West Virginia LLC Formation
New Entrepreneurs considering LLC formation in West Virginia will be in for a pleasant surprise. An LLC is a bit of a hybrid entity nestled somewhere between a partnership and a corporation. West Virginia LLC formation includes the best of the other three business structures (sole-proprietorship, partnership, S- and C- corporations) within a highly flexible, accommodating entity. LLC formation offers the option for having the single-tax, flow-through status enjoyed by partnerships with the added protection of a corporation. This effectively limits a memberís liability through clever, legal tactics.
LLCs may be managed by a Managing-member or a Member-partner. Members partners of LLCs benefit from the same limited liability protection as limited partners in a limited partnership (LP or LLP), but the LLC formation allows for all members to actively engage in managing the company without losing their limited liability status the way managers can in an LP.
LLC formation in West Virginia allows members to enjoy the privilege of receiving distributions without regard to investment or capitalization contributions, and without regard to the amount of percent ownership. In other words, owners can receive a distribution in any amount they wish without regard to the amount other owners might receive, and without regard to the percent they own.
West Virginia LLC formation also allows for the option to be taxed as a partnership. This eliminates potential double taxation that sometimes occurs with corporations. This is referred to as a flow-through tax election that is combined with the benefits of limited liability protection.
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