IRS.gov is straightforward and easy:
You have chosen Limited Liability Company.
What it is...
- A limited liability company (LLC) is a structure allowed by state statute.
- An LLC is formed by filing articles of organization with the state's secretary of state office.
- An LLC must be unique in its state. There can be no more than one active LLC with the same name in the same state.
- For federal tax purposes, an LLC may be treated as a partnership or a corporation, or be disregarded as an entity separate from its owner.
- An LLC can have two or more members (multi-member) or one member (single-member).
- An LLC can have an unlimited number of members.
- An LLC's members may include individuals, corporations, other LLCs, or foreign entities.
What it is not...
- LLCs are not incorporated and do not file articles of incorporation.
If you need to change your type of structure, we recommend that you do so now, otherwise you will have to start over and re-enter your information. Additional help may be found by reviewing all types of organizations and structures before making your selection.
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