Easy Questions  
Free Legal Documents

Frequently Asked Questions about a Limited Liability Company (LLC) in Attica, OH

Frequently Asked Questions about a Limited Liability Company (LLC) in Attica, OH


The way to get started is to quit talking and start doing.
 
- Walt Disney


What is an LLC?


An LLC is a Limited Liability Company. It is a business structure regulated by state statutes. Forms and fees needed to set up and maintain an LLC differ in each state. An LLC is not a corporation, but it provides liability protection to its members.

Why Should I form an LLC?

An LLC can protect the assets of its members by limiting the liability for acts and debts of the business. An LLC also provides pass-through taxation, meaning that taxes are only paid on the personal tax forms of the owners, there is no corporate or company tax to be paid. Members pay taxes individually on their portion of the LLC profits. Compared to a corporation, an LLC is less costly and complicated to set up and maintain.

How does an LLC protect my assets?

An LLC can provide three important protections: First, members of an LLC are covered by state shield laws that limit their liability exposure. Second, the charging order often holds creditor limitations to each member's share of distribution. This means that if a member of an LLC becomes a debtor, the creditor does not get the assets of the LLC or even the debtor/member's LLC interest outright. A creditor is in fact prohibited by law from levying on the interests of an LLC, as a creditor is traditionally allowed do to the shares of a corporation. Instead, the creditor can only get a lien against the debtor/member's LLC interest. Finally, creditors are limited to each member's share of distribution and creditors cannot go after the LLC's assets to settle a member-debtor's obligation. This would protect non-debtor-members from financial loss.

What are the legal documents needed for an LLC?

A document called "Articles of Organization" should be filed with the appropriate state agency in order to start an LLC. Another document needed is the operating agreement showing the rules of the company and the rights of its members. You will also need a tax identification number issued by the IRS.

How does an LLC compare to a C or S Corporation?

"Double taxation" is experienced by the C corporations when profits and shareholder dividends are both taxed by the IRS. Pass-through through taxation is done for the S Corporation which may limit the numbers and nationality of the shareholders. With an LLC, this difficulty is not experienced. Record keeping requirements are not that taxing compared with other business structures.

What is a Series LLC?

A Series LLC refers to an LLC with different sets of interest or ownership. This is an uncommon type of structure but it can provide liability insulated divisions in a single company rather than forming multiple LLCs.

Can stock be issued by an LLC?

Being non-incorporated, an LLC cannot issue stock. It is not in any way a corporation but tax rules of a corporation can be applied to an LLC if elected -- but they only cover tax treatment. An LLC can, however, raise additional investment money by inviting more partners to join it.

How do I maintain my LLC?

Joining an LLC means you have to maintain your company's status by paying the required state taxes, maintaining good financial records, and paying any required annual franchise fees levied by the state.

How much does it cost to set up an LLC?

Paperwork fees and service fees are the only costs to set up an LLC.

How are LLC profits taxed?

An LLC is not taxed on its profits because it has the benefit of pass through taxation. All profits are pass-through proportionally to its members. The members will, in turn, be responsible to state their income on their tax returns and pay the needed taxes. An LLC is flexible enough to choose how to be taxed as long as proper forms are filed with the IRS.

Does an LLC need an EIN?

If an LLC with one or more members elects to be treated as a corporation or partnership for tax purposes, an Employer Identification Number (EIN) is needed. If a single-member LLC chooses to be taxed as a sole proprietorship an EIN is not needed, because the IRS will treat it as "disregarded entity."

What tax forms do I use when filing LLC taxes?

Sole proprietorship forms are used by a single-member LLC; partnership forms are used by multi-member LLCs. But, if the business chooses to be taxed as a C corporation it will file Form 8832; if it chooses to be taxed as an S corporation Form 2553.

Does an LLC use a 1099 Form?

The IRS uses a variety of 1099 forms. A form 1099-DIV will be used by an LLC for the payments made to each of its members. Any partner who receives $600 or more annually from the LLC will also use the 1099-DIV when filing their individual income tax returns.
 
