I personally am still researching the issue, but I find the idea of a non-profit LLC very enticing. One distinction here in Missouri is that the non-profit corporations statute in Missouri requires 3 directors, while the Missouri LLC statute allows for single-member LLCs. As such, I think you could actually create a non-profit LLC with only one director and avoid the 3-director rule under corporations.
As LLCs are much less formal and have less meeting structure and such, a non-profit LLC would be a good thing for those looking to form a non-profit without some of the structures required of corporations. I have no knowledge of how the IRS handles non-profit LLCs, though, in regards to filing for 501(c)(3) status.
Non-Profit OverviewA non-profit corporation is an incorporated organization that is not intended to distribute profit to its members or owners, but instead uses them to pursue its goals. Non-profit does not literally mean that a non-profit corporation cannot make a profit. A non-profit can take in more many than it spends, as long as the non-profit is organized and operating from a non-profit purpose. Tax-free profits may be used for the benefit of the organization or for operating expenses (including officer, director and employee salaries. However, profits, in the form of dividends, cannot be distributed to its officers, directors or employees.
An "LLC" is a "limited liability company" selling shares to its members who generally intend to make a profit for themselves, similar to a partnership or a business corporation.
A "non-profit" entity (which is often a corporation) is prohibited from passing its profits along to its members, although it may have huge profits, and must spend it on a non-profit purpose (education, research, charity, church, etc).
No difference.
its type of
A standard LLC are your small businesses that do not require professional licensing, such as retail stores. A professional LLC are your small businesses that do require professional licensing such as Attorney and Doctor Offices.
The benefit to getting 501c3 status is the ability to accept charitable contributions. I am not familiar with a nonprofit LLC. There has been a movement in the past few years to create a hybrid of for profit and non profits called an L3C, low profit limited liability corporation.
Ltd is a private company that is limited by shares incorporated. An LLC is not a corporation but a legal form of a company that provides limited liability to its owners.
* MAC sublayer(802.3): defines how to transmit data on physical layer * LLC sublayer(802.2): responsible for identifying different protocol logically & encapsulate them.
Inc. refers to an entity being a corporation while LLC means limited liability company. The difference is in the structure of the companies. A corporation also offers limited liability, but it differs from a corporation in structure and the regulations it must follow.
The comma goes after the business between the name and the LLC. Business Company, LLC
PLC: Public Limited Company: Is traded on the Stock Market. This means that the shares in the company are sold daily and the share prices rise and fall depending on a number of factors. LTD: Limited Liability Company: LLC's are entities in their own right. For example, LLC's can assume debt. When you form an LLC, you pay different taxes on your earnings and have to report your finances annually. All PLC's are LLC's but not all LLC's are PLC's
In brief and generally, an LLC has the legal protections of a Corporation for its owners while having the tax benefits of a Partnership.
Log into your state's Secretary of State's office web site or search for LLC on the state government site. Starting an LLC in two different states took less than a half hour and $80 each.
It's split between Colony Capital LLC and Michael's estate.