Statements (51)
| Predicate | Object |
|---|---|
| gptkbp:instanceOf |
business entity type
|
| gptkbp:feature |
flexible management structure
pass-through taxation can own property can elect to be taxed as corporation, partnership, or sole proprietorship can be used for professional practices in some states can allocate profits and losses flexibly can be converted to corporations or partnerships can be disregarded entity for tax purposes can be managed by members or managers can be single-member or multi-member can be used for asset protection can be used for estate planning can be used for family businesses can be used for investment clubs can be used for joint ventures can be used for real estate holdings can enter into contracts can exist perpetually or for a limited duration can have different classes of membership interests can have unlimited number of members can issue membership interests can sue and be sued dissolution procedures governed by state law formation requires filing Articles of Organization formed under state law in the United States limited liability protection may be subject to franchise taxes may require annual reports and fees members can be foreign persons members can be individuals or entities members not personally liable for company debts no ownership restrictions not recognized in all countries not required to hold annual meetings not required to keep extensive records operating agreement governs internal operations owners called members popular for small businesses in the United States profits and losses passed through to members separate legal entity subject to self-employment tax for members subject to state-specific naming requirements subject to state-specific regulations IRS default tax classification depends on number of members |
| https://www.w3.org/2000/01/rdf-schema#label |
LLCs
|
| gptkbp:standsFor |
gptkb:Limited_Liability_Companies
|
| gptkbp:bfsParent |
gptkb:IRS_Form_2553
gptkb:S_corporations gptkb:S_corporations_in_the_United_States |
| gptkbp:bfsLayer |
6
|