Easy Questions  
Free Legal Documents

Orientation to Limited Liability Companies (LLCs) in Adin, CA

Orientation to Limited Liability Companies (LLCs) in Adin, CA


I've missed more than 9,000 shots in my career. I've lost almost 300 games. 26 times I've been trusted to take the game winning shot and missed. I've failed over and over and over again in my life and that is why I succeed.
 
- Michael Jordan


A Limited Liability Company (LLC), just like a corporation, offers protection from personal liability for business debts. But, unlike a corporation, which pays its own taxes, an LLC is a pass-through tax entity in which the profits and losses pass-through its owners who report it on their personal tax returns.


How to Form an LLC

  • File "Articles of Organization" with your state government including the name, address, and phone number of the business, and the name of the person who is the "registered agent" of the company. Depending on the state, the names of all LLC members are sometimes requested.
  • Create a written LLC operating agreement. This is a crucial document because it includes the rights and responsibilities of the LLC members. It can also include the percentage interest and the shares of profits of the members.
  • Main Features of an LLC



    Limited Personal Liability

    All LLC members are spared from personal liability for business claims and debts. A creditor cannot go after them and demand payment from their personal assets. The assets of the LLC are used to pay off debts, and the only thing members stand to lose is their investment in the business.

    Exceptions to Limited Personal Liability

    Limited personal liability can be enjoyed by an LLC when doing business transactions, but this protection is not fixed. This particular downside also applies to corporations. An LLC owner can be held liable if he/she:

  • Intentionally does something fraudulent, illegal, or reckless that causes harm to the company or to someone else.
  • Fails to pay taxes withheld from employees' wages.
  • Personally and directly injures someone.
  • Personally guarantees a bank loan or a business debt on which the LLC defaults.
  • Treats the LLC as an extension of his/her personal affairs rather than as a separate legal entity.


  • Business Protection

    Your personal assets can be protected by a good liability insurance which is not possible with a limited liability protection. If you are practicing your craft and accidentally injure someone, your liability insurance policy will cover you. In the event of a court proceeding, your insurance can protect your personal assets if the limited liability status is disregarded by the court.

    LLC Taxes

    An LLC is a "pass-through" entity where the business income passes through the business to the LLC members who will report their share of profits or losses on their individual income tax returns. All LLC members make a quarterly estimated tax payment to the IRS.

    LLC Management

    Member management means participating equally in the management of business. Manager management refers to designating one or more owners, or even outsiders, to take responsibility for managing the LLC. In a manager-managed LLC, only those named "manager" can vote with regards to management decisions and act as an agent of the LLC.


    Ending an LLC

    Depending on the laws of your state, or as indicated in the operating agreement, when one member leaves, the LLC dissolves. The remaining members will be responsible for meeting the business obligations left behind, pay the debts, and divide the remaining assets and profits among themselves. The decision to create a new LLC with the remaining members can be discussed. In order to avoid this kind of abrupt ending, your LLC operating agreement can include a "buy-sell" or "buyout" clause with guidelines on what will happen if a member decides to leave to pursue other interests, retires, or dies.

     
    Edit, Download, & Print a Free
    California Last Will
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Page 6
    Page 7
    Page 8
    Page 9
    Page 10
     
    Edit, Download, & Print a Free
    California Living Will
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Page 6
    Page 7
    Page 8
     
