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What does LLC mean after a company name?
LLC after a company name stands for Limited Liability Company. This means that the members of the company are not personally responsible for any company debts that are accrued.
Operating as an LLC, the members of a company's personal information is kept entirely separate from that of the company. This changes the member's tax status and protects them from personal losses based on the company's performance.
Unlike shareholders in a corporation, LLCs are not taxed as a separate business entity, instead, all revenue and losses are "passed through" the business to each member of the LLC. LLC members then report profits and losses on their federal tax returns, similar to the owners of a partnership would.
Members of an LLC can be one or more people, corporations, foreign entities, and even other limited liability companies.
However, there are certain restrictions. For example, banks and insurance companies cannot be limited liability companies. Depending on the state an LLC is registered in, it might also have other restrictions as well.
Limited liability companies are formed at the state level, so regulations can vary. Members can use a written Operating Agreement to dictate current and future roles and responsibilities as well as the LLC's specific management structure, this is a precaution in the event issues arise with certain members.
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