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What is LLC and should I use this for my business?

 
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Category : > Library To Create An LLC In USA
Posted On : Tue Feb 02nd,2010

 
 

An LLC is a distinct type of business that offers an alternative to partnerships and corporations, by combining the corporate advantages of limited liability with the partnership advantage of pass-through taxation.

LLC (Limited Liability Company) is considered a very flexible structure to incorporate business. It limits liability and not much paper work involved. Payroll is not required for the members of the LLC like corporations.

Professionals used to mostly recommend for real estate businesses but now a days it is becoming a most suitable structure for all businesses to limit liability and avoid additional paper work involved like corporations. There is no limit for the shareholders like an s-corporation.

Some folks think that they can register their businesses in any state. But technically it is not true. You have to register a business in the state where you are physically located. For example; you are located in New York City and doing retail business where you are subject to collect sales tax from your client. You can not register it in the state of Delaware to avoid sales tax. You can still register your business in the state of Delaware but then you will have to create a foreign entity in the state of New York to conduct business of your Delaware entity. In that case you will have to maintain two states. If in the state of Delaware sales tax is exempted you will have to still pay gross receipt tax and you may wind up paying more taxes.

Same in the state of Alaska sales tax is exempted but there are other taxes involved.

So, most professionals advise to keep it simple and register your business according to your residency.  

 

  


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Comments (1)
Cris Sheron   wrote on : Tue May 25th,2010
Should I set my website up as an LLC?

I have just started building an informational website on home remedies for different ailments. I do have a disclaimer on my site, but should I go ahead and set it up as an LLC also? I am single owner.


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Reply : infotaxsquare.com
 


Is an LLC Mandatory To Start An eCommerce Business For Home Remedies?


A home remedy is an alternative of the medicines which is used to  cure a disease or ailment by an organic way. It generally contains natural things such as vegetables, spices, fruits and other natural items.


A business name registration is required to start an eCommerce business to sell home remedies online not necessarily an LLC. It can be registered as a sole proprietorship or a corporation as well.

You also may include in your initial business plan to start a home remedies business;

  • Sales Tax Registration
  • Business License or Home Occupancy License
  • FDA approval is required to manufacture and market the products to make sure that it has no side effects.


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