English
An LLC is a business structure much like a hybrid between a partnership and a corporation. Like a partnership, an LLC has the flexibility regarding management, taxes, and certain operations. Like a corporation, an LLC is formed at the state level, has its own separate legal identity, and has liability which is limited to the assets owned or controlled by the LLC. This means that the debts and assets of the business belong to the LLC, not you. So if the business is sued, damages are usually limited to the LLC’s assets (not your house or car).
When it comes to taxes, LLCs are typically taxed like partnerships or sole proprietorships (but can elect to be taxed like a C or S corporation). LLCs can also self-manage, much like a partnership (but can choose to appoint managers to operate more like a corporation).
A corporation is a business with a legal existence separate from its owners or members. If properly maintained, a corporation can conduct business in its own name and has many of the rights and obligations of a natural person, including the ability to enter into contracts, sue and be sued, hold assets, and pay taxes in its own name.
Corporations can be formed for for-profit purposes or nonprofit purposes (or a combination of the two, as with a benefit corporation), but the majority of corporations exist mainly to benefit and enrich their shareholders. The corporation’s independent legal status ensures that shareholders’ personal assets, apart from their investments in company stock, aren’t usually on the line if the corporation gets sued or can’t pay its debts
A partnership is the relationship between two or more people to do trade or business. Each person contributes money, property, labor or skill, and shares in the profits and losses of the business.
A partnership must file an annual information return to report the income, deductions, gains, losses, etc., from its operations, but it does not pay income tax. Instead, it "passes through" profits or losses to its partners. Each partner reports their share of the partnership's income or loss on their personal tax return.
Why incorporate? It's just smart business. Incorporation is the legal process of creating a corporation name, then drafting documents including the purpose of the business, name and location. By completing this process, you are creating a separate legal entity independent from any one individual. It protects its owners and investors from being personally liable in the event of a lawsuit.
The "About" page is the first page a visitor sees when they visit your website. It's often the first impression you make with your potential customers. The "About" page is also an opportunity to tell people about your company
