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Limited Liability Company (LLC) Traits
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Who are the owners? | Members |
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Who manages? | Members typically manage, unless they elect to operate the business by managers |
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How many members? | All states allow one person LLC formation |
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Default Tax status? | A single member llc will be treated as a sole-proprietorship, a multiple member like a partnership |
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Are you able to change the tax status? | An LLC may change its tax status from an LLC a partnership or a corporation |
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How are business profits taxed? | Pass-Through tax status where income is passed on to the members. At the individual tax rates of members |
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Information Tip
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Under each state's Laws, owners of the LLC are not personally liable for its debts and obligations if corporate status is maintained .
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