Easy Questions  
Free Legal Documents

Benefits of a Limited Liability Company (LLC) in Admire, KS

Benefits of a Limited Liability Company (LLC) in Admire, KS


Your time is limited, so don't waste it living someone else's life. Don't be trapped by dogma - which is living with the results of other people's thinking. Don't let the noise of other's opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary.
 
- Steve Jobs


A limited liability company (LLC) is similar to a partnership but has the liability protection for the owners that a corporation offers without the formalities, paperwork and fees. All new LLCs must file articles of organization with their secretary of state's office. Check out a free preview at 1-2-Law.

You should draft an operating agreement for your LLC that spells out the details of the business arrangement, including members' percentage ownership, roles, rights and responsibilities.

The LLC structure is a good way to "wall off" your personal assets from your company's liabilities, offering protection for your personal assets in the event of a liability or judgment against your business.

A limited liability company (LLC) also has certain tax advantages. The business itself is not responsible for taxes on its profits. Instead, the LLC's owners, known as "members," report their share of business profit and loss on their personal tax returns, similar to tax reporting for a general partnership. This is known as "pass-through" taxation.


There are many benefits to an LLC structure.

  • Protected assets: LLCs provide limited liability protection to their owners (members), who are typically not personally responsible for the business debts and liabilities of the LLC. Creditors cannot pursue the personal assets (house, savings accounts, etc.) of the owners to pay business debts. Conversely, in a sole proprietorship or general partnership, owners and the business are legally considered the same—leaving personal assets vulnerable.
  • Pass-through taxation: LLCs typically do not pay taxes at the business level. Any business income or loss is "passed-through" to owners and reported on their personal income tax returns. Any tax due is paid at the individual level.
  • Heightened credibility: Forming an LLC may help a new business establish credibility with potential customers, employees, vendors and partners because they see you have made a formal commitment to your business.
  • Limited compliance requirements: LLCs face fewer state-imposed annual requirements and ongoing formalities than S corporations and C corporations.
  • Flexible management structure: LLCs are free to establish any organizational structure agreed upon by the company owners. LLCs can be managed by the owners (members) or by managers, unlike corporations which have a board of directors who oversee the major business decisions of the company and officers who manage the day-to-day affairs.
  • Few restrictions: There are few restrictions on who can be an LLC owner or how many owners an LLC may have (unlike S corporations).


  • Potential LLC Disadvantages

    LLCs may have some potential disadvantages, including:

  • Formation and ongoing expenses: To form an LLC, Articles of Organization must be filed with the state and the applicable state filing fees paid. Many states impose ongoing fees, such as annual report and/or franchise tax fees. While these fees often are not very expensive for small businesses, LLC formation is more expensive than that of a sole proprietorship or general partnership, both of which are not required to file formation documents with the state. A few states, such as New York and Arizona, also require LLC owners to publish notice of the LLC formation in local newspapers for several weeks. This can be costly.
  • Transferable ownership: Ownership in an LLC is often harder to transfer than with a corporation. With corporations, shares of stock can be sold to increase ownership. Typically with LLCs, all owners must approve adding new owners or altering the ownership percentages of existing owners.
  • Less precedent: Because the LLC is a newer type of business structure, there is not as much case law or legal precedent for LLCs as there is for corporations.

  •  
    Personalize & Print a Free KS Last Will Download this Document
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Page 6
    Page 7
    Page 8
    Page 9
    Page 10
     
    Personalize & Print a Free KS Living Will Download this Document
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Page 6
    Page 7
    Page 8
    Related Legal Services near Admire, KS
    Haynes Charles R
    1910 18th St
    Great Bend, KS 67530
    (620) 792-8855
    Attorneys, Legal Service Plans
    Kaufman & Horner Chtd
    1910 18th St
    Great Bend, KS 67530
    (620) 793-8476
    Attorneys, Legal Service Plans
    McVay James M
    1321 Main St
    Great Bend, KS 67530
    (620) 792-8231
    Attorneys, General Practice Attorneys
    Rondeau Mark A
    1321 Main St # 300
    Great Bend, KS 67530
    (620) 792-8231
    Attorneys, General Practice Attorneys
    Rondeau, Mark A - Watkins Calcara
    1321 Main St # 300
    Great Bend, KS 67530
    (620) 792-8231
    Attorneys,  General Practice Attorneys,  Probate Law Attorneys,  Accident & Property Damage Attorney
    Shepard Christopher J
    1321 Main St
    Great Bend, KS 67530
    (620) 792-8231
    Attorneys, Legal Service Plans
    Friedeman Richard L
    1321 Main St # 300
    Great Bend, KS 67530
    (620) 792-8231
    Attorneys, General Practice Attorneys
    Glendenning, Allen G - Watkins Calcara
    1321 Main St # 300
    Great Bend, KS 67530
    (620) 792-8231
    Attorneys,  Labor & Employment Law Attorneys,  Civil Litigation & Trial Law Attorneys,  Discriminati
    Horner John
    1910 18th St
    Great Bend, KS 67530
    (620) 793-7874
    Attorneys, Legal Service Plans
    Carpenter M
    1007 Williams St
    Great Bend, KS 67530
    (620) 793-7817
    Attorneys
    Keenan Law Firm PA
    2200 Lakin Ave # B
    Great Bend, KS 67530
    (620) 793-7811
    Attorneys,  Criminal Law Attorneys,  Wills, Trusts & Estate Planning Attorneys,  DUI & DWI Attorney
    Berscheidt Thomas J
    2107 Forest Ave
    Great Bend, KS 67530
    (620) 792-7777
    Attorneys, Legal Service Plans
    Keenan Martin J Atty
    3600 23rd St
    Great Bend, KS 67530
    (620) 793-7612
    Attorneys, Legal Service Plans
    Vega Law Offices LLC
    510 W Main Street, Suite A
    Gardner, KS 66030
    (913) 856-7596
    Family Law Attorneys, Tax Attorneys, Divorce Attorneys, Probate Law Attorneys, Estate Planning Attor
    Jackson Joel B
    2018 Forest Ave
    Great Bend, KS 67530
    (620) 792-7452
    General Practice Attorneys, Attorneys
    Johnson Steven E
    1310 Kansas Ave
    Great Bend, KS 67530
    (620) 793-7239
    Attorneys
    Bauer Greg L
    1310 Kansas Ave
    Great Bend, KS 67530
    (620) 793-7239
    Attorneys, General Practice Attorneys, Legal Service Plans
    Pike Charles R
    1310 Kansas Ave
    Great Bend, KS 67530
    (620) 793-7239
    Attorneys, Legal Service Plans
    Mark D Lewis
    212 E Main St
    Gardner, KS 66030
    (913) 856-6600
    General Practice Attorneys, Attorneys
    Huelskamp Terrance
    550 N 159th St E # 104
    Wichita, KS 67230
    (316) 733-6446
    Attorneys, Legal Service Plans
    Berkley Deborah
    1314 Kansas Ave
    Great Bend, KS 67530
    (620) 603-6314
    Attorneys
    Angelo Law Office
    550 N 159th St E # 205
    Wichita, KS 67230
    (316) 239-6005
    Attorneys, Corporation & Partnership Law Attorneys, Legal Service Plans
    Glenn Opie Law Offices
    2015 Forest Ave # 102
    Great Bend, KS 67530
    (620) 793-5455
    Attorneys, General Practice Attorneys, Legal Service Plans
    Brown, Isern & Carpenter
    1909 Lakin Ave
    Great Bend, KS 67530
    (620) 792-5388
    Probate Law Attorneys,  Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Bankruptcy Law A
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US