What is a LLC?

A LLC is a type of business structure that is popular in South Carolina. It stands for Limited Liability Company and it combines the flexibility of a partnership with the protection of a corporation. LLCs are created under state corporate laws and can be owned by individuals, trusts, or other companies. A LLC protects the owners (called members) from personal liability for any debts or lawsuits that the LLC may face. This protection means that the members’ personal assets are not at risk, including their homes, cars, and bank accounts. LLC members also benefit from pass-through taxation, which allows them to avoid the double taxation that other business structures are subject to. Unlike corporations, most LLCs are not required to have a board of directors, shareholders, or officers. The management structure of an LLC is determined by the Operating Agreement that is created when the LLC is formed. It can be managed by one or more members, or it can be managed by a manager. Finally, it is relatively easy to form a LLC in South Carolina. The process is fairly straightforward and can be completed with a few documents that are filed with the South Carolina Secretary of State’s office. This makes setting up a LLC in South Carolina an attractive option for businesses of all sizes.

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What is a LLC?

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