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The Limited Liability Company and You  

Monday, November 2, 2009

So you want to establish a company with your friends but you are wondering what type of business structure to use. Well, at first most would think that a partnership is good but it is not always good all the time. If you have more than 5 friends with you who will be joining the business then a corporation is the ideal type. But then there is another type which is a hybrid business entity having certain characteristics of both a corporation and a partnership or sole proprietorship, its called an LLC of limited liability company.

One of the characteristics which an LLC shares with a corporation is limited liability, and the primary characteristic it shares with a partnership is the availability of pass-through income taxation. It is often more flexible than a corporation and it is well-suited for companies with a single owner. But how can you start one? That's where MyLLC.com is very helpful.

So what is this website all about?

MyLLC.com®, was founded in 1998 and is headquartered in Westlake Village, California. MyLLC.com is the author of Limited Liability Company for Dummies™ and is a leading document filing and business entity formation company specializing in LLC and Corporation formations in all 50 states.

It is good to start a business and consider this hybrid type because it is not as complicated as a corporation nor was it as rigid as a partnership or a sole proprietorship.

According to Wikepedia LLC as compared to a corporation has this default rule:

The phrase "unless otherwise provided for in the operating agreement" (or its equivalent) is found throughout all existing LLC statutes and is responsible for the flexibility of the LLC.

In contrast, the phrase "unless otherwise provided for in the bylaws" is also found in all corporation law statutes but often refers only to relatively minor matters.

So for those starting a business this is one for the consideration. Meanwhile, those who already have a business and want to know more this website is of utmost importance.

In business all information and knowledge matters specially those which can empower you as a businessman.

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