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Limited Liability Entities

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  4. What are some advantages and disadvantages of selecting to be a (LLC) Limited Liability Company compared to other entities?

What are some advantages and disadvantages of selecting to be a (LLC) Limited Liability Company compared to other entities?

Some advantages are that it avoids certain S corporation restrictions. It also avoids double taxation of profits. Some disadvantages are that it is currently considered a relatively new business entity with little case law or regulatory law currently available. There is inconsistent treatment from state to state. The entity must have at least 2 owners. Speak to your local CPA about determining the best entity choice to fit your needs

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