Legal Question in Business Law in Washington
pros/cons
What is the difference/benefits of LLC and Incorporation for a group of 8-10 people joining together to form an association, and does this association have to run under a state business license?
Thankyou,
Asked on 10/30/00, 4:01 pm
1 Answer from Attorneys
Charles Aspinwall
Charles S. Aspinwall, J.D., LLC
Re: pros/cons
A Limited Liability Company provides the best features of a traditional partnership and corporation. A primary feature is the elimination of the double taxation problem inherent in traditional corporations.
Investors can hold an interest in an LLC and not participate in the operation of the company in any way.
LLC's must be registered with the state in which they are formed and comply with all state laws and annual reporting requirements just as any other company.
Answered on 11/16/00, 11:07 pm
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