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Limited Liability Company (LLC)

Disregarded entities are the simplest tax classification with straightforward tax reporting. Your LLC is not taxed or required to file a tax return. Instead, the business profits and losses pass to you as the sole owner to be reported on your personal income tax return.

If you've formed an LLC, you can't treat it as a C-corp, unless you go through the legal process of making it a corporate entity. The IRS will allow you to file as a C-corp for tax purposes, but you have to comply with income tax rules that pertain to C-corps for a minimum amount of time.

Although being taxed like an S corporation is probably chosen the least often by small business owners, it is an option. For some LLCs and their owners, this can actually provide a tax savings, particularly if the LLC operates an active trade or business and the payroll taxes on the owner or owners is high.

In Louisiana, you may file an Original Financing Statement (UCC-1) with any of our 64 Parish filing offices. The Secretary of State's Office manages and maintains a statewide database and all 64 filing officers have access to this system.

UCC-1 Financing Statements may be filed with any Louisiana Parish Clerk of Court without regard to the debtor's address, location of the collateral or of any related immovable. Initial Financing Statements can now be submitted to any Louisiana Parish Clerk of Court online through the Secretary of State's website.