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Inc. Yourself, 11th Edition: How to Profit by Setting Up Your Own Corporation by Judith H. McQuown

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6Limited Liability Companies (LLCs): An Entity Growing in Popularity

Strictly speaking, limited liability companies (LLCs) should not be included in this book because they are not corporations. Nonetheless, they give their owners the protection of limited liability that is one of the most valuable advantages of incorporation. Because LLCs have grown in popularity in every state, some coverage is warranted here.

All states permit single-member (owner) LLCs. With regard to licensed professionals, all states, with the exception of California, permit professional LLCs (PLLCs), subject to various restrictions. California does permit limited liability partnerships (LLPs) for certain professions. Tax advisers comment, “50 states. 50 different laws.” ...

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