SMLLC
Business & Finance abbreviation · Company Type
| Stands for | Single-member limited liability company |
|---|---|
| Categories | Business & Finance |
SMLLC stands for Single-member limited liability company, a company type abbreviation.
LLC owned by one person or entity. For US federal income tax purposes it is, by default, a "disregarded entity," so its income is reported on the owner's return, while the owner still gets the LLC's liability protection under state law.
Example: As an SMLLC, the consulting business reports its profit on Schedule C of the owner's Form 1040.
Usage notes
An SMLLC can elect to be taxed as a C or S corporation instead. Courts in some states have been more willing to let creditors reach a single-member LLC's assets, so the liability shield can be weaker than in multi-member LLCs. Wholly owned subsidiaries are often structured as SMLLCs.
Related abbreviations
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