The legal name for Centric Brands is Centric Brands LLC. This is the formal and official designation under which the company operates and is recognized by law.
Understanding a Company's Legal Name
A company's legal name serves as its fundamental identity in the commercial and legal world. It is the name registered with the relevant government authorities, such as a Secretary of State's office, and is distinct from any trade names or "doing business as" (DBA) names that a company might use for marketing purposes.
Key aspects of a legal name include:
- Official Identity: It is used on all official documents, contracts, bank accounts, and legal filings.
- Compliance: It ensures the company operates within legal frameworks and regulations.
- Liability: It clearly identifies the entity responsible for liabilities and obligations.
The Significance of "LLC"
The suffix "LLC" stands for Limited Liability Company. This business structure is popular for several reasons, as it offers a blend of characteristics typically found in corporations and partnerships:
- Limited Personal Liability: Owners (members) of an LLC are generally not personally responsible for the company's debts or legal liabilities. Their personal assets are typically protected from business creditors or lawsuits.
- Tax Flexibility: LLCs can choose how they are taxed, potentially avoiding the "double taxation" that can occur with traditional corporations. They can be taxed as a sole proprietorship, partnership, S corporation, or C corporation.
- Operational Simplicity: Compared to corporations, LLCs often have fewer ongoing compliance requirements and more flexible management structures.
Centric Brands' Legal Structure
By operating as Centric Brands LLC, the company leverages the benefits of the Limited Liability Company structure, which provides a robust legal framework for its operations. This structure allows Centric Brands to manage its diverse portfolio of lifestyle brands while offering a layer of protection for its members. For more information about Centric Brands, you can visit their profile on Crunchbase.
Aspect | Detail |
---|---|
Legal Name | Centric Brands LLC |
Entity Type | Limited Liability Company (LLC) |
Purpose | Official legal designation for operations |