LLC vs. LLP vs. Inc: How to Decide What Business Formation is Best for Your Company

LLC vs. LLP vs. Inc: How to Decide What Business Formation is Best for Your CompanyHave you ever wondered what those letters and abbreviations you see behind business names stand for? They are business formations meaning they help define the nature, taxation, and overall financial structure of a company. If you are planning to open your own business, you will need to define it as an L.L.C., L.L.P, or Inc.  Today’s post will help to define the differences between the three main types of business formations.

L.L.C. – Limited Liability Company

An LLC is a company that blends parts of a partnership and corporation structure. LLCs combine the liability nature of a corporation and the taxation structure of a partnership company. LLCs have less corporate regulations like a Board of Directors or necessary shareholders meetings. LLCs also have fewer ownership restrictions and have more choice in deciding a tax structure. LLC and LLPs are considered “pass through” tax entities, meaning that taxation is levied through the income tax of the owners as their profits are considered the income of the individuals. LLCs, like corporations, allow the benefit of separating the proprietor’s personal and business assets. This means that any personal assets not invested in the LLC will not be at risk of loss in case of bankruptcy.

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Three Ways to Write Better Content for your Business

Bad business writing is something we talk about a lot at MyCorp, at least in the social media department. Inc. Magazine published a great article on the subject, and wound up rightly pointing the finger at marketers and executives who for years have relied on pointless jargon and buzzwords, hoping that this very peculiar language would excite potential clients and entice them to read on. Now most people know that is not the case – the minute we read the words ‘synergy’ or ‘value-added’ our minds begin to fuzz up and wander. But there are still PLENTY of businesses, writers, executives, and marketers who produce this drivel for no other reason than drivel is all they know how to produce. In the hopes of making business writing more interesting, here are some tips for producing better content. Continue reading