What is a LLC, and what does the acronym LLC stand for.?
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Limited Liability Company 101\n\nAs a business owner, you will be faced with many important decisions, including what business structure to use in your company formation. While many countries allow the typical structures of sole-proprietorship, partnership, or corporation for business ownership, Americans have the ability to form a limited liability company. \n\nWhat is a Limited Liability Company? \n\nA limited liability company (LLC):\n\n\nis a type of business ownership combining several features of corporation and partnership structures is not a corporation or a partnership may be called a limited liability corporation, the correct terminology is limited liability company owners are called members not partners or shareholders number of members are unlimited and may be individuals, corporations, or other LLC's.\n\nAdvantages of Limited Liability Company\n\nLimited Liability: Owners of a LLC have the liability protection of a corporation. \n\nNo Minutes: Corporations are required to keep formal minutes, have meetings, and record resolutions. The LLC business structure requires no corporate minutes or resolutions and is easier to operate. \n\nFlow Through Taxation: All your business losses, profits, and expenses flow through the company to the individual members. You avoid the double taxation of paying corporate tax and individual tax. Generally, this will be a tax advantage, but circumstances can favor a corporate tax structure.\n\nDisadvantages of Limited Liability Company\n\nLimited Life: Corporations can live forever, whereas a LLC is dissolved when a member dies or undergoes bankruptcy.\n\nGoing Public: Business owners with plans to take their company public, or issuing employee shares in the future, may be best served by choosing a corporate business structure.\n\nAdded Complexity: Running a sole-proprietorship or partnership will have less paperwork and complexity. A LLC may federally be classified as a sole-proprietorship, partnership, or corporation for tax purposes. Classification can be selected or a default may apply.\n\nSetting-up a Limited Liability Company\n\nAll 50 states now allow the formation of LLC`s. Forming your own LLC may not be as simple as a sole-proprietorship, however, the process is much less than a corporation. There are two main actions:\n\n1. Articles of Organization: If you plan to set up a limited liability company, you will have to file articles of organization with the Secretary of State and pay the required fees. Articles may be prepared by a lawyer or filed yourself.\n\n2. Operating Agreement: Although it is not required in many states to draft an operating agreement, it is advisable. Much like corporate by-laws or partnership agreements, the operating agreement can help define your company profit sharing, ownership, responsibilities, and ownership changes. \n\nEach state has different rules governing the formation of a limited liability company. For instance, in North Dakota, a foreign LLC is not allowed for banking or farming. Some states will want a publication notice with the local newspaper that a company has been formed. Check with your local state office for further details.\n\nThis article should provide you with the basics of limited liability companies and help guide your decision of company business formation. Each state's laws differ as well as each company situation. It is advisable to seek tax and legal counsel to determine the best choice for your individual circumstance.
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Doing Business As is what it stands for. This can be an individual doing business, or a corporation with one name also doing business under a different name. Umbrella name would be the corporation, but the smaller business would be listed as a DBA under the corp.
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And LLC is most likely to be treated like a partnership for tax purposes.  It is not a corporation.  An S Corp files on 1120S.  An LLC files a 1065 and issues K1s to members.
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You define it.   One is big enough.   Define your corporation, it's board, it's membership requirements, the products, mission, services.   It's a free country.  \n\nYou do not need any legal thing.  Down the road, you and your board of directors will define your organization clearer, and decide what corporate structure that you need.    A simply DBA might do the trick for many years.   But if you want to attain a non-profit status, you might have to incorporate further.   \n\nJust get started and DO something.
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Most probably an LLC\n\nA corporation differs from the other legal forms of business in that the law regards it as an artificial being possessing the same rights and responsibilities as a person. This means that, unlike sole proprietorships or partnerships, it has an existence separate from its owners. It has all the legal rights of an individual in regards to conducting commercial activity -- it can sue, be sued, own property, sell property, and sell the rights of ownership in the form of exchanging stock for money.  \n\nAs a result, the corporation offers some unique advantages. These include (1) limited liability: owners are not personally responsible for the debts of the business, (2) the ability to raise capital by selling shares of stock, and (3) easy transfer of ownership from one individual to another. Plus, unlike the sole proprietorship and partnership, the corporation has "unlimited life" and thus the potential to outlive its original owners.  \n\nThe main disadvantage of the corporate form can be summed up in two words: taxation and complexity. In what amounts to double taxation, you must pay taxes on both the income the corporation earns and the income you earn as an individual. Along with this, corporations are required to pay an annual tax on all outstanding shares of stock. Given its complexity, a corporation is both more difficult and more expensive to start than are the sole proprietor­ship and the partnership. In order to form a corporation, you must be granted a charter by the state in which your home-based business is located. For a small business the cost of incorporating usually ranges from $500 to $1,500. This includes the costs for legal assistance in drawing up your charter, state incorporation fees, and the purchase of record books and stock certificates. And, since corporations are subject to closer regulation by the government, the owners must bear the ongoing cost of preparing and filing state and federal reports.  \n\nLLCs offer greater flexibility in ownership and ease of operation. There are no restrictions on the ownership of an LLC. An LLC is simpler to operate because it is not subject to the formalities by which S corps must abide. An LLC can be member-managed, meaning that the owners run the company; or it can be manager-managed, with responsibility delegated to managers who may or may not be owners in the LLC. \n\nAnd the owners of an LLC can distribute profits in the manner they see fit.
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Articles of incorporation are legal documents filed with the state of organization. State statutes provide the forms necessary to complete these and have very strict standards and requirements to complete the forms.\n\nBylaws, corporate charters, company polices, etc, are internal documents in which the managing members, or "owners", agree to.\n\nTo establish Bylaws the company should first be incorporated or organized in the respective state of business. Then, the bylaws should be compiled by the members. Once the bylaws are agreed upon and approved by the majority of members (or unanimously as may be required by some states), the members should all sign the bylaws. Be sure to include in your bylaws provisions for allowing the bylaws to be changed or ammended in the future, otherwise, you're forced to live by them until the organization is dissolved.\n\nIf you feel this answer was sufficient, please vote it best answer. Thank you!
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GmbH is a German Company \nPLC is a British Company\n\nYou will see these letters used after the company name like Inc. is used for companies in the US.
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Its all about cya.  In an Inc, the owners can have their personal property taken away.  An LLC is designed to shield the personal property of the owners from lawsuits and bankruptcy.
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To have information LEGALLY released from an individual, business, or organization you should obtain a "Release of Information" for each entity you are asking.  \n\nThis document should be signed by the person you are requesting information about.
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Wow people ask this question alot.\n\nA limited liability company issues membership interests and has members where a corporation issues stock and has stockholders. \n\nAn LLC is either run by its members or managers but may, if its LLC agreement specifies, have officers. A corporation always has a board of directors and officers.\n\nA corporation's structure is dictated by its articles and by, usually a well established body of law in the state of its formation's statutes and case law. An LLC is usually governed mostly by its operating agreement because the LLC statutes give LLCs great flexibility in management and economic flexibility.\n\nAn LLC is taxed as a partnership if it has 2 or more members and is disregarded as an entity if it only has 1 member, whereas, unless you make an S-corp. election, a corporation pays tax separately from its owners (hence the double tax issue).\n\nLLCs are generally chosen for either their tax advantages over corporations and their greater flexibility in economic and managerial structures.
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A couple different ways I can think of.\n\nFirst, you could start a new LLC and just use the same name; e.g., if it's XYZ Event Planning, organize XYZ Travel Agency.  Ownership of the new LLC would mirror that of the event planning business.\n\nSecond, don't start a new LLC, just run the travel agency as a separate division from event planning (separate financials, although you'd only file one tax return for the business).
