Easy Questions  
Free Legal Documents

Structural Advantages of a Limited Liability Company (LLC) in Allamuchy, NJ

Structural Advantages of a Limited Liability Company (LLC) in Allamuchy, NJ


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 NJ 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 NJ 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 Allamuchy, NJ
Cunningham Lisa K
170 Mount Airy Rd
Basking Ridge, NJ 07920
(908) 630-9900
General Practice Attorneys, Attorneys
Patel Milan C
1740 Oak Tree Rd Ste E
Edison, NJ 08820
(732) 452-9888
General Practice Attorneys, Attorneys, Legal Service Plans
Friedman Martin & Beth
25 Stockmar Dr
Basking Ridge, NJ 07920
(908) 204-9642
Attorneys, Legal Service Plans
Shulman William Z
115 River Rd Ste 201
Edgewater, NJ 07020
(201) 313-9300
Attorneys, General Practice Attorneys
Gurnani & Gurnani,
101 State Route 27
Edison, NJ 08820
(732) 494-8900
Attorneys, Labor & Employment Law Attorneys, Immigration Law Attorneys, Corporation & Partnership La
Nieschmidt Law Office
412 Monmouth St
Hightstown, NJ 08520
(609) 426-8807
Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Tax Attorneys,  Divorce Attorneys,  Bank
Bressler Duyk Law Firm
60 State Route 27
Edison, NJ 08820
(732) 494-8555
Attorneys, Business Law Attorneys, Real Estate Attorneys, Litigation & Tort Attorneys, Estate Planni
Legband Donna
93 S Finley Ave
Basking Ridge, NJ 07920
(908) 696-7977
Attorneys, Legal Service Plans
Mavinkurve & Patel Law Offices
44 State Route 27 # D
Edison, NJ 08820
(908) 222-7966
Attorneys, Legal Clinics, Real Estate Attorneys, Divorce Attorneys
Warshaw Law Firm
403 King George Rd Ste 201
Basking Ridge, NJ 07920
(908) 350-7771
General Practice Attorneys, Attorneys
Zelley Frederick B
88 S Finley Ave # G
Basking Ridge, NJ 07920
(908) 766-6666
General Practice Attorneys, Attorneys
Speck Amy
202 2nd Ave
Bradley Beach, NJ 07720
(732) 776-6610
Attorneys
Pasricha Gary S
1794 Oak Tree Rd
Edison, NJ 08820
(732) 593-6200
Immigration Law Attorneys, Patent, Trademark & Copyright Law Attorneys, Attorneys
Hanlon William J
170 Mount Airy Rd Ste F1
Basking Ridge, NJ 07920
(908) 766-6100
Attorneys, Legal Service Plans
Ziegelbaum Joanne E A
107 Manlove Ave # Ae
Hightstown, NJ 08520
(609) 443-5950
Attorneys, Legal Service Plans
Siggelakis Gus T
162 Broad St
Hightstown, NJ 08520
(609) 443-5533
Attorneys, Legal Service Plans
Del Tufo Linda
88 S Finley Ave # D
Basking Ridge, NJ 07920
(908) 766-5200
Attorneys, General Practice Attorneys
Stephen L Klein
17 Hilliard Ave
Edgewater, NJ 07020
(201) 654-4592
Social Security & Disability Law Attorneys,  Attorneys,  Real Estate Attorneys,  Accident & Property
Richford Lisa Law Office
4327 S Broad St
Trenton, NJ 08620
(609) 581-4414
General Practice Attorneys, Attorneys, Legal Service Plans
Asma J. Warsi Chaudry
2 State Route 27 Suite 402
Edison, NJ 08820
(732) 662-4125
General Practice Attorneys, Attorneys
Bonk Family
1941 Oak Tree Rd Ste 201
Edison, NJ 08820
(732) 321-4026
Attorneys, General Practice Attorneys
Gosnell Emily At Attorney Law
614 US Highway 130
East Windsor, NJ 08520
(609) 371-3820
Attorneys, Legal Service Plans
Vallejos Law Ofc & Morales
200 Mercer St
Hightstown, NJ 08520
(609) 371-3600
General Practice Attorneys, Attorneys, Legal Service Plans
Gattoni E RN
300 Undercliff Ave
Edgewater, NJ 07020
(201) 313-3576
Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US