There are a lot of advantages to forming an LLC and you want to hold on to these for as long as possible.
Unlike several other corporate entities, the taxes of an LLC are much easier to figure since the company is not taxed as a separate entity. Instead, the profits and losses are claimed on the personal tax returns of the members of the LLC. Plus, you can have as many LLC members as you’d like. And, best of all, members of the LLC are not personally liable for the losses against the company – which is a huge advantage over a sole-proprietorship, if you’re in it alone.
So, it will thrill you to learn that an LLC can continue in perpetuity, or an unlimited lifespan. However, this is not because there is some rule concerning an unlimited lifespan, though. Since the business is not any single person and LLC members may come and go throughout the life of the company, the business does not have to have a set end date. At some point along the line, members may choose to close the business or pass it down. There is a lot of choice associated with the formation and maintenance of an LLC.
There is a great article on my company’s blog concerning a similar issue. You can find it here:. If you would like some assistance with LLC formation, please feel free to reach out to my company . We can match you up with the right attorney to help with your LLC formation needs.