LLC Law

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Commonly Asked Questions about LLC Law

How do LLC owners make money?

LLC members, who are considered owners of the business, cant be on the regular payroll like regular employees. Instead, they receive their income in two main ways: by getting a share of the companys profits (known as taking a draw) or by receiving a guaranteed payment for the services they provide to the LLC.

What does an LLC actually do?

LLC stands for limited liability company, which means its members are not personally liable for the companys debts. LLCs are taxed on a pass-through basis all profits and losses are filed through the members personal tax return. Generally, LLCs are required to pay a one-time filing fee as well as an annual fee.

What is the new law for LLC in NY?

The New York LLC Transparency Act (NY LLCTA) will become effective as of Jan. 1, 2026, and will require limited liability companies (LLCs) formed, or qualified to do business, in the state of New York to disclose individual beneficial owner information to the New York Department of State (NYDOS).

What is the LLC Act in the US?

A limited liability company (LLC) is the United States-specific form of a private limited company. It is a business structure that can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.

What does LLC stand for law?

LLB is the abbreviation for the Bachelor of Laws. The degree abbreviates to LLB instead of BL due to the traditional name of the qualification in Latin, Legum Baccalaureus.

What is the point of LLC?

LLCs are important legal structures for forming a business. Limited liability means that the assets and debts of the business remain separate from the personal assets and debts of the LLCs owners. In most cases, if an LLC goes bankrupt, creditors can only go after the assets of the business and not of the owners.

What are the disadvantages of an LLC?

The Disadvantages of the LLC Business Structure A major disadvantage of an LLC is that owners may pay more taxes. It can be harder to attract investors with an LLC structure. There tend to be high filing and renewal fees associated with forming and maintaining an LLC.

What are the responsibilities of owning an LLC?

- LLC members owe fiduciary duties to the company and fellow members. - These duties include acting in the LLCs best interests, exercising care and diligence in decision-making, and avoiding conflicts of interest.