Interested in Forming an LLC? Sumter County, Florida Business Formation Attorneys can help
North Central Florida Business Formation Law Firm Focuses on LLCs
A limited liability company (LLC) is a hybrid type of business structure that combines the “pass-through” taxation of a partnership or sole proprietorship with the limited liability of a corporation.
What are the Advantages of an LLC?
Like owners of partnerships or sole proprietorships, LLC owners report the profits or losses of their business on their personal tax returns, since an LLC is not a separate taxable entity. But like owners of a corporation, all LLC owners are protected from personal liability for business debts and claims – this is the limited liability aspect of an LLC.
So, if a business owes money or has been named in a lawsuit, only the assets of the business itself are at risk. Creditors cannot usually reach the personal assets of the LLC owners, but LLC owners and corporate shareholders may lose this protection if they act illegally, unethically, or irresponsibly.
Who Can Form an LLC?
An LLC can be formed in any state with just one owner, simply by:
- Choosing an available business name that complies with state LLC rules
- Filing the required paperwork, known as articles of incorporation
- Paying the appropriate filing fee
- Creating an operating agreement that sets out the rights and responsibilities of the LLC members
- Publishing notice of intent to form an LLC (required in certain states only)
- Obtaining the required licenses and permits
Contact a Marion County, Florida Business Formation Law Firm Today
Do you need legal advice concerning the formation of an LLC? Call the North Central Florida business formation law firm Dean & Dean, LLP for competent legal representation in all business law matters. Contact our firm online or call (352) 515-9221 to schedule your initial consultation today.
