Limited Liability Company (LLC)
Question: What is an LLC? Do I need one? How do I set one up?
What is it?
The acronym LLC stands for "limited liability company." It is a type of business entity formed under Missouri state law by filing articles of organization as an LLC with the Corporations Division of the Missouri Secretary of State's office in Jefferson City. (More on the filing process later.)
LLC is one of several forms of legal business organization. Other general forms are sole proprietorship, partnership and corporation. Any individual or group forming a business must decide which form of business organization to adopt. The LLC form of organization is one option.
LLC is a relatively new form of business organization, introduced in Wyoming in 1977. Legislatures in all 50 states only adopted LLC laws after the IRS agreed in 1988 to give LLCs partnership tax classifications. Missouri first adopted the LLC as a legal form of business organization in 1993.