What is lcw wireless license llc

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For an introduction, see " LLC Basics ". Any person starting a business, or currently running a business as a sole proprietor, should consider forming an LLC. This is especially true if you're concerned with limiting your personal legal liability as much as possible. LLCs can be used to own and run almost any type of business. However, in some states some types of professionals must form special professional LLCs. An LLC can be used for a business of any size—from one-owner operations to businesses with many co-owners.

LLCs are also the most common legal entity used to own rental and commercial property. Personal asset protection. An LLC provides its owner or owners with limited liability. This means that means you—the LLC owner—are generally not personally liable for any debts incurred by your LLC business or most business-related lawsuits.

Because you're not personally liable, creditors or people who file lawsuits against your LLC can't collect against your personal assets like your personal bank accounts, personal car, or home. Pass-Through Taxation. LLCs ordinarily provide their owners with pass-through taxation.

The profits or losses the business incurs pass through the business to the owner's personal tax return. Such profits are taxed at the owner's personal tax rates. An LLC with two or more members is usually treated like a partnership for tax purposes. Again, profits or losses are reported on the owners' personal returns and taxed at their personal rates.

Because LLCs are usually pass-through entities, their owners can qualify for the special pass-through tax deduction created by the Tax Cuts and Jobs Act. This deduction took effect in and is scheduled to continue through An LLC is the simplest business entity to form and operate. Unlike with a corporation, it is not necessary to have officers and directors, board or shareholder meetings, or the other administrative burdens that come with having a corporation.

LLCs provide enormous flexibility when it comes to ownership, management, and taxation. There are no minimum or maximum limits on the number of owners--also called members--that an LLC can have.

LLCs can be managed by their members--that is, all the owners share responsibility for the day-to-day running of the business. LLCs also have the option of designating one or more managers to run the business. The managers can be designated members, nonmembers, or a combination of both. LLCs can also choose how they want to be taxed. They are usually taxed as sole proprietorships or partnerships, but SMLLCs and multi-member LLCs have the option of choosing to be taxed like a corporation.

This is easily accomplished by filing a document called an election with the IRS. LLCs can choose to be taxed as a C corporation or an S corporation. Either way, the LLC owners ordinarily work as employees of the corporations. With C corporation taxation, the corporation pays taxes on the business profits at the corporate tax rate. With S corporation treatment, the LLC remains a pass-through entity, with profits passed through the business to the owners to be taxed at their individual tax rates.

But such distributions are not subject to Social Security and Medicare taxes. Thus, S corporation tax treatment can result in tax savings. Forming an LLC to own and run your business helps give you credibility. It reassures customers that yours is a real business. You'll also have an official business name to use. To learn more, see " Advantages of an LLC ". Cost : It generally costs more to form and operate an LLC than to be a sole proprietor or have a partnership.

Filing fees must be paid to legally establish the LLC. Once the LLC is formed, annual fees and taxes will have to be paid to the state. Investment Disadvantages : LLCs are not ideal for business owners who seek outside investors. This is particularly true if you're looking for funding from venture capitalists, who ordinarily will only fund corporations.

Corporations work best for outside investments because stock can be issued in exchange for investors' money. Outside investors can invest in LLCs and receive LLC ownership interests, but this can be more complicated than with a corporation. Starting an LLC is relatively easy. You file articles of organization or a similar document with your secretary of state's office and then take some additional steps to get your LLC up and running.

Each state has its own unique LLC formation requirements. To learn about the specific requirements of forming an LLC in your state, choose your state from the list below:.

The cost varies from state-to-state. Most of the cost is the fee to file your articles of organization. It will cost much more if you hire a lawyer. The default tax regime is for LLCs with a single member to be taxed as sole proprietorships, while LLCs with multiple members are taxed like partnerships.