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MDP&A Office Location
1472 Garner Station Blvd.
Raleigh, NC 27603
Driving Directions
Office Hours
Mon - Fri 9am-6pm
Sat: 10am-2pm
Contact Information
(919) 772-1702
Fax: (919) 661-3618
info@mdp-a.com
Limited Liability Corporation (LLC)
| Thinking of forming a LLC?
A Limited Liability Corporation (LLC) is often referred to as a combination of a corporation and a partnership. It offers the liability protection of a corporation while providing tax advantages and management flexibility of a partnership. |
LLC offer many benefits beyond providing tax advantages.
- Limited Liability
Owner/Members has/have limited liability for business debts, so that personal assets find protection from lawsuits.
- Pass-Through Taxation
This avoids double-taxation. Since LLCs are not considered taxable entities, the IRS automatically taxes a Single-Member LLC as a sole proprietor, and a Multi-Member LLC as a partnership. Thus, business income and losses are reported and taxed only on the owner(s) individual tax return(s), and not additionally on the company’s corporate return.
- Citizenship
Neither citizenship, nor permanent residency is required to form a LLC.
- Management Flexibility
Management by owner(s) or hired, qualified staff is possible. Also, there are no restrictions as to how many owners a LLC may have.
- Simple Recordkeeping
No annual meetings, or draft meeting minutes are required. However, an operating agreement has to be written up and filed with the Secretary of State.
- Deductable Expenses
Normal business expenses can be deducted from the profits before income allocation for tax purposes takes place.
- Flexible Profit/Loss Allocation
Also referred to as “Special Allocation”. Profits and losses can be allocated as owner(s) may see fit – regardless of ownership/member interest.
To schedule an appointment for a professional business consulting session contact us at
(919) 772-1702.
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