LLC inc.

C

Critter558

Inactive
I attended a trianing class today, surprise compliments of my wife, and the name of the training co was Spartan Associates, LLC. I asked what LLC stood for and was told Limited Liability Corporation. Just to satisfy my curiosity, what is the difference/advantage of LLC over inc. ?
 
All corporations have limited liability.

An LLC is a much newer entity type ... a limited liability company. Since you appear to be in GA, check out http://www.sos.state.ga.us/corporations/legal_entity.htm (see the link at the bottom for the pdf file).

LLC's are generally taxed like partnerships (similar to S Corporations), but have the limited liability and other attractive characteristics of corporations ... they have become quite popular for small, privately held businesses.

Perfect for a gun store, for example. [see ... this is on topic. ;) ]

Regards from AZ
 
Well, this is a Tactical training company, and it was a tactical pistol course I took, and I was asking a legal question, so I didn't think I was too much off topic, sorry if I was, and thanks for the links. I just hate to "know" an answer, but not know what the answer means, I think we have enough of that going around already.
 
LLC vs Corporation vs Trust for Class III NFA purchases

While it is true that corporations and LLC's can offer limited liability, in Florida the LLC if set up properly can offer protection of business or company assets from personal liability. The Corporation cannot do this.

Generally when people are trying to purchase a Class III item and their CLEO will not sign off on the Form 4, People use one of the three above entities. There are differences in each depending on the state you are in.

In Florida, the Gun Trust is private and no one has access to the details. In addition the trust, unlike the Corporation and LLC do not require annual reports to be filed with the state or IRS. Also the Gun or NFA trust can provide for what happened to the items upon your death or disability or ineligibility to have the items.
 
David Goldman Florida NFA Gun Trust, Estate Planning, Asset Protection Lawyer
Click to expand...
Re: Topical
I was going to mention that here in Ohio, a LLC or Inc. is often used to get around the CLEO sign-off, but David beat me to it.
 
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