{"id":350,"date":"2011-09-16T20:21:08","date_gmt":"2011-09-17T03:21:08","guid":{"rendered":"http:\/\/www.establishmybusiness.com\/?page_id=350"},"modified":"2011-09-16T20:21:08","modified_gmt":"2011-09-17T03:21:08","slug":"limited-liability-company-llc","status":"publish","type":"page","link":"http:\/\/establishmybusiness.com\/temp\/business-basics\/san-jose-business-structures-entities\/limited-liability-company-llc\/","title":{"rendered":"Limited Liability Company (LLC)"},"content":{"rendered":"<p>Limited Liability Companies are very popular in the State of California and have a blended benefit for those seeking to be taxed like a sole\u00a0proprietorship or\u00a0partnership and have similar liability protection like a corporation.<\/p>\n<div class=\"pull right\">\n<h4>Advantages<\/h4>\n<ul class=\"green\">\n<li>Avoids some S Corporation Restrictions<\/li>\n<li>Avoids double taxation on profits<\/li>\n<li>No shareholder\/quarterly meetings<\/li>\n<li>Can be owned by an individual<\/li>\n<li>Fairly easy to set up<\/li>\n<\/ul>\n<\/div>\n<p>An existing partnership can generally elect\/change their partnership into an Limited Liability Company if they follow the proper steps to be recognized as a new entity.  If they do not, the partnership would have to dissolved then create a Limited Liability Company.  This usually means more time, headaches and money spent to change business structures.<\/p>\n<p>There is a great deal of information that you must go over with your accountant and lawyer regarding a LLC.  If you are heavily developing technology or have any intellectual property, you should consult a lawyer to make sure you are setting up your business entity to transfer your work correctly to your company.  <\/p>\n<div class=\"pull right\">\n<h4>Disadvantages<\/h4>\n<ul class=\"red\">\n<li>Sharing of profits (by percentage of ownership)<\/li>\n<li>Disagreements and control issues (again it is based on percentages not shares)<\/li>\n<li>Differs from State to State<\/li>\n<\/ul>\n<\/div>\n<p>Be sure to speak with an accountant to discuss the correct ways to settle taxes and file your income because an Limited Liability Company is a pass-through entity.  This means that your tax obligations will pass through from the company to you on your personal tax return.<\/p>\n<p>As always, I am not a tax professional or attorney (nor do I want to be one :D).  Please consult professional guidance when dealing with critical areas of your business.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Limited Liability Companies are very popular in the State of California and have a blended benefit for those seeking to &hellip; <a href=\"http:\/\/establishmybusiness.com\/temp\/business-basics\/san-jose-business-structures-entities\/limited-liability-company-llc\/\" class=\"more-link\"><span class=\"more-button\">Continue reading &gt;<span class=\"screen-reader-text\">Limited Liability Company (LLC)<\/span><\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":116,"menu_order":0,"comment_status":"closed","ping_status":"open","template":"","meta":[],"_links":{"self":[{"href":"http:\/\/establishmybusiness.com\/temp\/wp-json\/wp\/v2\/pages\/350"}],"collection":[{"href":"http:\/\/establishmybusiness.com\/temp\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"http:\/\/establishmybusiness.com\/temp\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"http:\/\/establishmybusiness.com\/temp\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/establishmybusiness.com\/temp\/wp-json\/wp\/v2\/comments?post=350"}],"version-history":[{"count":0,"href":"http:\/\/establishmybusiness.com\/temp\/wp-json\/wp\/v2\/pages\/350\/revisions"}],"up":[{"embeddable":true,"href":"http:\/\/establishmybusiness.com\/temp\/wp-json\/wp\/v2\/pages\/116"}],"wp:attachment":[{"href":"http:\/\/establishmybusiness.com\/temp\/wp-json\/wp\/v2\/media?parent=350"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}