Personalize & Print a Free OH 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 OH 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 Attica, OH
Rathburn & Associates
3163 S High St
Columbus, OH 43207
(614) 497-9918
Estate Planning Attorneys,  Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Social Secur
Thompson C Richard Co LPA
371 Lexington Ave
Mansfield, OH 44907
(866) 950-9468
Attorneys, Criminal Law Attorneys, Wills, Trusts & Estate Planning Attorneys, Business Bankruptcy La
Reulbach Jr John L
14701 Detroit Ave # 575
Lakewood, OH 44107
(216) 227-9000
Attorneys, Legal Service Plans
The Sleibi Law Firm
13326 Madison Ave
Lakewood, OH 44107
(216) 521-8800
General Practice Attorneys, Attorneys
Beetham Rupert
110 S Main St
Cadiz, OH 43907
(740) 942-8282
Attorneys, General Practice Attorneys
Paar Amanda M
2500 Firstmerit Cir Tower
Akron, OH 44307
(330) 253-8242
General Practice Attorneys, Attorneys, Legal Service Plans
Costanzo Raymond J
13317 Madison Ave
Lakewood, OH 44107
(216) 226-8241
General Practice Attorneys, Attorneys, Legal Service Plans
Jerger Joseph L
362 Lexington Ave
Mansfield, OH 44907
(419) 756-7711
Attorneys, General Practice Attorneys, Legal Service Plans
Shannon G. Becker, LLC
1007 Lexington Ave
Mansfield, OH 44907
(419) 709-7577
Civil Litigation & Trial Law Attorneys, Estate Planning Attorneys, Attorneys, Business Law Attorneys
Endress & Endress Co
17119 Madison Ave
Lakewood, OH 44107
(216) 228-7550
Attorneys, Legal Service Plans
Canary Nancy H
12500 Edgewater Dr
Lakewood, OH 44107
(216) 226-7466
Attorneys
Brown & Szaller Co LPA
14222 Madison Ave
Lakewood, OH 44107
(216) 228-7200
Accident & Property Damage Attorneys, Attorneys
Murman Michael E
14701 Detroit Ave
Lakewood, OH 44107
(216) 228-6996
Attorneys, General Practice Attorneys, Legal Service Plans
Bayer Jerger & Underwood
362 Lexington Ave
Mansfield, OH 44907
(877) 776-6797
Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Probate Law Attorney
Mark Kindt
16004 Detroit Ave
Lakewood, OH 44107
(216) 521-6024
Attorneys, General Practice Attorneys
Franco Robert A.
1007 Lexington Ave
Mansfield, OH 44907
(419) 524-5938
Elder Law Attorneys, Attorneys
Tzangas Plakas Mannos & Raies
2500 Firstmerit Cir Tower
Akron, OH 44307
(330) 784-5466
Accident & Property Damage Attorneys,  Attorneys,  General Practice Attorneys,  Legal Service Plans
Thompson C Richard
371 Lexington Ave
Mansfield, OH 44907
(419) 522-5297
Bankruptcy Law Attorneys, Probate Law Attorneys, Attorneys
T. Michele Lynch
13317 Madison Ave
Lakewood, OH 44107
(216) 226-5090
Attorneys,  Bankruptcy Services,  Bankruptcy Law Attorneys,  General Practice Attorneys,  Legal Serv
Roose & Ressler LPA
1221 S Trimble Rd Suite A-2
Mansfield, OH 44907
(855) 238-5041
Civil Litigation & Trial Law Attorneys,  Attorneys,  Social Security & Disability Law Attorneys,  Ap
Maria L. Shinn, LLC
14837 Detroit Avenue, #282
Lakewood, OH 44107
(216) 228-4791
Estate Planning Attorneys, Attorneys, Probate Law Attorneys
Feighan & Feighan Law Offices
14516 Detroit Ave
Lakewood, OH 44107
(216) 226-4747
General Practice Attorneys, Attorneys
Bass-Lyons Meeta
105 Jamison Ave
Cadiz, OH 43907
(740) 942-3700
Attorneys, General Practice Attorneys
Waag Christian F
14701 Detroit Ave # 540
Lakewood, OH 44107
(216) 221-3100
Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US