) are required by Section 301(e) of the Limited Liability Company Law to file a Biennial Statement every two years with the New York Department of State setting forth the address to which the New York Secretary of State shall mail a copy of any process accepted on

How much does an LLC cost in NY?

The fee for filing the Articles of Organization is $200. The fee may be paid by cash, check, money order, MasterCard, Visa or American Express. Checks and money orders should be made payable to the Department of State. Do not send cash through the mail.

What does limited liability company mean on w9?

A Limited Liability Company (LLC) is an entity created by state statute. Depending on elections made by the LLC and the number of members, the IRS will treat an LLC either as a corporation, partnership, or as part of the owners tax return (a disregarded entity).

Is my LLC an S or C Corp?

As an LLC, you can elect S Corp status instead of the default sole proprietorship or partnership. As a corporation, youll automatically be taxed as a C Corp. A larger LLC might want to elect C Corp status for a lower tax rate or to appeal to future investors or buyers.

Which forms of business provide limited liability?

A limited liability company (LLC) is a business structure that offers limited liability protection and pass-through taxation. As with corporations, the LLC legally exists as a separate entity from its owners. Therefore, owners cannot typically be held personally responsible for the LLCs debts and liabilities.

Is a limited liability company a taxable entity?

Limited Liability Companies Treated as Corporations A limited liability company may be classified as an association taxable as either a C corporation or an S corporation. California and federal laws treat these limited liability companies as corporations subject to all corporation tax laws.