Easy Questions  
Free Legal Documents

Benefits of a Limited Liability Company (LLC) in Alleghany, CA

Benefits of a Limited Liability Company (LLC) in Alleghany, CA


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 CA 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 CA 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 Alleghany, CA
    Ko Paul W
    1601 Bayshore Hwy Ste 249
    Burlingame, CA 94010
    (650) 777-9999
    Attorneys, Legal Service Plans
    Asobie Ugo
    3540 Wilshire Blvd # 508
    Los Angeles, CA 90010
    (213) 385-9991
    General Practice Attorneys, Attorneys, Legal Service Plans
    Hersh V Kapoor
    3540 Wilshire Blvd
    Los Angeles, CA 90010
    (213) 385-9991
    General Practice Attorneys, Attorneys
    Steven L. Walker
    303 Almaden Blvd
    San Jose, CA 95110
    (408) 828-9989
    Attorneys,  Bankruptcy Law Attorneys,  General Practice Attorneys,  Legal Service Plans
    Pappas Diane
    400 Mobil Ave # C3
    Camarillo, CA 93010
    (805) 389-9988
    General Practice Attorneys, Attorneys, Legal Service Plans
    Sollitt Mark
    8421 Auburn Blvd
    Citrus Heights, CA 95610
    (916) 797-9988
    Attorneys
    Sawdayi Devin Law Offices
    9107 Wilshire Blvd # 225
    Beverly Hills, CA 90210
    (310) 552-9937
    Attorneys,  General Practice Attorneys,  Bankruptcy Services,  Legal Service Plans,  Bankruptcy Law
    John M Angerer
    7011 Sylvan Rd
    Citrus Heights, CA 95610
    (916) 235-9913
    Financial Services,  Social Security & Disability Law Attorneys,  Attorneys,  Estate Planning, Prob
    Matthews Leo
    4322 Wilshire Blvd # 200
    Los Angeles, CA 90010
    (323) 317-9885
    General Practice Attorneys, Attorneys, Legal Service Plans
    Ye John C
    3660 Wilshire Blvd # 1040
    Los Angeles, CA 90010
    (213) 249-9877
    Attorneys,  Accident & Property Damage Attorneys,  Personal Injury Law Attorneys,  Legal Service Pla
    Netzer & Malmo Personal Injury Attorneys
    720 E Bullard Ave
    Fresno, CA 93710
    (559) 440-9800
    Personal Injury Law Attorneys,  Attorneys,  General Practice Attorneys,  Legal Service Plans,  Accid
    So Cal Criminal Defense Attorneys
    3250 Wilshire Blvd
    Los Angeles, CA 90010
    (213) 351-9796
    Attorneys
    Eugene Action
    1780 E Barstow Ave Ste. 5
    Fresno, CA 93710
    (559) 283-9772
    Attorneys,  Criminal Law Attorneys,  DUI & DWI Attorneys,  Civil Litigation & Trial Law Attorneys,  
    Immigrant American Foundation Fundemi
    3540 Wilshire Blvd # 618
    Los Angeles, CA 90010
    (213) 351-9736
    Immigration Law Attorneys, Immigration & Naturalization Consultants, Attorneys
    Anastasi & Nielsen
    255 N. Market St. Suite 150
    San Jose, CA 95110
    (408) 294-9700
    Probate Law Attorneys, Wills, Trusts & Estate Planning Attorneys, Attorneys
    Sagaria Law, P.C.
    333 W San Carlos St # 1625
    San Jose, CA 95110
    (408) 753-9700
    Attorneys, Bankruptcy Services, Family Law Attorneys, Wills, Trusts & Estate Planning Attorneys, Leg
    Mediation & Family Law Document Service
    215 E Daily Dr Suite 28
    Camarillo, CA 93010
    (805) 914-9644
    Paralegals,  Legal Document Assistance,  Divorce Assistance,  Attorneys Referral & Information Servi
    Franklin Jonathan
    427 N Canon Dr
    Beverly Hills, CA 90210
    (310) 273-9600
    General Practice Attorneys, Attorneys
    Murphy John J
    3990 Old Town Ave
    San Diego, CA 92110
    (619) 291-9593
    General Practice Attorneys, Attorneys, Legal Service Plans
    Arter Lee
    2033 Gateway Pl
    San Jose, CA 95110
    (408) 287-9533
    Attorneys,  Accident & Property Damage Attorneys,  Personal Injury Law Attorneys,  Legal Service Pla
    Broderick Saleen Law Firm for Sexual Harassment & Employment Law
    2033 Gateway Place Ste 500
    San Jose, CA 95110
    (408) 621-9525
    Personal Injury Law Attorneys, Employment Discrimination Attorneys, Sexual Harassment Attorneys
    Contreras Raymond M
    721 3rd Ave
    Chula Vista, CA 91910
    (619) 425-9500
    General Practice Attorneys, Attorneys
    Adam Brewer
    319 F St Suite 201A
    Chula Vista, CA 91910
    (619) 591-9500
    Attorneys,  Family Law Attorneys,  Tax Attorneys,  Divorce Attorneys,  Bankruptcy Services,  Bankrup
    Roman P. Mosqueda
    3460 Wilshire Blvd # 407
    Los Angeles, CA 90010
    (213) 252-9481
    Civil Litigation & Trial Law Attorneys, Criminal Law Attorneys, Divorce Attorneys, Immigration Law A
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US