Corporate
LLC
Connecticut
How does an LLC work?
I am in the process of starting a business and have been advised to form an LLC. I am not familiar with the structure of an LLC, and am interested in learning more about how it works and the benefits it provides. I would like to understand the legal implications of forming an LLC and how it can help protect my personal assets.
1 Attorney answer
Answer
Corporate
Connecticut
Thomas L.
ContractsCounsel verified
Tax: An LLC is a "pass-through" entity, so it does not pay income taxes. Instead, its owners pay income taxes on their share of the LLCs profits. So it avoids the double taxation of corporations (the corporate pays income taxes and then the stockholders pay income taxes on their dividends). 2. An LLC is controlled by its "Operating Agreement" (similar to corporate bylaws). An LLC can be set up as a limited partnership (passive investors, and the Managers have 100% control - e.g. real estate), a corporation (the investors get to vote once a year for a "Board of Managers" - a business with significant investment), or a partnership (no board, the owners all vote on every issue - a professional services firm). The choice depends on the nature of the business.
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