A limited liability company (LLC) is a popular business structure combining both the liability protection of a corporation and pass-through taxation of a partnership. One advantage of an LLC is the flexibility it offers in terms of management and ownership structure.
As part of the LLC formation process, you’ll have choices to make. Learn about single-member LLCs versus multi-member LLCs and which ownership structure makes the most sense for you. Most people chose to form their LLC in the state where their business is located - known as a domestic LLC. But there may be situations where creating an LLC in a different state - known as a foreign LLC - might be advantageous. You’ll also want to understand the difference between member-managed and manager-managed LLCs so you can choose which management structure is right for you. If you’re a professional, you’ll need to learn about professional LLCs and the special rules that apply to licensed professionals in some states.
Here you will find out everything you need to know about LLCs, including the advantages of an LLC versus other business entities, how to form an LLC in your state, what to put in an LLC operating agreement, and how LLCs are taxed.
Nolo can help you create your LLC. Use Nolo's Online LLC to form your LLC or, for a list of Nolo's business formation books, forms, and online applications, see the Business Formation section of our store.