LLC Facts

Also known as Limited Liability Company, a LLC is a form of business. These are some random facts I’ve collected from a variety of websites I’ve found on the internet and brought together here for you. Check out my resource list at the end to view the sources.

• Must file a return every year whether there is profit or loss. Just like the rest of the world, it has to be filed by April 15th.
• An LLC is given the ability to have the limited liability coverage like a corporation, but gets treated like a partnership when it comes to federal taxes.
• At tax time you have 3 filing options. This will depends on which filing category you fall under; sole proprietorship, partnership, or corporation.
• An LLC not automatically classified as a corporation can file Form 8832 to elect their business entity classification. This fact goes closely with the one directly above.
• All LLCs are required to have a federal id number. That means you’ll need to fill out a SS-4 form. This is when you’ll get to figure out exactly what filing option you fill fall under.
• Each business name is unique. Give yourself 3 options and list them starting with the one you like most. If the first option is unavailable then the second option will be used. Don’t just add punctuation to make it different. They need to be completely different naming options. For example; The Big Bear, LLC or Blue Bear, LLC.

This is by no means everything you need to know about becoming an LLC. This is a quick fact list. Always do as much research as you can before you make a final decision.

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