Fundamentals of Limited Liability Company

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Limited Liability Company offers the best of two worlds: LIMITED liability aspect of corporations and PASS-THROUGH income-tax aspects of partnerships. Generally, a Limited Liability Company is formed with 1 or more members to carry on a business while none of the owners have personal liability for the obligations of the business.This article explores in some preliminary detail the formation, taxation, advantages and disadvantages of Limited Liability Company, among other subjects.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Doron Eghbali, Law Advocate Group, LLP | Attorney Advertising

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