LLC
What is LLC?
A limited liability company also Famous as a LLC, is a business entity created under state laws which has the characteristics of both a corporation and a partnership. LLC is a legal form of Business Company, in the law of the vast majority of United States jurisdictions that allow for limited liability to its proprietor.
Limited Liability Company is important to realize that limited liability does not entail owners are always fully protected from personal liabilities. Courts can and do pierce the corporate veil of LLCs when some type of fraud or misrepresentation is necessitate, or under certain situations where the proprietor uses the company as an “alter ego.”
LLCs may also elect to be taxed like a firm by filing IRS Form 8832
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