The limited liability company was particularly created to provide the benefits of the other entity choices (corporations, partnerships) but without the disadvantages of individuals same entities. So, in effect. this best of breed entity gives you, as a business owner, the best of both worlds when it comes to limiting liability, corporations supply the same safety but the LLC more provides flexibility to run your business the way you want & the choice of how you want your business to be taxed .Limited liability companies can correctly be called LLCs. But people just starting to investigate limited liability Company formations from time to time use other incorrect labels to refer to limited liability companies. For example, the phrases limited liability corporation, For all the reasons given here and you may want to poke around a bit earlier than you decide which type of limited liability entity you want most small businesses and investors should use a limited liability company rather than a traditional corporation.
Though, some entrepreneurs and investors don't like to use the words and acronyms such as limited liability or "LLC" in their business name (often for marketing reasons). fairly, these business men and women prefer the words and acronyms like "corporation," "incorporated," "corp.," "inc." and so forth. If you're not so sure about using a limited liability company, or LLC, for your business, you should know that one more affiliated web site which I've set up, Fast Easy Incorporation Kits, sells do-it-yourself incorporation kits for setting up a traditional-style corporation. Those kits contain discussions of how corporations are treated for tax purposes and a description of the steps for making a subchapter S election for a traditional-style corporation.