Easy Questions  
Free Legal Documents

Orientation to Limited Liability Companies (LLCs) in Charles Town, WV

Orientation to Limited Liability Companies (LLCs) in Charles Town, 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 Charles Town, WV
    Thompson Michael D
    119 E Liberty St
    Charles Town, WV 25414
    (304) 728-8808
    Attorneys, Legal Service Plans
    Briel Michael
    201 N George St # 101
    Charles Town, WV 25414
    (304) 724-8222
    Attorneys, Real Estate Attorneys, Real Estate Buyer Brokers, General Practice Attorneys
    Kane Thomas M
    637 Turnberry Dr
    Charles Town, WV 25414
    (304) 724-7970
    Attorneys
    Public Defenders Corp
    214 W Liberty St
    Charles Town, WV 25414
    (304) 728-7811
    Attorneys, Legal Service Plans
    Kratovil & Amore PLLC
    211 W Washington St
    Charles Town, WV 25414
    (304) 728-7718
    Attorneys
    Kratovil Law Offices P
    211 W Washington St
    Charles Town, WV 25414
    (800) 296-7718
    General Practice Attorneys,  Attorneys,  Criminal Law Attorneys,  Legal Service Plans
    Godfrey Tanya
    211 W Washington St
    Charles Town, WV 25414
    (304) 728-7718
    Attorneys, Business Bankruptcy Law Attorneys, Bankruptcy Law Attorneys
    The Bankruptcy Clinic
    211 W Washington St
    Charles Town, WV 25414
    (304) 728-7718
    Attorneys, Bankruptcy Law Attorneys, Legal Service Plans
    Skinner John C Jr Atty
    809 Morison St
    Charles Town, WV 25414
    (304) 725-7486
    Attorneys, Legal Service Plans
    Pentony Peter A
    202 W Liberty St
    Charles Town, WV 25414
    (304) 724-7228
    Automobile Accident Attorneys, Attorneys
    Byrer F Samuel
    202 W Liberty St
    Charles Town, WV 25414
    (304) 724-7228
    Attorneys,  General Practice Attorneys,  Legal Service Plans,  Automobile Accident Attorneys
    Davis, Laura C - Skinner Law Firm
    115 E Washington St
    Charles Town, WV 25414
    (304) 725-7029
    Personal Injury Law Attorneys, Insurance Attorneys, Attorneys
    Skinner Jr John C
    115 E Washington St
    Charles Town, WV 25414
    (304) 725-7029
    Attorneys
    Skinner, Andrew C - Skinner Law Firm
    115 E Washington St
    Charles Town, WV 25414
    (304) 725-7029
    Insurance Attorneys,  Attorneys,  Accident & Property Damage Attorneys,  Business Law Attorneys,  Pe
    Luxford Steve N
    39 W Blakeley Dr
    Charles Town, WV 25414
    (304) 725-6999
    General Practice Attorneys, Attorneys
    Lewis Eric CPA
    205 W Liberty St
    Charles Town, WV 25414
    (304) 728-6877
    Accountants-Certified Public, Attorneys, General Practice Attorneys, Tax Return Preparation, Tax Ret
    Lorenzetti Ralph A
    1011 Clark Ct
    Charles Town, WV 25414
    (304) 725-6263
    Attorneys
    Bryant Todd
    78 Barrel Horse Dr
    Charles Town, WV 25414
    (304) 724-6141
    Attorneys
    Dorsey & Kershner Lc Atty
    108 W Congress St
    Charles Town, WV 25414
    (304) 728-6000
    Attorneys
    Dorsey John K
    104 W Congress St
    Charles Town, WV 25414
    (304) 728-6000
    Attorneys, Wills, Trusts & Estate Planning Attorneys, Probate Law Attorneys
    Zullo S T
    296 Kimberwicke Dr N
    Charles Town, WV 25414
    (304) 724-5391
    Attorneys
    Prinz Robin S
    201 N George St # 202
    Charles Town, WV 25414
    (304) 725-5325
    Attorneys
    Whitebook Barry
    448 Southerly Ln
    Charles Town, WV 25414
    (304) 725-3756
    Attorneys
    Waugh Brenda
    202 N Charles St
    Charles Town, WV 25414
    (304) 728-3660
    Attorneys, General Practice Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US