12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents
 
 
FINANCIAL & MARITAL

Cohabitation Agreement coming soon!
Separation Agreement coming soon!
No-Fault Divorce coming soon!
Bankruptcy coming soon!
 
 

Orientation to Limited Liability Companies (LLCs) in Ava, IL

Orientation to Limited Liability Companies (LLCs) in Ava, IL


I've missed more than 9,000 shots in my career. I've lost almost 300 games. 26 times I've been trusted to take the game winning shot and missed. I've failed over and over and over again in my life and that is why I succeed.
 
- Michael Jordan


A Limited Liability Company (LLC), just like a corporation, offers protection from personal liability for business debts. But, unlike a corporation, which pays its own taxes, an LLC is a pass-through tax entity in which the profits and losses pass-through its owners who report it on their personal tax returns.

How to Form an LLC

  • File "Articles of Organization" with your state government including the name, address, and phone number of the business, and the name of the person who is the "registered agent" of the company. Depending on the state, the names of all LLC members are sometimes requested.
  • Create a written LLC operating agreement. This is a crucial document because it includes the rights and responsibilities of the LLC members. It can also include the percentage interest and the shares of profits of the members.
  • Main Features of an LLC



    Limited Personal Liability

    All LLC members are spared from personal liability for business claims and debts. A creditor cannot go after them and demand payment from their personal assets. The assets of the LLC are used to pay off debts, and the only thing members stand to lose is their investment in the business.

    Exceptions to Limited Personal Liability

    Limited personal liability can be enjoyed by an LLC when doing business transactions, but this protection is not fixed. This particular downside also applies to corporations. An LLC owner can be held liable if he/she:

  • Intentionally does something fraudulent, illegal, or reckless that causes harm to the company or to someone else.
  • Fails to pay taxes withheld from employees' wages.
  • Personally and directly injures someone.
  • Personally guarantees a bank loan or a business debt on which the LLC defaults.
  • Treats the LLC as an extension of his/her personal affairs rather than as a separate legal entity.


  • Business Protection

    Your personal assets can be protected by a good liability insurance which is not possible with a limited liability protection. If you are practicing your craft and accidentally injure someone, your liability insurance policy will cover you. In the event of a court proceeding, your insurance can protect your personal assets if the limited liability status is disregarded by the court.

    LLC Taxes

    An LLC is a "pass-through" entity where the business income passes through the business to the LLC members who will report their share of profits or losses on their individual income tax returns. All LLC members make a quarterly estimated tax payment to the IRS.

    LLC Management

    Member management means participating equally in the management of business. Manager management refers to designating one or more owners, or even outsiders, to take responsibility for managing the LLC. In a manager-managed LLC, only those named "manager" can vote with regards to management decisions and act as an agent of the LLC.


    Ending an LLC

    Depending on the laws of your state, or as indicated in the operating agreement, when one member leaves, the LLC dissolves. The remaining members will be responsible for meeting the business obligations left behind, pay the debts, and divide the remaining assets and profits among themselves. The decision to create a new LLC with the remaining members can be discussed. In order to avoid this kind of abrupt ending, your LLC operating agreement can include a "buy-sell" or "buyout" clause with guidelines on what will happen if a member decides to leave to pursue other interests, retires, or dies.

