This article will clarify what an LLC really is and how to begin an LLC. Let us begin with the essentials. You already know it stands for Limited Liability Company, but what does it mean? An LLC is actually a corporation that enables a group of business owners to incorporate their individual company with all the advantages of not needing to file separately with the IRS business tax with the added benefit of having limited liability.
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So, how are LLCs different from S corporations? Well, for one thing, they have two or more owners. Whereas a C corporation has only one owner, the basic structure of an LLC has more than one person owning shares in the business. Additionally, unlike a sole proprietorship or partnership, there is no requirement that any shareholders be paid dividends.