What is a domestic llc?

A domestic LLC, also known as a limited liability company, is a type of business structure that combines the limited liability of a corporation with the tax benefits of a partnership. Domestic LLCs are formed within a specific state and are governed by state laws.

The owners of a domestic LLC are called members, and they can be individuals, corporations, or other LLCs. In some states, a single-member LLC is allowed, which means the owner is the only member of the company.

One of the main benefits of a domestic LLC is that it provides limited liability protection to its members. This means that the personal assets of the members are protected from the company's debts and legal liabilities.

Additionally, domestic LLCs are generally easier and less expensive to set up and maintain compared to other business structures such as corporations. They also offer flexibility in terms of management and taxation.

Domestic LLCs are required to file articles of organization with the state where they are formed, and may be required to file annual reports and pay state fees. They are also subject to state regulations and laws regarding their operation and management.