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What are the benefits of having a limited liability company?
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What are the benefits of having a limited liability company?
- Owners of a LLC have the limited liability protection of a corporation.
- Limited liability Companies can select varying forms of distribution of profits. Unlike a common partnership where the split is 50-50, LLC have more flexibility.
- LLC business structure requires no corporate minutes or resolutions and is easier to operate.
- All your business losses, profits, and expenses flow through the company to the individual members.
- You can avoid the double taxation of paying corporate tax and individual tax, but circumstances can favor a corporate tax structure.
- Business owners with plans to take their company public, or issuing employee share in the future, may be best served by choosing a corporate business structure.