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Video instructions and help with filling out and completing How Form 5495 Liabilities

Instructions and Help about How Form 5495 Liabilities

I've saved my discussion of limited liability companies or LLC's for last first because they are relatively speaking the new kid on the block and second they're a hybrid entity the first LLC was formed in Wyoming in 1977 and it caught on like wildfire due to the personal asset protection and tax flexibility it offered its owners an LLC is a hybrid business entity combining many of the positive characteristics of both a corporation and a partnership presumably giving the owners the best of both worlds like a corporation an LLC is a legally distinct entity separate from its owners it has the power to sue and be sued just like a corporation it provides similar limited liability protection as that of a corporation but has the pass-through tax benefits of a sole proprietorship and partnership an LLC comes into existence when prospective members file a charter document with a state's business entities Department which is usually the Secretary of State the owner of the Nell Elsie are called members and membership units represent a members ownership interest an LLC can have one or more members LLC's offer a flexible management structure they can be either member managed or manager managed in a member managed LLC each member has an equal voice in the decision making process of the company much like partners in a partnership most LLC's are member managed in a manager manage two LLC the members specifically designated manager or managers who may or may not also be members to manage the company much like officers in a corporation by default the IRS treats single-member al Elsie's is a sole-proprietorship and multiple member LLC's as partnerships meaning that they are initially treated as pass-through entities however all LLC's can elect to be taxed as either a...

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