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Whoever advised you to register a second LLC in Alabama did not know what they were talking about. You could have registered in Alabama as a foreign LLC for $75 which would have allowed your Georgia LLC to operate there. A second LLC is essentially a second legal entity that probably will need an EIN.\n\nIf you want to make your life easier, scrap the Alabama LLC and register your Georgia one as a foreign LLC.
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I work with government contracts a bit so those acronyms are all familiar to me, but they don't seem logical on the tag.\n\nDLA = Defense Logistics Agency\nDSA = Directory System Agent\nSPO = Systems Program Office
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One of the most comprehensive FAQs on LLC I know is by Nolo.com:\n\nhttp://www.nolo.com/article.cfm/objectID/ED01121A-B4BF-498A-8BC0DBD121A0C869/111/182/245/FAQ/\n\nOther resources are:\n\nHow to form an LLC in your state (with state by state links) http://www.mycorporation.com/llc/info/index.htm\nhttp://www.bizfilings.com/learning/llcfaq.asp
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An LLC is a "limited liability company".  Best idea is to consult an attorney in your area.  Many law firms will offer busines formation services as a package deal - one price for everything.  The benefit of using an attorney is that you can be confident that everything is formed correctly, and that you understand all the rules and regulations surrounding your new business enterprise.  Good luck.
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The article "LLCs vs. C Corporations" http://www.powerhomebiz.com/vol97/llcs.htm shows the differences and similarities between the two legal structures.\n\nOther articles that can help you decide the best legal structure for your business can be found at: http://www.powerhomebiz.com/startup/legal.htm\n\nStarting a small business takes a lot of courage. But, as they say, courage does not pay the bills. To be successful – to stay in business – you need more than courage. You need a combination of hard work, skill, perseverance, and lots of luck. \n\nSome things you need to consider:\n- "How can I support my family while I build up by business?" \n- "What are my abilities?" \n- "Is there a market for the product or service I have chosen?" \n- "How long will it take this business to reach the financial goal I have?" \n\nYou may want to read the article "How to Start a New Business Successfully" http://www.powerhomebiz.com/vol51/launch.htm , which lists six steps to launch a new business successfully:\n\n1. Provide a benefit.\n2. Determine the fit with your market.\n3. Right timing is everything\n4. Be ready to support your business\n5. Develop a blueprint for success\n6. Market, market, market\n\nI recommend that you read the following books:\n\n- What No One Ever Tells You About Starting Your Own Business : Real Life Start-Up Advice from 101 Successful Entrepreneurs \n- Starting From Scratch: How To Start A Business When You Don't Have Money \n- If You're Clueless About Starting Your Own Business and Want to Know More \n- On the Move : How to Succeed and Survive As an Entrepreneur \n- How to Make 1000 Mistakes in Business and Still Succeed \n\nYou may also want to read the articles:\n\nHow to Start a Successful Consulting Business http://www.powerhomebiz.com/vol83/consulting.htm\nSeven Keys to Building a Profitable Consulting Business http://www.powerhomebiz.com/vol5/consulting.htm\n\nAlso check out the following consulting specific books to help guide you as you start your consulting business\n\n- Getting Started in Consulting \n- The Consultant's Quick Start Guide: An Action Plan for Your First Year in Business \n- How to Make It Big As a Consultant \n- The Seven Cs of Consulting: Your Complete Blueprint for any Consultancy Assignment \n- Million Dollar Consulting, New and Updated Edition: The Professional's Guide to Growing a Practice
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Boy, I wish wasn't at my second home because the information I would like to give to you is back at my other house. Anyway I am a Realtor, small apartment owner, trying to retire.\n\nA couple of years ago I went to an excellent lecture on just what you are asking. For a minimal amount of money I purchased "awesome" material, forms, how to's etc and telephone help.\n\nIt was a lot of work but, simple enough.   They taught us how to put LLCs into Living Trusts and "on and on".\n\nIf I had to remember who they were today I would put "expert protection of assets Salt Lake City, Utah" into a search and see what comes up. I bet I could find them. Let me know.\n\nI just saw another answer and he is confused; you absolutely can put each building into an llc for that matter.