Lisa Posted September 6, 2005 Share Posted September 6, 2005 What does it mean on a web site.Thanks Quote Link to comment Share on other sites More sharing options...
MommaD Posted September 6, 2005 Share Posted September 6, 2005 Limited Liability Company Quote Link to comment Share on other sites More sharing options...
Lisa Posted September 6, 2005 Author Share Posted September 6, 2005 oops, double Quote Link to comment Share on other sites More sharing options...
Lisa Posted September 6, 2005 Author Share Posted September 6, 2005 Thanks for your help. Quote Link to comment Share on other sites More sharing options...
candleman111 Posted September 9, 2005 Share Posted September 9, 2005 LLC = goodbetter than just a regular business Quote Link to comment Share on other sites More sharing options...
DanaE Posted September 9, 2005 Share Posted September 9, 2005 I'm currenly in the process of becoming an "LLC" business myself. My husband is a Partner at a law firm and we need to make sure that if someone burned their house down and came after me, they couldn't come after his firm also. My limited understanding is that someone could sue me, and take my entire candle company if I'm an LLC, but they can't take my house, my husband's business or anything like that.What's great is that he's an Intellectual Property Attorney, so he's a big help getting my name Trademarked and all that crap. A lot of the stuff I have to do myself, and he can't file them for me, because he said involving an attorney really changes the way the paperwork is looked at (? don't know why, but I consider him a genius and if he says it, it's true). DanaE Quote Link to comment Share on other sites More sharing options...
topofmurrayhill Posted September 9, 2005 Share Posted September 9, 2005 It's essentially a partnership for tax purposes, but works like a corporation in terms of liability protection, at least in theory. The corporate veil can be pretty easy to pierce when it comes to a small business, but at least it should protect your husband as intended, especially since he won't be involved with the products. Quote Link to comment Share on other sites More sharing options...
debscent Posted September 9, 2005 Share Posted September 9, 2005 Actually there is not tax benefit to being an LLC, it's exactly as it is stated...Limited Liability Company. In this business, LLC is the way to go, in my opinion. My knowledge about LLCs comes from the tax attorney I work for. Quote Link to comment Share on other sites More sharing options...
topofmurrayhill Posted September 9, 2005 Share Posted September 9, 2005 What I was saying is that it's taxed identically to a partnership, at least on a federal level. In New York it's the same on a state/local level as well. Quote Link to comment Share on other sites More sharing options...
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