Find More Articles
12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents™
 
ESTATE PLANNING
Last Will and Testament
Living Trust
Living Will for Healthcare
 
FINANCIAL & MARITAL
Power of Attorney
Premarital Agreement
Cohabitation Agreement coming soon!
Separation Agreement coming soon!
No-Fault Divorce coming soon!
Bankruptcy coming soon!
 
BUSINESS
General Partnership
Consulting Agreement
Employee Documents coming soon!
Incorporation coming soon!
Limited Liability Company coming soon!
 

Benefits of a Limited Liability Company (LLC) in Sasabe, AZ

Benefits of a Limited Liability Company (LLC) in Sasabe, AZ


Your time is limited, so don't waste it living someone else's life. Don't be trapped by dogma - which is living with the results of other people's thinking. Don't let the noise of other's opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary.
 
- Steve Jobs


A limited liability company (LLC) is similar to a Partnership but has the liability protection for the owners that a corporation offers without the formalities, paperwork and fees. All new LLCs must file articles of organization with their secretary of state's office.

You should draft an operating agreement for your LLC that spells out the details of the business arrangement, including members' percentage ownership, roles, rights and responsibilities.

The LLC structure is a good way to "wall off" your personal assets from your company's liabilities, offering protection for your personal assets in the event of a liability or judgment against your business.

A limited liability company (LLC) also has certain tax advantages. The business itself is not responsible for taxes on its profits. Instead, the LLC's owners, known as "members," report their share of business profit and loss on their personal tax returns, similar to tax reporting for a General Partnership. This is known as "pass-through" taxation.


There are many benefits to an LLC structure.

  • Protected assets: LLCs provide limited liability protection to their owners (members), who are typically not personally responsible for the business debts and liabilities of the LLC. Creditors cannot pursue the personal assets (house, savings accounts, etc.) of the owners to pay business debts. Conversely, in a sole proprietorship or General Partnership, owners and the business are legally considered the same—leaving personal assets vulnerable.
  • Pass-through taxation: LLCs typically do not pay taxes at the business level. Any business income or loss is "passed-through" to owners and reported on their personal income tax returns. Any tax due is paid at the individual level.
  • Heightened credibility: Forming an LLC may help a new business establish credibility with potential customers, employees, vendors and partners because they see you have made a formal commitment to your business.
  • Limited compliance requirements: LLCs face fewer state-imposed annual requirements and ongoing formalities than S corporations and C corporations.
  • Flexible management structure: LLCs are free to establish any organizational structure agreed upon by the company owners. LLCs can be managed by the owners (members) or by managers, unlike corporations which have a board of directors who oversee the major business decisions of the company and officers who manage the day-to-day affairs.
  • Few restrictions: There are few restrictions on who can be an LLC owner or how many owners an LLC may have (unlike S corporations).


    • Potential LLC Disadvantages

    LLCs may have some potential disadvantages, including:

  • Formation and ongoing expenses: To form an LLC, Articles of Organization must be filed with the state and the applicable state filing fees paid. Many states impose ongoing fees, such as annual report and/or franchise tax fees. While these fees often are not very expensive for small businesses, LLC formation is more expensive than that of a sole proprietorship or General Partnership, both of which are not required to file formation documents with the state. A few states, such as New York and Arizona, also require LLC owners to publish notice of the LLC formation in local newspapers for several weeks. This can be costly.
  • Transferable ownership: Ownership in an LLC is often harder to transfer than with a corporation. With corporations, shares of stock can be sold to increase ownership. Typically with LLCs, all owners must approve adding new owners or altering the ownership percentages of existing owners.
  • Less precedent: Because the LLC is a newer type of business structure, there is not as much case law or legal precedent for LLCs as there is for corporations.

    •  
    Personalize & Print a Free AZ 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 AZ 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 Sasabe, AZ
    Denise Tomaiko Law Offices
    1425 West Elliot Rd #201
    Gilbert, AZ 85233
    (480) 656-9765
    Attorneys, Family Law Attorneys
    Reesing & Turner PA
    1425 W Elliot Rd
    Gilbert, AZ 85233
    (480) 838-8686
    Attorneys, Legal Service Plans
    Turner Richmond K
    1425 W Elliot Rd Ste 201
    Gilbert, AZ 85233
    (480) 838-8686
    Attorneys
    Farrington Hardy, PLC
    1543 W Elliot Rd
    Gilbert, AZ 85233
    (480) 422-8555
    Bankruptcy Law Attorneys,  Business Bankruptcy Law Attorneys,  Child Custody Attorneys,  Divorce Att
    Excell Larene
    13730 S Spring Ln
    Mayer, AZ 86333
    (928) 632-8026
    Attorneys
    Reesing Law Office
    1425 W Elliot Rd Suite 201
    Gilbert, AZ 85233
    (480) 222-5680
    Attorneys, Family Law Attorneys
    Platt & Westby, P.C.
    1425 W Elliot Rd Ste 201
    Gilbert, AZ 85233
    (480) 969-5070
    Probate Law Attorneys, Attorneys, Wills, Trusts & Estate Planning Attorneys
    Channen Day, P.C.
    501 N Coronado Blvd
    Clifton, AZ 85533
    (928) 865-4500
    Attorneys,  Legal Clinics,  Legal Service Plans,  General Practice Attorneys
    Amack Law Office
    1425 West Elliot Rd, Ste 201
    Gilbert, AZ 85233
    (480) 359-3226
    Child Custody Attorneys, Divorce Attorneys, DUI & DWI Attorneys
    Brown Troy L
    1757 E Baseline Rd Ste 130
    Gilbert, AZ 85233
    (480) 820-2800
    Divorce Attorneys, Family Law Attorneys, Attorneys
    Hughes Bob
    4854 N 79th Dr
    Phoenix, AZ 85033
    (602) 266-2143
    Attorneys, General Practice Attorneys
    Halvorson Kris
    1757 E Baseline Rd Ste 130
    Gilbert, AZ 85233
    (480) 892-2037
    Attorneys, General Practice Attorneys, Legal Service Plans
    Total Attorneys - Personal Injury
    274264 N Densonda
    Dateland, AZ 85333
    (928) 485-1750
    Attorneys, Legal Service Plans
    Total Attorneys - Criminal Defense
    273755 N Densonda
    Dateland, AZ 85333
    (928) 485-1747
    Attorneys, Criminal Law Attorneys, Legal Service Plans
    Reed Steven L
    1757 E Baseline Rd Ste 3-111
    Gilbert, AZ 85233
    (480) 644-1558
    Attorneys
    O'steen & Harrison
    1757 E Baseline Rd
    Gilbert, AZ 85233
    (480) 644-1558
    Attorneys, General Practice Attorneys
    Ginmar Legal Support
    1482 N Quail Ln
    Gilbert, AZ 85233
    (480) 686-0026
    Paralegals
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US