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LLC’s are the most popular kind of company you can form. They are comparatively new first appearing in the late 1970’s, compared to standard corporations which have been around since the 1600’s in the United States, and even earlier in other parts of the world!

If you are looking to do this and have your own company I say just go ahead and make the leap of faith. There are many companies out there that can do much of the work for you when you are ready to start your own company. I found an excellent article reviewing many of the online companies that can help you with the best way to form an llc online. I would highly recommend starting your research there.

LLC’s offer many of the advantages that a typical C-Corporation, Standard or Regular Corporation do not offer. The main one being that, as the name suggests, they give the Limited Liability Company’s (LLC’s) holder some protection from liability. While at the same time being much easier when it comes to reporting and the IRS.

There are some advantages and disadvantages especially when you look at Tax and reporting.

C-Corporation is the most popular type of incorporation but requires far stricter IRS Tax reporting and in general is more suited to a bigger business than would be the case with an LLC.

Members of an LLC are like partners in a partnership or similar to shareholders in a corporation. Especially in the case of a merger or other special type of company entity that might be involved.

Some people also find advantage in transforming real estate or rental properties in to LLC’s, this is also to get additional liability protection that this type of entity gives.

You could even make a special case for making amendments to the company minutes, although this might be frowned upon as it skirts the law in some states. Reporting and keeping minutes is much easier than a C Corporation as it is only required once a year as opposed to every three months, or quarterly with the incorporated type of C or S corporation. So make sure you have some good accountants on hand to take care of all the extra work involved in this type of company.

You can have a single member LLC or a multiple member LLC. Or you can start out with a single member version and it may be possible to transition into a multi member one at a later date.

Whatever type of entity you chose it is a definite advantage compared to doing nothing and just claiming your business expenses as a regular taxed individual.

So go out and start the next Microsoft, you never know how successful you might be.

Here’s a video with some more information on LLC’s that you may find useful: