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!
 
 

Benefits of a Limited Liability Company (LLC) in Zip Code 92619

Benefits of a Limited Liability Company (LLC) in Zip Code 92619


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 CA 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 CA 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 Zip Code 92619
    Concord Bankruptcy Center
    2801 Concord Blvd
    Concord, CA 94519
    (925) 827-9900
    Bankruptcy Law Attorneys,  Attorneys,  Legal Service Plans,  Bankruptcy Services
    Cavanaugh Diana
    2801 Concord Blvd
    Concord, CA 94519
    (925) 827-9900
    Attorneys,  Bankruptcy Services,  Foreclosure Services,  Business Bankruptcy Law Attorneys,  Bankrup
    Williams Terrence D
    3031 W March Ln
    Stockton, CA 95219
    (209) 948-9751
    Attorneys, Social Security & Disability Law Attorneys
    Mark Thiel
    3439 Brookside Rd
    Stockton, CA 95219
    (209) 951-9600
    Attorneys, Criminal Law Attorneys, Tax Attorneys, Wills, Trusts & Estate Planning Attorneys, General
    Michael & Cammack
    3247 W March Ln Ste 120
    Stockton, CA 95219
    (209) 473-8787
    General Practice Attorneys, Attorneys, Legal Service Plans
    Star Legal Document Processing
    1567 51st St
    Sacramento, CA 95819
    (916) 504-8501
    Paralegals, Legal Document Assistance
    Katherine Beshak
    PO Box 191048
    Sacramento, CA 95819
    (916) 996-8361
    Attorneys
    Shore McKinley Conger & Scott LLP
    3031 W March Ln
    Stockton, CA 95219
    (209) 477-8171
    Attorneys,  Accident & Property Damage Attorneys,  Business Law Attorneys,  Wills, Trusts & Estate
    Atkinson David B
    3620 W Hammer Ln # C
    Stockton, CA 95219
    (209) 951-8143
    General Practice Attorneys, Attorneys, Legal Service Plans
    Sunderraj Vikranth
    90 Great Oaks Blvd # 209
    San Jose, CA 95119
    (408) 229-8000
    General Practice Attorneys, Attorneys
    Elder & Berg Association Of Attorneys
    3107 Clayton Rd
    Concord, CA 94519
    (925) 676-7991
    Attorneys, Employee Benefits & Worker Compensation Attorneys, Social Security & Disability Law Att
    Morris James M.
    3031 W March Ln # 201
    Stockton, CA 95219
    (209) 474-7872
    Attorneys, Legal Service Plans
    Norton Michael R
    7540 Shoreline Dr # J
    Stockton, CA 95219
    (209) 474-7788
    Attorneys, Family Law Attorneys, Divorce Attorneys, Civil Litigation & Trial Law Attorneys, Legal Se
    Attorneys Professional Insurance Services
    3450 Clayton Rd
    Concord, CA 94519
    (925) 969-7728
    General Practice Attorneys, Insurance, Attorneys
    Cameron Law Office
    6401 Elvas Ave
    Sacramento, CA 95819
    (916) 254-7305
    Legal Service Plans, General Practice Attorneys, Attorneys, Guardianship Services, Probate Law Attor
    Chandler Parker
    1349 S Burnside Ave
    Los Angeles, CA 90019
    (323) 902-6889
    Criminal Law Attorneys, Entertainment & Sports Law Attorneys, Civil Litigation & Trial Law Attorneys
    Rita Holder
    3101 Clayton Rd
    Concord, CA 94519
    (925) 825-6795
    Divorce Attorneys, Attorneys, Legal Service Plans, Family Law Attorneys, Legal Clinics, Divorce Assi
    Allen-Garibald, Shari L - Blewett & Allen Inc
    3255 W March Ln
    Stockton, CA 95219
    (209) 466-6735
    Attorneys, Tax Attorneys, Business Law Attorneys, Estate Planning Attorneys
    Garibaldi Shari L
    3255 W March Ln Suite 210
    Stockton, CA 95219
    (209) 466-6735
    Attorneys,  Probate Law Attorneys,  Elder Law Attorneys,  Corporation & Partnership Law Attorneys,  
    Rob L. Uriostegui
    1275 Westchester Pl
    Los Angeles, CA 90019
    (323) 733-6555
    Criminal Law Attorneys, Attorneys, Legal Clinics, Legal Service Plans
    Paralegal Services By Ramirez
    8655 Lake Ashmere Dr # 122
    San Diego, CA 92119
    (619) 713-6537
    Paralegals
    Downey Brands
    3425 Brookside Rd
    Stockton, CA 95219
    (209) 473-6450
    Bankruptcy Law Attorneys, Attorneys, Legal Service Plans
    Rishwain Law Firm
    3031 W March Ln Ste 112S
    Stockton, CA 95219
    (209) 227-6105
    Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Business Law Attorneys,  Personal Injury Law
    The Rishwain Law Firm
    3031 W March Ln
    Stockton, CA 95219
    (209) 227-6105
    Attorneys,  Social Security & Disability Law Attorneys,  Automobile Accident Attorneys,  Accident &
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US