What is an LLC?

A limited liability company (LLC) is a business entity you can register in your state. LLCs mainly aim to limit their owners' liability.

 

What is a Corporation?
A corporation is a legal entity separate from its owners, which can protect you from business liabilities or debts.

 

Business Name Searches and Reservation

It is imperative to check if your business name is available in your state before forming your LLC or corporation. PDP includes a name check with our formation services and can reserve your business names.

 

LLC Official Document

An Articles of Organization is needed to register your LLC or corporation with the state.

 

EIN Number

An EIN is like a Social Security number for your LLC or corporation and is needed for banking, taxes, and hiring.

 

LLC Operating Agreement

The operating agreement, which most states require, outlines your LLC's rules for everything from decision-making to profit distribution.

 

Corporate Bylaws

Corporate Bylaws are the initial document that outlines the decisions of your corporation’s board of directors and its basic "operating rules.”

 

Registered Agent

Most states require you to appoint a person or entity as a registered agent (also called an agent for service of process or statutory agent). A registered agent agrees to receive lawsuits, subpoenas, and other official documents for your business. To make things easier, you can appoint PDP as your registered agent.

 

LLC vs. Corporation

Both LLCs and corporations protect owners’ assets from business liabilities or debts. But they have some key differences, including:

 

• Ownership – LLCs have one or more members, but corporations have shareholders.

• Maintenance – LLCs generally have less formal record-keeping and reporting requirements than corporations.

• Taxes – LLC profits usually pass through to members before taxes, while profits for some corporations are taxed at the company level first.