freelancer/LLC??

[paul]

What are the overheads/extra formalities involved in it?? Pls. suggest. Thanks.

[Fergal]

Paul, if you want help with this issue please provide more details. You could start with telling us what geographic location is relevant to your question. Different countries / states have different laws.

[zerzis]

Hey I know what a freelancer is, but I dont know what is LLC. Can anyone pelase explain it to me ?

[Pirata]

Hey zerzis,

I guess LLC refers to Limited Liability Company. I didn't know either what it's supposed to mean so I Googled it and found this on Wikipedia:


A limited liability company (denoted by L.L.C. or LLC) in the law of many of the United States is a legal form of business company offering limited liability to its owners. It is similar to a corporation, and is often a more flexible form of ownership, especially suitable for smaller companies with a limited number of owners. Unlike a regular corporation, a limited liability company with one member may be treated as a disregarded entity, so the member is often singled-out as a person performing the actions of the LLC. A limited liability company with multiple members may choose, generally at the time that the new entity applies for a US federal taxpayer ID number, to be treated for U.S. federal taxation purposes as a partnership, as a C corporation, or as an S corporation. An LLC can elect to be "member managed" or "manager managed."
Source: http://en.wikipedia.org/wiki/Limited_liability_company

I don't understand all details but I guess an LLC is something between a one-man-company and a real corporation. Correct me if I'm wrong.