A Limited Liability Company (“LLC”) is the newest form of business entity, first passed legislation in Wyoming in 1977. Today, LLC’s are one of the most recognized business formations with over two-thirds of all new companies being formed as an LLC.
LLC’s are a hybrid between a Partnership and a Corporation. The ease of creation and taxation benefits as a Partnership provides, with the protection of a Corporation. But don’t let the comparison to a Partnership lead to believe you need a partner to set up an LLC, quite the opposite, one single person can create an LLC. This form of an LLC is most commonly referred to as a Single Member Limited Liability Company.
Contact Howard Haake at (314) 325-9868 or (636) 332-5555 for more information about choosing which business entity is best for your business.