Incorporate in Georgia
Advantages of Forming an LLC
The newest form of business organization in the United States is the LLC. It is often described as a hybrid business from because it rolls advantages of the coporation and the partnership into one. An LLC helps to protect the company owners from debts and liabilities like a corporation yet offers the simplicity of administration like a partnership.
One of the largest disadvantages of the corporation is the amount of administration involved, because there is a wide range of formalities and paperwork that corporate managers must follow. The LLC makes it easier for businesses of varying sizes to avoid the burdensome formalities of the corporation, yet enjoy the benefits of protection from liability.
Another wonderful advantage of forming an LLC is the flexibility when it comes to taxes, because the LLC can be taxed as a partnership OR a corporation.
In addition, an LLC can choose to run the business like a corporation with a board of directors and a president (referred to as manager-managed LLC) or like a partnership (referred to as member-managed LLC). Unlike corporations, LLC's are not obligated to hold annual meetings.