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Home > For Small Business > Business Structures > Limited Liability Companies |
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Limited Liability Companies
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A limited liability company ("LLC") is a business entity that combines the benefits of a corporation with that of a sole proprietorship or partnership. The basic features of an LLC are that the owners (or members) are not personally liable for the debts of the business and may elect to have the profits and losses taxed as "pass-through" income on their personal returns or have the profits and losses taxed as a corporation. It is a relatively new form of business. While there are state formation fees, filing fees, and annual fees, it is easy to begin a business as an LLC. |
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Last Updated February 14, 2009 |
An LLC operating agreement is an agreement that governs the operating of a limited liability company ("LLC"). An LLC is a hybrid business form that combines the advantages of a corporation with that of a sole proprietorship or partnership. An operating agreement allows the owners to structure an LLC business in a manner that suits them best. LLC Agreement ProtectionsAn LLC agreement protects the owners of an LLC and is important even if there is only one owner. The presence of an LLC agreement lends credibility to the claims that an LLC is a limited liability company, not a sole proprietorship. An LLC agreement protects owners by ensuring that they enjoy limited liability for debts and liabilities of the LLC. |
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Questions & Answers: Limited Liability Companies |
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Peacock Myers, P.C. |
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201 Third Street NW, Suite 1340
Albuquerque, New Mexico 87102 |
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Practice Areas: For Small Business, Intellectual Property
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www.peacocklaw.com/
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The Jaffe Law Firm |
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General Practice Law Firm |
320 Gold Avenue SW, #1300
Albuquerque, New Mexico 87102 |
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Practice Areas: Employment, Criminal Law, Family Law, For Small Business, Personal Injury
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www.thejaffelawfirm.com/
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Wolf & Fox, P.C. |
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Full Service Law Firm |
1200 Pennsylvania NE
Albuquerque, New Mexico 87110 |
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Practice Areas: Family Law
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www.wolfandfoxpc.com/
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