Posts Tagged ‘corporation’

Can a Non-Profit LLC Be Tax Exempt?

Non-profit mailing labelWhen you talk about a non-profit business, you are generally talking about two things: being registered as a not-for-profit company in a state, and being recognized by the IRS as a tax-exempt 501(c) — typically 501(c)(3) — organization. Without approval by the IRS, your business will pay income tax whether or not you are a non-profit.

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Categories: Taxation   Tags: , , , ,

Member-Managed vs. Manager-Managed

Conference tableA decision you must make when starting a limited liability company is whether your LLC will be member-managed or manager-managed. Though you may change your mind later, it is better to think about your preferred structure at formation rather than needing to amend your filings. Whether you start an LLC as member-managed or manager-managed depends on what level of authority you want your members to have in the business.

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Categories: Formation   Tags: , , ,

What Is a Limited Liability Corporation?

Limited Liability Corporation textThough corporations feature limited liability, the term “Limited Liability Corporation” and “Limited Liability Corp” are actually misnomers; LLC is an abbreviation that stands for Limited Liability Company.

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