Easy Questions  
Free Legal Documents

Orientation to Limited Liability Companies (LLCs) in Barbeau, MI

Orientation to Limited Liability Companies (LLCs) in Barbeau, MI


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.

     
    Edit, Download, & Print a Free
    Michigan Last Will
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Page 6
    Page 7
    Page 8
    Page 9
    Page 10
     
    Edit, Download, & Print a Free
    Michigan Living Will
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Page 6
    Page 7
    Page 8
     
    Edit, Download, & Print a Free
    Michigan Power of Attorney
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Related Legal Services near Barbeau, MI
    Mark N Awada Law Office
    35957 Mound
    Sterling Heights, MI 48310
    (586) 801-9745
    Attorneys, General Practice Attorneys
    Bobay Thomas P
    3626 Dunckel Rd
    Lansing, MI 48910
    (517) 853-9595
    Attorneys,  Social Security & Disability Law Attorneys,  Corporation & Partnership Law Attorneys,  L
    Fleck Charles A
    208 E Mount Hope Ave
    Lansing, MI 48910
    (517) 484-8811
    Attorneys, Legal Service Plans
    Antkoviak & Antkoviak PC
    416 Hubbard St
    Allegan, MI 49010
    (269) 673-8468
    Attorneys, Legal Service Plans
    Nolen Michael J
    3626 Dunckel Rd
    Lansing, MI 48910
    (517) 333-8451
    Attorneys
    Kastran Stephen A
    313 Hubbard St
    Allegan, MI 49010
    (269) 673-8407
    Attorneys, General Practice Attorneys, Legal Service Plans
    Livingston Clarence L
    1091 37th St
    Allegan, MI 49010
    (269) 673-8363
    Accident & Property Damage Attorneys
    Elias Kafantaris
    1515 W Mount Hope Ave
    Lansing, MI 48910
    (517) 482-8337
    Attorneys
    De Mott Russell A
    1244 Lincoln Rd
    Allegan, MI 49010
    (269) 686-8330
    Attorneys
    Goldman & Lulgjuraj Law Offices
    2107 E 14 Mile Rd Ste 140
    Sterling Heights, MI 48310
    (586) 939-8299
    General Practice Attorneys, Attorneys, Legal Service Plans
    Green Emily F
    327 Hubbard St # A
    Allegan, MI 49010
    (269) 673-8224
    Attorneys, Legal Service Plans
    Frank R Langton & Assoc
    33200 Dequindre Rd Ste 100
    Sterling Heights, MI 48310
    (586) 268-8200
    Personal Injury Law Attorneys, Attorneys, Labor & Employment Law Attorneys
    Allegan Law Offices
    327 Water St
    Allegan, MI 49010
    (269) 673-8133
    General Practice Attorneys, Attorneys, Family Law Attorneys, Legal Service Plans
    Klein Paul W
    126 Locust St
    Allegan, MI 49010
    (269) 686-7400
    Attorneys, General Practice Attorneys
    Wolf Heidi L PC
    217 Hubbard St
    Allegan, MI 49010
    (269) 673-7273
    Attorneys, Legal Service Plans
    Verde Holly
    141 Brady St
    Allegan, MI 49010
    (269) 673-5800
    Attorneys, Family Law Attorneys, General Practice Attorneys, Legal Service Plans
    Boumis Law Offices PC
    4001 Norfolk Ct
    Lansing, MI 48910
    (517) 393-5563
    Attorneys, Criminal Law Attorneys
    Yee, Marshall A - Kempf & Yee
    913 W Holmes Rd Ste 130
    Lansing, MI 48910
    (517) 580-5379
    Attorneys Referral & Information Service, Attorneys
    Pierson David E
    1305 S Washington Ave # 102
    Lansing, MI 48910
    (517) 482-4890
    Attorneys, Legal Service Plans
    The Bankruptcy Law Center
    913 W Holmes Rd
    Lansing, MI 48910
    (517) 393-4545
    Bankruptcy Law Attorneys,  Attorneys,  Bankruptcy Services,  Business Bankruptcy Law Attorneys,  Gen
    Buczkowski Leonard J
    5584 Metropolitan Pkwy
    Sterling Heights, MI 48310
    (586) 795-4500
    Attorneys
    Kempf Robert
    913 W Holmes Rd
    Lansing, MI 48910
    (517) 394-4430
    Bankruptcy Law Attorneys,  Credit & Debt Counseling,  Attorneys,  General Practice Attorneys,  Legal
    Brian Richards
    1005 S Washington Ave
    Lansing, MI 48910
    (517) 372-3919
    Immigration Law Attorneys,  Attorneys,  Legal Service Plans,  Administrative & Governmental Law Atto
    Smith Kenneth I & Assoc
    4215 S Pennsylvania Ave
    Lansing, MI 48910
    (517) 393-3660
    Attorneys,  Estate Planning, Probate, & Living Trusts,  Real Estate Attorneys,  Adoption Law Attor
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US