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To stay legally compliant with federal and state authorities, you’ll need to meet external and internal business compliance requirements. Most external requirements involve filing paperwork or paying taxes with state or federal governments. Internal business requirements are for your own record keeping.
Limited Liability Company (LLC) The United Sates Internal Revenue Service describes an LLC as A Limited Liability Company (LLC) is a business structure allowed by state statute. Each state may use different regulations, you should check with your state if you are interested in starting a Limited Liability Company.
Owners of an LLC are called members. Most states do not restrict ownership, so members may include individuals, corporations, other LLCs and foreign entities. There is no maximum number of members. Most states also permit “single member” LLCs, those having only one owner.
A few types of businesses generally cannot be LLCs, such as banks and insurance companies. Check your state’s requirements and the federal tax regulations for further information. There are special rules for foreign LLCs.
The IRS's treatment of an LLC hinges on the elections made by the LLC and its number of members. An LLC is treated as either a corporation, a partnership, or a disregarded entity, which is part of the owner’s tax return.
Specifically, a domestic LLC with at least two members is deemed a partnership for federal income tax purposes unless it opts to be treated as a corporation by filing Form 8832.
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An LLC with a single member is considered a disregarded entity.
For an LLC to be treated as a corporation, it will consist of two partners. These partners must file IRS form 1065 and each partner receives form K-1 that would be reported on their individual taxes
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If your corporation has been dissolved by the Secretary of State, we can help with the filing of the articles for entity revival.
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Since 2010, our firm has been dedicated to fostering the growth of small businesses through our core value-added services.
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