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Essay / Research Paper Abstract
A 10 page paper discussing the benefits and potential hazards of the limited liability company (LLC). Still relatively new, there are still many questions as to how the LLC and its members should be taxed in specific circumstances. The paper discusses some of these issues after providing a brief description of the benefits of the LLC form of business. Includes a brief outline and contains 23 footnotes; bibliography lists 11 sources.
Page Count:
10 pages (~225 words per page)
File: CC6_KSacctLLC.rtf
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Unformatted sample text from the term paper:
in Germany in 1892 B. First defined in the US in Wyoming in 1977 III. General Characteristics A. Basic Qualities B. Rapid Growth in Recent Years IV. Potential Hazards A.
Allocation of Debt B. Unpaid Payroll Taxes C. Dissolution of a Former Business D. Self-Employment Tax V. Conclusion Introduction Everyone planning a new
business must consider the legal form that the business will take. In the case of the partnership, there are several approaches that potential partners can take, each of which
can provide benefit in specific situations. A general partnership equates to a sole proprietorship in terms of the liability responsibility of the partners, whereas a limited liability company (LLC)
provides all the benefits of the general partnership with the added benefit that the partners are protected from liability on a personal level. Any liability claim against the partnership
will be able to seek the assets only of the partnership, rather than of the individuals comprising it. An LLC also can be formed as a single-member entity.
In either case, the LLC carries benefits that other business forms do not. The greatest problem with the choice is that laws vary greatly between states, and often the
relative newness of the structure leaves liability questions that ultimately likely will be decided in court. History and Evolution The LLC at its
simplest is a business entity constituting a hybrid between the partnership and the corporation. Now available in every state, the LLC provides tax benefits not available through any other
business form. They "can provide special tax benefits with their pass-through status for tax purposes and asset protection capabilities for state law purposes."1 States laws regarding LLCs vary,
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