     
    Personalize & Print a Free IL Last Will Create 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 IL Living Will Create This Document
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Page 6
    Page 7
    Page 8
    Related Legal Services near Ava, IL
    Timothy J Fitzgerald Law Ofc
    901 W Jackson Blvd
    Chicago, IL 60607
    (312) 850-9583
    General Practice Attorneys, Attorneys
    Greenberg Steven
    820 W Jackson Blvd # 310
    Chicago, IL 60607
    (312) 879-9500
    Attorneys, Legal Service Plans
    Hunter Steven R
    820 W Jackson Blvd # 310
    Chicago, IL 60607
    (312) 466-9466
    General Practice Attorneys, Attorneys, Legal Service Plans
    A Crosby & Associates
    475 Executive Pkwy
    Rockford, IL 61107
    (815) 209-9462
    Employee Benefits & Worker Compensation Attorneys,  Attorneys,  Criminal Law Attorneys,  Family Law
    Gene S Bobroff Attney At Law
    1231 Springdale Ln
    Elk Grove Village, IL 60007
    (847) 995-9191
    General Practice Attorneys, Attorneys, Legal Service Plans
    John W Heiderscheidt
    725 Wells
    Chicago, IL 60607
    (312) 431-9000
    Attorneys,  Mediation Services,  DUI & DWI Attorneys,  Estate Planning Attorneys
    Manchik Craig
    900 W Jackson Blvd # 2E
    Chicago, IL 60607
    (312) 460-8888
    General Practice Attorneys, Attorneys, Legal Service Plans
    Connelly Michael E
    910 W Jackson Blvd # 1W
    Chicago, IL 60607
    (312) 243-8639
    General Practice Attorneys, Attorneys
    Segal Law Offices
    5573 Bellingham Rd
    Rockford, IL 61107
    (815) 877-8530
    General Practice Attorneys, Attorneys, Legal Service Plans
    Brunke Gary
    1300 E Irving Park Rd Ste 201
    Streamwood, IL 60107
    (630) 289-8200
    Traffic Law Attorneys, Attorneys
    Andrew Gable
    1450 W Randolph St
    Chicago, IL 60607
    (312) 502-7877
    Criminal Law Attorneys
    Drda Dennis P
    7902 Conehill Cir
    Rockford, IL 61107
    (815) 978-7807
    General Practice Attorneys, Attorneys
    Gonsky Baum & Whittaker Ltd.
    112 S Sangamon St
    Chicago, IL 60607
    (312) 733-7300
    Accident & Property Damage Attorneys, Personal Injury Law Attorneys, Attorneys
    Gonsky Ronald M
    112 S Sangamon St # 4
    Chicago, IL 60607
    (312) 733-7300
    General Practice Attorneys, Attorneys
    Garner Christine
    185 Buckley Dr
    Rockford, IL 61107
    (815) 226-7110
    General Practice Attorneys, Attorneys, Legal Service Plans
    A About Bankruptcy
    900 W Washington Blvd
    Chicago, IL 60607
    (312) 474-7000
    Bankruptcy Law Attorneys,  Attorneys,  Credit & Debt Counseling,  Bankruptcy Services,  Legal Servic
    Liou Law Firm
    900 W Washington Blvd
    Chicago, IL 60607
    (312) 429-6970
    Attorneys,  Bankruptcy Services,  Bankruptcy Law Attorneys,  Financial Services
    Loop Lawyers
    220 S Ashland Ave
    Chicago, IL 60607
    (312) 506-6771
    Attorneys, General Practice Attorneys
    Marneris Niko G
    19 N Green St
    Chicago, IL 60607
    (312) 243-6700
    General Practice Attorneys, Attorneys, Legal Service Plans
    Clinton Laboratories Ltd
    700 S Clinton St
    Chicago, IL 60607
    (312) 939-6677
    Attorneys
    Stiefel Reid A
    1590 Louis Ave
    Elk Grove Village, IL 60007
    (847) 364-6660
    General Practice Attorneys, Attorneys
    David G Barts
    1325 S Arlington Heights Rd
    Elk Grove Village, IL 60007
    (847) 807-6106
    Attorneys,  Criminal Law Attorneys,  Real Estate Attorneys,  Wills, Trusts & Estate Planning Attorn
    Loevy & Loevy Attorneys
    312 N May St
    Chicago, IL 60607
    (312) 243-5900
    General Practice Attorneys, Attorneys, Legal Service Plans
    Nicolosi & Assoc
    363 Financial Ct Ste 300
    Rockford, IL 61107
    (815) 229-5789
    Estate Planning Attorneys,  Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce Atto
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US