LLC: The Best of Many Worlds
The Limited Liability Company (LLC) business structure is perhaps the most appealing business form there is. Unlike sole proprietorships and partnerships, LLC owners have limited personal liability for the debts and actions of the corporation. Assets are the lifeblood of a business, and protecting them should be the highest priority.
Unlike corporations, LLCs are not double taxed. For tax purposes, LLCs are classified as partnerships. One of the biggest disadvantages of LLCs is that state laws regulating this type of business structure vary, but they’re still quite popular. Some states are making it easier to form LLCs. In Missouri, companies can register online:
[Secretary of State Robin] Carnahan said in a written release Thursday that the move is part of her office’s plan to reduce government red tape and streamline business operations.
More than 26,000 LLCs were formed in Missouri in 2004, more than any other business type, Carnahan said. (Source)
Chris Allison of the California Estate and Business Law Blog gives two examples of the benefits of LLCs.
