Depending on elections made by the LLC and the number of members, the IRS will treat an LLC as either a corporation, partnership, or as part of the LLC’s owner’s tax return (a “disregarded entity”). Specifically, a domestic LLC with at least two members is classified as a partnership for federal income tax purposes unless it files Form 8832 and affirmatively elects to be treated as a corporation. For income tax purposes, an LLC with only one member is treated as an entity disregarded as separate from its owner, unless it files Form 8832 and elects to be treated as a corporation. However, for purposes of employment tax and certain excise taxes, an LLC with only one member is still considered a separate entity.
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Company (khevra, חברה) – for-profit entity which may engage in any lawful activity. Most companies limit the liability of their shareholders. In that case, the phrase "Limited" or the abbreviation "Ltd." must appear as part of the full name of the company. The term "B.M."/"BM" (בע"מ), literally: by limited liability/warranty, is usually translated as "Ltd." in English and pronounced "ba'AM" in Hebrew. Companies are governed by the Companies Act, 5759-1999 (חוק החברות, תשנ"ט-1999). Few sections are still in force from the Companies Ordinance [New Form], 5743-1983 (פקודת החברות [נוסח חדש], תשמ"ג-1983).
North Carolina a corporation must contain the word "corporation", "incorporated", "company", or "limited", or the abbreviation "corp.", "inc.", "co.", or "ltd."; a limited liability company must contain the words "limited liability company" or the abbreviation "L.L.C." or "LLC", or the combination "ltd. liability co.", "limited liability co.", or "ltd. liability company"; a limited partnership that is not a limited liability limited partnership must contain the words "limited partnership", the abbreviation "L.P." or "LP", or the combination "ltd. partnership"; a limited liability limited partnership must contain the words "registered limited liability limited partnership" or "limited liability limited partnership" or the abbreviation "L.L.L.P.", "R.L.L.L.P.", "LLLP", or "RLLLP"; a registered limited liability partnership's name must contain the words "registered limited liability partnership" or "limited liability partnership" or the abbreviation "L.L.P.", "R.L.L.P.", "LLP" or "RLLP". North Carolina General Statutes § 55D‑20
Cooperative (aguda shitufit, אגודה שיתופית) – entity which may pursue profit, but with certain legal properties meant to facilitate greater participation by each shareholder, or member, in the entity's affairs. Shareholders usually have an additional relationship with the cooperative, such as employees or consumers. This type of entity is found mainly in agriculture (a kibbutz or moshav is often a cooperative), transportation, or certain types of marketing operations associated with agricultural products. Cooperatives are governed by the Cooperatives Ordinance (פקודת האגודות השיתופיות).
Utah "corporation", "incorporated", "company"; the abbreviation: "corp.", "inc." or "co." or words or abbreviations of like import to the words or abbreviations listed in another language; without the written consent of the United States Olympic Committee, may not contain the words "Olympic", "Olympiad", or "Citius Altius Fortius"; without the written consent of the Division of Consumer Protection may not contain the words "university", "college" or "institute" § 16-10a-401 Utah Code
Your LLC will give you the freedom to choose how your company runs and avoid being subject to the strict compliance laws that other business entities have to deal with. When you form a limited liability company with Rocket Lawyer, your membership includes help from seasoned attorneys and all the documents you need to start your business right and grow it.
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When beginning a business, you must decide what form of business entity to establish. Your form of business determines which income tax return form you have to file. The most common forms of business are the sole proprietorship, partnership, corporation, and S corporation. A Limited Liability Company (LLC) is a business structure allowed by state statute. Legal and tax considerations enter into selecting a business structure.
Depending on elections made by the LLC and the number of members, the IRS will treat an LLC as either a corporation, partnership, or as part of the LLC’s owner’s tax return (a “disregarded entity”). Specifically, a domestic LLC with at least two members is classified as a partnership for federal income tax purposes unless it files Form 8832 and affirmatively elects to be treated as a corporation. For income tax purposes, an LLC with only one member is treated as an entity disregarded as separate from its owner, unless it files Form 8832 and elects to be treated as a corporation. However, for purposes of employment tax and certain excise taxes, an LLC with only one member is still considered a separate entity.
Limited liability companies must pay state fees during the incorporation process. These fees can be deducted from taxes. S-Corps must pay state fees to legally incorporate. These fees can be deducted from taxes. C-Corps must pay state fees to become legally recognized. These fees can be deducted from taxes. Non-Profits pay state fees when they incorporate. These fees can be deducted from taxes. Since Sole Proprietorships aren't incorporated entities, they don't pay formation or compliance fees.
Despite being a relatively new option, the limited liability company (LLC) is now one of the most popular business structures among smaller organizations. While allowing business owners to remain free from a great deal of the regulations imposed on other types of companies, it still provides limited liability protection for its owners (members). This means that the personal assets of an LLC's ownership cannot be collected to fulfill the debts of the business.
To keep your business legally viable after you incorporate, there are a number of steps you may need to follow. You may need to file an Article of Amendment to indicate changes in your company. You also may need to file an Initial or Annual Report, which is a requirement in most states. Our business filing experts can help you process necessary changes to your business.
Images of approved filings are available for on-line viewing. If an image is in the database it can be viewed by clicking the "Download Image" link on the business details page. Search the on-line inquiries to find the exact Business that interests you, then click on each document link to have the associated image displayed. Images are displayed in PDF format. (Click here for free download of Adobe Acrobat PDF Viewer.) You can choose to download an image to your PC by right clicking on the document link, choosing 'Save Target As' from the shortcut menu and selecting the directory where you want to save the image.Images that have not yet been added to our database can be obtained by contacting the Ohio Secretary of State toll free at 1-877-SOS-FILE or by sending an e-mail request to BUSSERV@OHIOSECRETARYOFSTATE.GOV
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