Pittsburgh, PA - Business Law - LLC Incorporation
LLC Incorporation
A Limited Liability Company, or LLC, is a business structure recently allowed by Pennsylvania state statute. Similar to a corporation, owners have limited personal liability for the debts and actions of the LLC. Other features of LLCs are more like a partnership, providing management flexibility and the benefit of pass-through taxation. LLCs are classified as “member-managed” (managed by all members) or “manager-managed” (managed by designated managers.)
The federal government does not recognize an LLC as a classification for federal tax purposes. An LLC business entity must file as a corporation, partnership or sole proprietorship tax return; unless otherwise elected, it will be taxed as a partnership.
LLCs have become highly popular for businesses of all sizes. Whether you are starting a new business, or seeking to optimize an existing one, contact Allegheny Attorneys at (412) 963-8495 to find out if setting up an LLC should be in your company’s future.
