A limited liability company (LLC) is a unique business structure that is found only in the United States. In an LLC, the owners of the corporation are not personally liable for any of the company’s debts or liabilities. This is because LLCs are a sort of hybrid company structure that combines the structure of an incorporated company with those of a sole proprietorship/partnership firm.
According to state laws, an LLC is not an actual company but is considered a legal form of a company that offers its owners limited liability. While the limited liability feature is is a feature shared with normal corporations, many other things such as the availability of flow-through taxation to the owners are features of sole proprietorships and partnership firms.
Advantages of LLCs
- The most prominent and obvious advantage of an LLC over other types of businesses is the limited liability held by the owner/s of the LLC. This is preferred as there is less to lose for the owners in case of losses.
- Formation of an LLC is also a bit easier as compared to opening a corporation or non-profit organization.
- Looking at an LLC as a business entity, they are much more flexible than other types of corporations and are well suited for being run by a single owner.
- LLCs are usually subjected to fewer restrictions and guidelines than other types of corporations.
- LLCs require Much less admin paperwork and book-keeping as compared to a corporation.
Disadvantages of LLCs
- Depending on state-to-state laws, an LLC may be dissolved in the case of death or bankruptcy of one or more members, such as the case in sole proprietorships a partnership[ps.
- If the end goal of starting the business is to become a publicly-traded company, an LLC may not be the best path to take for that purpose.
- Many states charge a franchise tax of sorts on the opening of an LLC. This can be considered as a sort of payment in return for the liability benefits provided to LLCs
How to Open an LLC
Boasting an impressive 35,000 plus businesses built with its help, Ownr is one of the best services/sites you can use to open up your LLC.
Pricing Plans of Ownr.co
Check pricing and plan at Ownr.co
Full Incorporation + 1 year Online Minute Book
- Prices range from $499 to $799 depending on the location of the LLC
- Covers all basic legal documentation and filing needed
- Allows up to 3 users
- Is a one-time fee only
Managed Corporation Plan
- The price of this plan is set at $599 per year
- Along with the yearly charge, there is a $599 one-time incorporation fee
- Unlimited Company Updates & Government Filings
- Unlimited User Accounts
Startpack is an amazing service that allows people to create a US LLC from anywhere in the world. They handle all the paperwork required while providing you with a US bank account and US payment access.
Other than this, startpack also handles everything from getting you a mailing address to a phone line in the US to go about in all your dealings. All this makes the process very streamlined and their 24/7 customer support is there to help if any problems still end up arising.
Check pricing and plan at Startpack.io
- Priced at $309 which is Billed Annually
- Provides $50,000 plus in Exclusive Startup Rewards
- Free US Tax consultation with a US CPA
- Priced at $349 which is Billed Annually
- All features of the above plan will be provided
- US Business Bank Account + Stripe Payments Setup
- Provides a US Mailing Address
- Priced at $769 which is Billed Annually
- All features of the above plans will be included
- Will be provided with a US Phone Line with Utility Bill
- Priority Filing Service
Incorporate is an easy-to-use service that allows people to start multiple types of businesses such as an LLC, non-profit or corporation. They have registered agents who provide step-by-step help as well as an 8 step guide to starting a business and the required paperwork.
Check pricing and plan at Incorporate.com
Steps to starting an LLC via Incorporate
- Decide what to name your business and reserve it.
- Create and submit all required Articles of Incorporation.
- Plan out who will be managing the business (managers or members).
- Finalize how many people will be in the management of the LLC.
- Apply for a business license specific to your industry.
Bizfilings is formed by a trusted group of formation experts and offers a vast range of services for business start-ups to use. Through Bizfilings, you can open up any type of company ranging from an LLC in the States or even a non-profit or LLC and much much more
Check pricing and plan at Bizfilings.com
- Priced at $99 plus the respective state fee
- Covers preparation and filing of all documents
- Provides 24/7 Assistance
- Priced at $229 plus respective state fee
- All above benefits are provided
- LLC Kit is provided
- Sample operating Agreements are provided for practice and learning
- Priced at $359 plus respective state fees
- All above benefits are provided
- Will be provided with a compliance DVD
Firstbase is another great service for opening an LLC from anywhere in the world. They work at a fast pace, setting up your LLC in a matter of days and even guide you through the required phases such as venture capital and more.
Check pricing and plan at Firstbase.io
Firstbase offers a single Pricing plan which covers all aspects. The features and benefits are
- The price is a one-time fee of $399
- All state filing fees are covered by the company
- You will be connected with expert attorneys and CPAs to get the guidance you need
- A virtual address in the US will be provided to you
- A bank account will be opened for you in their partner bank, Mercury
With more than 4 million customers, Legalzoom provides you with a simple and easy system for starting up an LLC. They offer tips on how and why to start an LLC and teach you the pros and cons of starting one.
Check pricing and plan at Legalzoom.com
Their process of starting one is done in 3 easy steps
- Tell them your business name if you’ve picked one
- Answer a few questions
- Legalzoom will then complete and file your paperwork for you
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