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WHY BUSINESS ROCKET
An important part of LLC formation is the registered agent.
Our goal is to maximize the client’s benefits with the minimum of costs for the business,
while always providing excellent customer service !
HOW IT WORKS 3 EASY STEPS
Fill out online form
We create your LLC documents and
file them with the Secretary of State
You receive your final
LLC in the mail
FREQUENTLY ASKED QUESTIONS
How are limited liability companies (LLCs) taxed?
Generally, the IRS considers the limited liability company (LLC) as a pass-through entity, not a taxable entity separate from it’s owners / members. This means that owners have the option of reporting business income and losses on their own personal tax returns rather than the LLC filing a return and having taxes assessed directly like a corporation would.
The flexibility of the LLC also allows for different treatment by the IRS should the owners deem this advantageous. For example, in the event that members wish to hold significant profits within the LLC rather than distribute those earnings, the LLC may elect to be taxed as a corporation without actually altering the legal structure of the LLC.
What is the difference between an LLC and an Individual (Sole Prop)?
The primary difference between a sole proprietorship and a limited liability company (LLC) is, as the name implies, liability protection for the business owners. Operating a business as a sole proprietor means that the owner is personally liable for any debts, judgements, or damages awarded as a result of litigation. Operating as an LLC, however, owner’s personal assets and finances are not vulnerable to liability that may be incurred during the course of doing business. Generally, the owners are not responsible for liability, rather the LLC itself is responsible for debts and liabilities.
What are the advantages of an LLC?
The advantages of an LLC include liability protection for owners, flexible organizational structure, limited reporting requirements, and potential tax benefits. Generally, LLC owner’s personal assets are protected against any liability incurred during the course of doing business. The LLC can have one or more managing members and offers very flexible management structure. Reporting requirements are less complicated than with a corporation. In addition, owners may elect to be taxed as a pass-through entity or like a corporation.
What are the disadvantages of an LLC?
The disadvantages of an LLC include start-up costs, regular reporting requirements, and self-employment tax. There are expenses related to forming an LLC and there are expenses related to the regular reporting requirements that vary by state. Working members are also personally subject to self-employment tax (Social Security, Medicare), which can be more substantial than the corporate tax rate.
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