Hey what's up everyone and welcome to episode number 25 of this educational video series I'm your host Vijay and I'm a CPA last during the last video we uh discussed the formation and taxation of a sole proprietorship during this video I wanted to go over the formation and taxation of another one of the most common small business entity structures which is an LLC so let's get started now LLCs require a little more paperwork compared to the sole proprietorship if you remember from last video sole proprietorship generally does not require any paperwork other than maybe a requirement to file a DPA but in case of LLC it's more a little bit more paperwork compared to the sole proprietorship formation of LLC is usually governed by the uh states that you're located in that states lost but generally speaking in order to form an LLC we need to do a few things first you need to choose a name this name has to be unique meaning no one else in the state that you're trying to Encore in the state you're trying to form an LLC should not have used that name um so it has to be a unique name second step is you have to file articles of organization uh simple uh couple Pages uh that you have to file with the secretary of state with the state you're trying to form an LLC and um third step which is not required but it's recommended especially if you're more than one owner of the LLC to create an operating agreement this operating agreement usually dictates how the profit and loss profit and loss are divided among the owners and if how the decisions are made and if there's conflict how those conflicts will be resolved...
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About Llc 25
LLC 25 refers to a Limited Liability Company (LLC) that is established in the laws of a particular state. It is a legal structure used by businesses that provides its owners (referred to as members) with limited liability protection against company debts and obligations. An LLC can be formed by individuals, partnerships, corporations, or other LLCs, and it offers the advantages of both a corporation and a partnership. Owners of an LLC are not personally liable for the company's debts or liabilities, meaning their personal assets are protected in case of financial loss or legal disputes. LLC 25 specifically may refer to a specific section or regulation related to the formation or operations of an LLC in a particular jurisdiction. The number 25 might indicate a referential code, but it is necessary to understand the specific context to provide accurate information. As for who needs an LLC, it is a widely adopted business structure suitable for various types of enterprises, including small businesses, startups, professional practices (such as law firms or medical practices), real estate ventures, and more. Entrepreneurs who desire limited personal liability, flexible management, and potential tax advantages often opt for establishing an LLC. However, the necessity of an LLC may vary depending on the local regulations and the business owners' specific requirements, so consulting with legal or financial professionals is recommended to determine if it is the right structure for a particular business.
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