Easy Questions  
Free Legal Documents

Structural Advantages of a Limited Liability Company (LLC) in Aline, OK

Structural Advantages of a Limited Liability Company (LLC) in Aline, OK


Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do.
 
- Steve Jobs


A Limited Liability Company blends almost all the structure of business entities like a sole proprietorship, partnership, and corporation without their respective drawbacks. New business start-ups often choose an LLC as the structure of their business.

An LLC offers several key advantages for new businesses:

1. Chart Your Own Course

As the owner of a business, you want to carve out your own place under the sun by running your own show. An LLC can be run by a single person, and most states recognize you as the sole owner of the business. Being on your own, you can make decisions without consulting or needing the approval of other members of the company. Like a sole proprietorship, you own, manage, and operate your business without the liability issues of a sole proprietor. If you have a co-owner, you can enter into a mutual or operating agreement to point out the obligations and respective role you each play in order for the business to run smoothly.

2. Bypass Double Taxation

An LLC is treated as a "pass-through" entity that allows profits to be taxed only once on each member's individual income tax return. (You can also opt for declaring your LLC as an S corporation or partnership in order to receive similar "pass-through" treatment from the IRS.)

3. Limit Personal Liability

One advantage of structuring your business as an LLC is that your personal assets will not be used to pay off the debts or legal liabilities of the LLC. The only thing that the owner or investor may lose is the capital contribution that is invested in the company. There are instances where the owner of the LLC may be personally liable, such as when he/she personally guarantees a business debt, fails to exercise due care resulting in harm to a third party, or breaches his/her duties as an owner.

4. Limit Administrative Hassles and Paperwork

Setting up and maintaining an LLC is less complicated when compared to other types of business structures. An LLC can be formed by filing articles of organization with the relevant state office, and paying the corresponding fees. The application will indicate the name and address of the company, the identity of its member(s), and other information relevant to the business. There are no mandatory meeting or reporting requirements by the member(s) or any annual directors' meeting that is usually required by a corporation.

5. Gain Flexibility in Sharing Profits

Most businesses share their profits (or losses) based on the percentage of investment they have in the company. In an LLC it can also be applied as a basis for distributing the profits, but there are other ways to distribute the profits as indicated in the LLC operating agreement. There is an IRS rule about so-called special allocations that come into play that require allocations not based on ownership interest to reflect a legitimate economic circumstance as opposed to merely trying to gain a tax advantage for the owners.
 
Personalize & Print a Free OK 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 OK 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 Aline, OK
Blevins & Associates
3315 NW 63rd St
Oklahoma City, OK 73116
(405) 848-9684
Bankruptcy Law Attorneys
Moore James R
301 NW 63rd St # 550
Oklahoma City, OK 73116
(405) 843-9675
Attorneys, Legal Service Plans
Gray Robert D
3500 S Blvd St
Oklahoma City, OK 73116
(405) 848-8998
Attorneys, Legal Service Plans
Blankenship G T
6412 Avondale Dr # 400
Nichols Hills, OK 73116
(405) 848-8791
Attorneys
Makohin, Lundy
6520 N Western Ave
Oklahoma City, OK 73116
(405) 741-8715
Adoption Law Attorneys,  Attorneys,  Adoption Services,  Family Law Attorneys
Jaye Mendros
3033 NW 63rd St Ste E-105
Oklahoma City, OK 73116
(405) 605-8639
Cook David T
1001 NW 63rd St
Oklahoma City, OK 73116
(405) 848-8488
Attorneys, General Practice Attorneys
Andre Phillip M
1000 W Wilshire Blvd
Oklahoma City, OK 73116
(405) 840-8400
Attorneys,  Family Law Attorneys,  Divorce Assistance,  Legal Service Plans
Boren Law Office
6520 N Western AVE
Oklahoma City, OK 73116
(405) 607-8304
General Practice Attorneys, Attorneys, Adoption Services
Ikard James A Atty
6520 N Western Ave
Oklahoma City, OK 73116
(405) 607-8304
Attorneys
Robert & Rebecca Boren
6502 N Western Ave
Oklahoma City, OK 73116
(405) 607-8304
General Practice Attorneys, Adoption Services, Attorneys
Ircink & Miller
3035 NW 63rd St
Oklahoma City, OK 73116
(405) 858-8282
Attorneys, General Practice Attorneys
Lowe Justin
3133 NW 63rd St
Oklahoma City, OK 73116
(405) 848-7777
Attorneys
Schaffer Peter K
4334 NW Expressway
Oklahoma City, OK 73116
(405) 239-7707
Attorneys
Vassar William A Iii
1001 NW 63rd St
Oklahoma City, OK 73116
(405) 840-7700
Attorneys, General Practice Attorneys, Legal Service Plans, Labor & Employment Law Attorneys, Employ
White Coffey & Fite Attorneys
1001 NW 63rd St
Oklahoma City, OK 73116
(405) 842-7589
General Practice Attorneys, Attorneys, Legal Service Plans
Sander Lori A
4045 NW 64th St # 510
Oklahoma City, OK 73116
(405) 842-7305
Attorneys, Legal Service Plans
Felker Ken
4045 NW 64th St # 510
Oklahoma City, OK 73116
(405) 842-7305
Attorneys, Legal Service Plans
Berry James W
2832 W Wilshire Blvd
Oklahoma City, OK 73116
(405) 755-7301
Attorneys, Legal Service Plans
Makohin George M
6520 N Western Ave Ste 202
Oklahoma City, OK 73116
(405) 858-7220
Wills, Trusts & Estate Planning Attorneys,  Attorneys,  Business Law Attorneys,  Real Estate Attorn
Gill Law Firm P
4334 NW Expressway
Oklahoma City, OK 73116
(405) 753-6999
General Practice Attorneys, Attorneys
Schatz Steven R
6801 Broadway Ext # 320
Oklahoma City, OK 73116
(405) 848-6884
Attorneys
Thom Michael W
3807 Bthny
Oklahoma City, OK 73116
(405) 848-6600
Attorneys, Legal Service Plans
Terrell David
3501 NW 63rd St # 301
Oklahoma City, OK 73116
(405) 286-6353
Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US