Business Entity

What type of business is a PL? PL”””” after the name of a legal firm identifies a professional limited liability company. Setting up as a PLLC protects the owners’ personal assets from business debts and lawsuits. Read more on work.chron.com For licensed professionals like doctors, lawyers, architects, and accountants, a Professional Limited Liability corporation (PLLC) … Read more

What is an LLC 2? To amend the Articles of Organization of a limited liability company (LLC), you must file an Amendment to the Articles of Organization (Form LLC-2) with the California Secretary of State. Operating Agreements are to be maintained by the LLC and are not filed with the California Secretary of State. Read … Read more

Why would you choose an C corporation? Why choose a c corporation? C corporations provide limited liability protection to owners, who are called shareholders, meaning owners are typically not personally responsible for business debts and liabilities. Read more on www.wolterskluwer.com Making the appropriate legal decision for your company is essential to its success. The C … Read more

Should a photographer be an LLC or sole proprietor? However, when you are not earning much, do not have valuable assets, and have an incredibly simple one-person business structure, a sole proprietorship suits most new wedding photographers fine. If you plan to take on business debt, a sole proprietorship (or general partnership) will probably not … Read more

The simplest and most typical type of business ownership is a sole proprietorship. It is a particular kind of company, owned and run by just one person, who is also liable for all debts and liabilities. It is a fantastic solution for small business owners who wish to launch their own firm because it is … Read more

Which is better an LLC or partnership? In general, an LLC offers better liability protection and more tax flexibility than a partnership. But the type of business you’re in, the management structure, and your state’s laws may tip the scales toward partnership. Read more on www.legalzoom.com One of the most crucial choices you will have … Read more

What are the advantages of an S corp over a sole proprietorship? The larger your distribution, the less Social Security and Medicare tax you’ll pay. The S corporation is the only business form that makes it possible for its owners to save on Social Security and Medicare taxes. This is the main reason S corporations … Read more

What type of business is LLP? Limited liability partnerships (LLPs) allow for a partnership structure where each partner’s liabilities are limited to the amount they put into the business. Having business partners means spreading the risk, leveraging individual skills and expertise, and establishing a division of labor. Read more on www.investopedia.com What kind of company … Read more

Is a single-member LLC good? Single-member LLCs are attractive because they can shield owners from the liabilities associated with the business. However, the limited liability protection isn’t as robust as it is for traditional LLCs (those with multiple members). A court may overturn any business owner’s liability protection. Read more on quickbooks.intuit.com A limited liability … Read more

What is a LLC in trucking? Most small trucking companies and independent owner operators choose to register as an LLC, which stands for Limited Liability Corporation. An LLC is like a corporation that separates your business assets from your personal property but it is much easier to manage than a corporation, especially for small businesses. … Read more