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SpinDistribute.com Article Directory

The following article was published in our article directory on October 29, 2010.
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Limited Liability Companies (LLCs): How to Set them up Correctly

Article Category: Business Management

Author Name: Matthew Anderson

What is an LLC and how do you know it is right for you? An LLC is a limited liability company. It is a newer entity. The first LLCs were started in Wyoming in 1969. You might not think that is new, but considering corporations have been around in the USA since before our country began, an LLC is new.

LLCs by themselves have no value. There are no IRS regulations about the taxation of an LLC, so if you create one for a business, it will be taxed as a sole proprietor. Also, if you don't have a good operating agreement, the LLC offers no liability protection.

Let me give you an example of what happens when an LLC is not set up properly. Our firm has a client that put their welding business into an LLC before coming to us. We asked them, "Why did you choose a LLC for your business?"

They replied, "Our neighbor said I should."

We then asked, "Is your neighbor an attorney or CPA?"

They said, "No, he is a plumber."

We decided to get more details, and asked them how they structured their LLC. We queried, "Did you have an attorney or someone like that set it up for you?"

They answered, "No, I just went online and filed it."

"Oh, do you have an operating agreement?" We asked.

And they said, "No, what is that?"

Then we asked, "Did you get a Federal ID Number?"

"No, do I need one?"

This conversation went on for a while so we won't bore you with the rest of the conversation, but we will tell you that this is a common conversation we have with people. This client took the advice of their neighbor and tried to save money by doing it themselves. This resulted in no liability protection or tax benefits. They might as well have done nothing.

This story does have a good ending. After we helped this client set up their LLC right, it became a great entity for them, and it can be for you too. When an LLC is set up correctly, it can offer liability protection. This requires that there be two or more members and that you have a good operating agreement. There are also ways of creating money saving tax benefits.

Keywords: business tax, llc, limited liability company, tax

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