LLC is a business structure providing limited liability protection for owners. Can be formed by one or more owners called members. State law regulates LLC formation and operation
LLCs with employees must obtain a tax ID number from the IRS. Tax ID numbers are also known as Employer Identification Numbers (EIN). IRS provides tax ID numbers to corporations, LLCs, partnerships, and sole proprietorships. Tax ID numbers are nine digits specific to each company
Managing partner is both a member and manager of an LLC. LLC is legally distinct from owners, protecting personal assets. Business can have multiple managing partners sharing responsibilities
LLC is a legal entity offering business liability protection and flexible taxation options. Protects personal assets in case of legal trouble or bankruptcy
Use New Mexico Business Entity Search to check name uniqueness. Select "Contains" search type and enter desired LLC name. Leave out "LLC", "L.L.C.", commas, periods, apostrophes. Search only main part of name to avoid similar variations
Limited liability protects investors' personal assets from company losses. German equivalent is Gesellschaft mit beschränkter Haftung (GmbH). Shareholders' liability limited to investment amount even in bankruptcy