Week One Indiviual Assignment

1070 words - 4 pages

Page | PAGE \* MERGEFORMAT 7 Limited liability company and partnership PAPER
Limited Liability Company and Partnership PaperMichelle L. WeidmanFIN/419October 13, 2014Maria JohnsonLimited Liability Company and Partnership Paper"Twenty years from now you will be more disappointed by the things you did not do than by the ones you did do. So throw off the bowlines. Sail from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover." ~ Mark Twain, author (Top)Over the long term, people who run their own businesses have the potential to make more money than those who work for someone else. Most people have dreams of acquiring great wealth and the way to get there is to own a business. Job security is another reason and a lot of people just prefer being their own boss. Another attractive element to owning one's business is that their time is their own (Why). When the decision has been made to start a business there are different factors that must be considered when deciding upon a business structure that will best serve the needs of the business. Recently there has been a growing number of formations of limited liability companies and limited liability partnerships, the features of which are defined herein.Limited Liability CompanyThe limited liability company (LLC) is considered a hybrid type of legal structure that provides the limited liability features of a corporation as well as the tax efficiencies and operational flexibility of a partnership. LLC "owners" are typically referred to as members and, depending on the state, can consist of a single individual (one owner), multiple individuals, corporations or other LLC's.Like shareholders in a corporation, the federal government does not tax LLC's as separate business entities. Rather, all profits and losses are "passed through" the business to each member of the LLC who then reports the profits and losses on their personal federal tax returns each quarter, just as the owners of a partnership or sole proprietorships would. While the federal government does not tax the income on an LLC, there are some states that do so it is important that this is checked with the state's income tax agency (Limited).Just as with a corporation, an LLC offers protection for its members from personal liability for business debts and claims which means that if the LLC cannot pay a supplier, lender or landlord, or any other creditor, they cannot come after the personal assets of the owners because only the LLC's assets are used to pay off business debts so LLC owners stand to lose only what they invest in the LLC (a feature often called "limited liability").This limited liability protection does not protect the owners from all liability. An LLC owner can be held liable for injuring someone, guarantying a bank note or business debt that the LLC defaults on, fails to deposit taxes withheld from employees' wages, intentionally commits fraud, engages in illegal activities or recklessness that causes harm...

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