    Edit, Download, & Print a Free
    California Power of Attorney
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Related Legal Services near Adin, CA
    Klika Parrish & Bigelow
    959 E Walnut St
    Pasadena, CA 91106
    (626) 796-9998
    General Practice Attorneys, Attorneys, Legal Service Plans
    Walton Lorrie A
    2300 E Katella Ave # 435
    Anaheim, CA 92806
    (714) 978-9988
    General Practice Attorneys, Attorneys
    Warshaw Adam
    1918 W Magnolia Blvd # 101
    Burbank, CA 91506
    (818) 972-9927
    Construction Law Attorneys, Attorneys
    Schwartz Law Offices
    9000-S Crow Canyon Road, No. 399
    Danville, CA 94506
    (831) 331-9909
    Bankruptcy Law Attorneys,  Business Litigation Attorneys,  Divorce Attorneys,  Estate Planning Attor
    Kobernick Todd E
    2448 Historic Decatur Rd
    San Diego, CA 92106
    (619) 224-9889
    Attorneys, Legal Service Plans
    Lum A Justin
    1005 E Colorado Blvd # 209
    Pasadena, CA 91106
    (626) 395-9888
    Patent, Trademark & Copyright Law Attorneys, Attorneys, General Practice Attorneys, Legal Service Pl
    Perera J Rex
    900 W 17th St
    Santa Ana, CA 92706
    (714) 550-9830
    Immigration Law Attorneys, Immigration & Naturalization Consultants, Attorneys
    Cero Debts
    1475 S State College Blvd
    Anaheim, CA 92806
    (714) 780-9756
    Attorneys,  Business Bankruptcy Law Attorneys,  Bankruptcy Law Attorneys,  Bankruptcy Services
    Mccabe Patricia
    7100 Hayvenhurst Ave
    Van Nuys, CA 91406
    (818) 907-9726
    Attorneys, Social Security & Disability Law Attorneys, General Practice Attorneys, Legal Service Pla
    David J. Givot
    3780 Kilroy Airport Way Suite 200
    Long Beach, CA 90806
    888-293-0396
    DUI & DWI Attorneys,  Drug Charges Attorneys,  Legal Service Plans,  Criminal Law Attorneys,  Attorn
    Accident Recovery Legal Center Of Northern California
    1184 Monroe St
    Salinas, CA 93906
    (888) 931-9675
    Employee Benefits & Worker Compensation Attorneys,  Accident & Property Damage Attorneys,  Personal
    Aria Law Group A Professional Law Corporation
    260 Sheridan Avenue Suite 200
    Palo Alto, CA 94306
    (650) 391-9630
    Business Law Attorneys,  Personal Injury Law Attorneys,  Estate Planning, Probate, & Living Trusts
    Rosenberg Jas
    1702 N Main St
    Santa Ana, CA 92706
    (714) 953-9561
    General Practice Attorneys, Attorneys
    Matthew C. Mullhofer
    2107 N Broadway
    Santa Ana, CA 92706
    (866) 698-9478
    Attorneys, Tax Attorneys, Real Estate Attorneys, Legal Service Plans, Estate Planning Attorneys
    Niswonger J
    3233 Arlington Ave
    Riverside, CA 92506
    (951) 367-9441
    General Practice Attorneys, Attorneys, Legal Service Plans
    Joseph P Connolly Inc
    1616 23rd St
    San Pablo, CA 94806
    (510) 234-9436
    General Practice Attorneys, Attorneys
    Paralegals Who Care
    12535 Oxnard St Apt 201
    North Hollywood, CA 91606
    (818) 505-9436
    Paralegals
    Peters Carol Atty
    1100 E Green St # 1
    Pasadena, CA 91106
    (626) 793-9383
    Attorneys, Legal Service Plans, Criminal Law Attorneys, Litigation & Tort Attorneys, Estate Planning
    Attorney Assistance
    2100 Embarcadero
    Oakland, CA 94606
    (510) 893-9333
    Attorneys Referral & Information Service, General Practice Attorneys, Attorneys
    Cleveland & Metz
    3890 11th Street
    Riverside, CA 92506
    (951) 275-9262
    Workers Compensation Assistance,  Accident & Property Damage Attorneys,  Employee Benefits & Worker
    Corrons-Hickey & Hickey
    930 W 17th St
    Santa Ana, CA 92706
    (714) 550-9211
    Bankruptcy Services,  Attorneys,  General Practice Attorneys,  Legal Service Plans,  Bankruptcy Law
    We The People
    963 E Colorado Blvd
    Pasadena, CA 91106
    (626) 219-9200
    Paralegals, Legal Document Assistance, Attorneys
    Hurr Lauren S
    19725 Sherman Way
    Winnetka, CA 91306
    (818) 812-9192
    Bankruptcy Law Attorneys, Attorneys
    Sun Raymond
    20 Corporate Park # 155
    Irvine, CA 92606
    (949) 252-9180
    General Practice Attorneys, Attorneys, Legal Service Plans
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US