That is they can share the profit and losses as they

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much profit than the other. That is, they can share the profit and losses as they find it appropriate. On taxes, the federal government views the business not as a separate tax entity. Hence, the business is not taxed. Members of an LLC are paid through their personal income tax. However, the LLC must fill tax compliance form such s partnership LLC or single Partnership to offer the classification of the business. The management of the company is under the members. The members can decide to select a manager who will be running the major activities of the company. However, they can decide to manage the organization themselves. Once the decision is made, the members sets management boundaries to guide the company. The formation of LLC business structure is easy and some general principles of adherence. One have to choose a business name that does not exist in LLC of the state. The name must indicate that it is LLC or Limited Company. Also, the company file an article of organization that legitimates the business. The company has to create an operating agreement that structures the company’s finance and organization. One has to obtain licenses and permits that are needed to run the business.
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References Clarkson, K., & Miller, R. (2012). Business law: Text and cases: Legal, ethical, global and corporate environment. Mason, OH: Cengage Learning. Seaquist, G. (2012). Business law for managers. San Diego, CA: Bridgepoint Education, Inc. Sealy, L., & Worthington, S. (2013). Sealy & Worthington's Cases and Materials in Company Law . Oxford University Press.
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  • Spring '18
  • Corporation, different businesses

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