An LLC is a type of company run by one or more people. It has the same rights and responsibilities as a regular business but has its own set of laws and regulations. This means that even if you do not own the whole business yourself (which is very rare), it still counts as a separate entity and must be registered separately with the IRS.
Most people think that their LLCs will be able to file an easy form with no annual filing fee because it has a limited liability company designation, which is an option most new LLCs get when they start. But this is not always true; sometimes, LLCs need different kinds of registrations to be recognized as legal entities. However, a limited liability company designation will help them pass-through taxation. If you are an inexperienced person looking into starting an LLC, it is highly recommended that you use an attorney to help you file your papers and learn the LLC cost you have to pay.
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