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What is an LLC?

What is an LLC?

  • November 20, 2017

An LLC is a limited liability company. Like a Corporation, an limited liability company is a separate legal entity free to open bank accounts and/or do business with its own tax identification number. Limited liability company’s benefit from the limited liability features of a corporation and have the tax efficiencies and operational flexibility of a partnership.  Unlike a corporation, profits and losses directly go to the members of the LLC and are reported on their personal federal tax returns.

If you have questions about starting an LLC or need an attorney, Contact Stenger, Diamond & Glass, LLP today. We have two convenient Dutchess County, NY office locations in Poughkeepsie, NY and Wappingers Falls, NY.