Unlike most of the common business entities that exist today, the LLC has a fairly brief history in the United States. Entities such as partnerships, sole proprietorships and corporations have existed since the founding of the country. The LLC, however, has only existed in a recognizable form for roughly thirty-five years. What, then, led to the creation of this new entity? The single most important reason for the creation of the LLC was what has come to be known as “the tax-shield conundrum.”
The term used for an owner of an LLC is “member” and an LLC can have a single member or many members. The difference between the two is fairly obvious, but can be worth addressing. Generally a single member LLC will be managed by that single member, though it is entirely possible that the single member could chose to have a manager run the LLC instead. The single owner LLC generally operates much like a sole proprietorship with the owner exerting full control over the business.
Omaha World Herald, June 15, 2020 Assault By Ex-Teacher OPS Board to consider $625,000 settlement District’s insurance carrier would pay family of one of at least 6 students molested at Fontenelle Elementary The board of the Omaha Public Schools is set Monday to consider a $625,000 settlement with the family of a student assaulted by […]