Easy Questions  
Free Legal Documents

Advantages and Disadvantages of a Limited Liability Company (LLC) in Alston, GA

Advantages and Disadvantages of a Limited Liability Company (LLC) in Alston, GA


Grit is often the single-most predictor of success.
 
- Jonah Lehrer


Overview:


A Limited Liability Company (LLC) is a legal business entity that combines the liability protection of a corporation, the operating flexibility of a partnership, and the tax benefits of a sole proprietorship. Though the rules for forming an LLC vary by state, it is a popular option for many start-up businesses.

Advantages:

Limited Personal Liability and Exposure

One advantage of an LLC is the limited liability shield, which protects the personal assets of its members. Creditors, typically, cannot hold members personally responsible for the debts and liabilities of the business. Members can only be liable to the extent of their business investment.

Pass-through Taxation

Though there are an array of tax options for a Limited Liability Company; an LLC is generally treated as a "pass-through" entity. Profits and losses pass through the business to the members and are taxed at the personal level. The business itself is not taxed. Reporting is done on members' individual income tax returns. No double taxation with both the company and the owner(s) paying taxes on the earnings of the business.

Operational Flexibility & Simplicity

An LLC is much less formal than a corporation. Record keeping and administrative procedures are not as onerous. There are no quarterly and annual meetings, or tax filings. Neither is there a board of directors.

Legitimacy

Registering a company as an LLC adds credibility to a business, and can help in brand building and marketing to potential clients and suppliers. In addition, the company can enter into contracts on its own, and also acquire property.

Disadvantages:

Higher Fees

An LLC typically pays higher filing fees compared to some other business entities or sole proprietorships. Additionally, some states require annual renewal fees or franchise taxes. It is difficult for an LLC to attract additional investment because the company does not have the ability to issue stocks and bonds. Members have to finance its business activities, or take in private investors. Getting a loan can be tough, especially for small and start-up companies. The company may have to use its business, or personal, assets to guarantee business loans.

Fewer fringe benefits

Employees of an LLC who receive fringe benefits, for example, medical insurance and parking, must treat these benefits as taxable income. This is also true for employees who own more than 2% of an S-corporation. However, employees of a C-corporation do not have to report fringe benefits as taxable income.
 
Personalize & Print a Free GA 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 GA 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 Alston, GA
Green Street Law Offices
884 Green St SW
Conyers, GA 30012
(770) 918-9914
Attorneys, Criminal Law Attorneys
Myers Iii, Albert A Mumford & Myers
884 Green St SW
Conyers, GA 30012
(770) 918-9914
Criminal Law Attorneys, Attorneys
Carter Russell D
567 Ralph McGill Blvd NE
Atlanta, GA 30312
(404) 377-9900
Entertainment & Sports Law Attorneys, Attorneys, Legal Service Plans
Weldon & Associates
1071 West Ave SW
Conyers, GA 30012
(678) 413-9823
Attorneys, Legal Service Plans, General Practice Attorneys
Prioleau & Associates
505 Pryor St SW
Atlanta, GA 30312
(404) 526-9400
Employment Discrimination Attorneys, Attorneys, Labor & Employment Law Attorneys, Employee Benefits
Lynch Law Group PC
505 Pryor St SW
Atlanta, GA 30312
(404) 880-9393
Divorce Attorneys, Family Law Attorneys, Attorneys
Mc Elreath & Stevens
513 Edgewood Ave SE # 100
Atlanta, GA 30312
(404) 467-9017
Social Security & Disability Law Attorneys, Attorneys
McElreath And Stevens LLC
513 Edgewood Ave SE
Atlanta, GA 30312
(404) 467-9017
Social Security & Disability Law Attorneys,  Attorneys,  Labor & Employment Law Attorneys,  Wills,
Gerald A Griggs LLC
501 Pulliam Street SW Ste 150
Atlanta, GA 30312
(404) 221-8888
Legal Clinics, Legal Service Plans, Criminal Law Attorneys, Attorneys
R D Moore Iv Law Offices
974 Milstead Ave NE
Conyers, GA 30012
(770) 929-8702
General Practice Attorneys, Attorneys
Read Tk
915 Commercial St NE
Conyers, GA 30012
(770) 929-8644
Attorneys,  Real Estate Attorneys,  Personal Injury Law Attorneys,  Discrimination & Civil Rights La
King King & Jones PC
659 Auburn Ave NE
Atlanta, GA 30312
(404) 522-8481
Criminal Law Attorneys, Attorneys, Legal Service Plans
J. L. Johnson & Associates, LLC
444 Highland Avenue NE, Suite
Atlanta, GA 30312
(404) 879-8439
Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Bankruptcy Law Attorneys
Boemanns Law Office
44 Blue Ridge St # B
Blairsville, GA 30512
(706) 745-7717
Real Estate Attorneys, Attorneys, General Practice Attorneys
Maddox Nix Bowman & Zoeckler
945 Bank St NE
Conyers, GA 30012
(770) 922-7700
Real Estate Attorneys, Attorneys, General Practice Attorneys
Bowman, Thomas A
945 Bank St NE
Conyers, GA 30012
(770) 922-7700
Attorneys
Zoeckler, Robert L
945 Bank St NE
Conyers, GA 30012
(770) 922-7700
Attorneys
Moran & Associates
659 Auburn Ave NE
Atlanta, GA 30312
(404) 758-7500
Attorneys,  Legal Service Plans,  Criminal Law Attorneys,  Personal Injury Law Attorneys,  Drug Char
Rick J. DeMedeiros, PC
909 Commercial Street
Conyers, GA 30012
(888) 995-7425
Personal Injury Law Attorneys, Workers Compensation Assistance, Attorneys
Host Nation Perspectives
423 Georgia Ave SE # 100
Atlanta, GA 30312
(678) 705-7171
Contract Law Attorneys, Attorneys
Vaughan Michelle
360 Highway 515 W
Blairsville, GA 30512
(706) 745-7052
Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Accident & Property Damage Attorneys,  G
Oeland, Paul J
919 Center St NE
Conyers, GA 30012
(770) 483-6524
Criminal Law Attorneys, Attorneys
Sheppard & Associates Law Office PC
455 Park Ave SE
Atlanta, GA 30312
(404) 622-5777
Attorneys, General Practice Attorneys, Legal Service Plans
Wesley Williams & Associates
94 L Town Sq
Blairsville, GA 30512
(706) 745-5599
Corporation & Partnership Law Attorneys, Attorneys, General Practice Attorneys, Legal Service Plans,
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US