Easy Questions  
Free Legal Documents

Orientation to Limited Liability Companies (LLCs) in Charleston, WV

Orientation to Limited Liability Companies (LLCs) in Charleston, WV


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 WV 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 WV 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 Charleston, WV
    Gaylock Stephen L
    28 Ohio Ave
    Charleston, WV 25302
    (304) 346-9999
    Attorneys
    Mitchell Jr John R Lc
    28 Ohio Ave
    Charleston, WV 25302
    (304) 346-9999
    General Practice Attorneys, Attorneys, Legal Service Plans
    Hussell John F
    900 Lee St E # 600
    Charleston, WV 25301
    (304) 357-9966
    Attorneys, Legal Service Plans
    Pack Ashley L
    900 Lee St E
    Charleston, WV 25301
    (304) 357-9937
    Attorneys
    White James E Law
    900 Lee St E
    Charleston, WV 25301
    (304) 357-9934
    Attorneys
    Kelly Donna C Atty
    900 Lee St E
    Charleston, WV 25301
    (304) 357-9927
    Attorneys
    Stonestreet Robert M Law
    900 Lee St E
    Charleston, WV 25301
    (304) 357-9915
    Attorneys
    Jones Law Group
    120 Esta Ln
    Charleston, WV 25312
    (304) 984-9898
    Attorneys, Legal Service Plans
    Straub Hazel A
    500 Virginia St E # 1025
    Charleston, WV 25301
    (304) 346-9822
    Attorneys, Legal Service Plans
    Smith Christopher S Law
    22 Capitol St
    Charleston, WV 25301
    (304) 344-9821
    Attorneys
    Hoyer Stephen P
    22 Capitol St # 300
    Charleston, WV 25301
    (304) 344-9821
    Attorneys, Legal Service Plans
    Raptis Jr Andrew A
    179 Summers St
    Charleston, WV 25301
    (304) 343-9810
    Attorneys
    Foster William
    1018 Kanawha Blvd E # 200
    Charleston, WV 25301
    (304) 347-9800
    Attorneys, General Practice Attorneys
    Hackney Brent Attorney
    120 Esta Ln
    Charleston, WV 25312
    (304) 984-9800
    Attorneys
    Jones Law Group
    96 Poca River Rd
    Charleston, WV 25320
    (304) 988-9800
    Attorneys
    Charnock John N Law
    1811 Huber Rd
    Charleston, WV 25314
    (304) 343-9652
    Attorneys
    Hunt & Lees
    2306 Kanawha Blvd E
    Charleston, WV 25311
    (304) 344-9651
    Personal Injury Law Attorneys,  Civil Litigation & Trial Law Attorneys,  Attorneys,  Criminal Law At
    Lees Jim
    2306 Kanawha Blvd E
    Charleston, WV 25311
    (304) 344-9651
    Attorneys, Legal Service Plans
    Pancake Edwin H
    608 Virginia St E # 4
    Charleston, WV 25301
    (304) 346-9629
    Attorneys
    Maroney Patrick K Atty
    608 Virginia St E
    Charleston, WV 25301
    (304) 346-9629
    Attorneys
    Maroney Williams Weaver
    608 Virginia St E # 2
    Charleston, WV 25301
    (304) 346-9629
    General Practice Attorneys, Legal Service Plans, Attorneys
    Wood Law Office, LC
    3818 Maccorkle Ave SE
    Charleston, WV 25304
    (304) 925-9592
    Malpractice Law Attorneys, Attorneys, Legal Service Plans
    Collins Joshua B
    13 Kanawha Blvd W # 200
    Charleston, WV 25302
    (304) 343-9466
    Attorneys, Legal Service Plans
    Bunn Joseph G
    13 Kanawha Blvd W # 200
    Charleston, WV 25302
    (304) 343-9466
    Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US