LLC Glossary & Business Formation Terms

Every term you’ll encounter forming, running, and staying compliant with an LLC — formation, registered agents, IRS and tax terms, banking and beneficial ownership rules, and non-resident-specific terms most guides skip entirely.

📅 Verified current as of July 2026 ⚖️ Reviewed by a licensed business formation attorney 📖 100+ terms
All terms Formation & Structure Registered Agent & Compliance Taxes & IRS Banking & Ownership Non-Resident
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Sources

  • Internal Revenue Service (irs.gov) — EIN, Responsible Party, S-Corp election, estimated taxes, Schedule C/K-1
  • FinCEN.gov — Beneficial Ownership Information reporting rule and March 2025 interim rule update
  • Wolters Kluwer, LLC University, UpCounsel — formation and structural terminology
  • State Secretary of State glossaries (Texas, California, Delaware, Wyoming) — state-specific terms and naming