I remember when the LLC first became an option for forming a business. Everyone extolled it as the next best thing. It seemed that everyone jumped on the bandwagon and began changing their legal business form into a LLC. The sentiment was that it was the best form for everyone. Is that true? Is there a “one size fits all” form of business – at least to begin with? More importantly, once formed, how do you stay up to date on what you have to do to form and keep your form current? How do you find out if there are other forms that are now available to use? In short, how as a business, how do you keep up with all the requirements of your particular form? Thoughts?

One of the most fascinating and eye-catching advantages of LLC that attracted most people are the fact that it has the pass-through taxation found in the partnership and sole proprietorship. All these are incorporated into the limited liability of a corporation. Given the fact that it has some prospects of partnership and sole proprietorship combined with those of a corporation warrant it as one of the best forms to be adopted by everyone. It can thus be adopted by personal businesses or corporations. Maintenance of an LLC is the most important step. With the tax identification number, it is important to update often and keep records of the tax payment to avoid getting into trouble with the authorities. Hiring a professional accountant may help to keep clear track records of the financial transactions. The annual filing requirements should be maintained. On a personal stance, LLC is the bestmodel that fits all the entities.