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 93584

Benefits of a Limited Liability Company (LLC) in Zip Code 93584


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 93584
    Flickinger Philip
    7211 Joshua Ln # 10
    Yucca Valley, CA 92284
    (760) 365-9777
    Attorneys, Corporation & Partnership Law Attorneys, Legal Service Plans, Employee Benefits & Worker
    Philip Flickinger Law Offices
    7211 Joshua Ln # 10
    Yucca Valley, CA 92284
    (760) 365-9777
    Attorneys, Corporation & Partnership Law Attorneys, Legal Service Plans, Employee Benefits & Worker
    Ronald B Laba & Assoc
    217 Civic Center Dr # 7
    Vista, CA 92084
    (760) 439-8969
    Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Personal Injury Law Attorneys,  General Pract
    North County Graphics
    207 Main St
    Vista, CA 92084
    (760) 659-7872
    Video Production Services, Web Site Design & Services, Photo Retouching & Restoration, Printing Serv
    Professional Paralegal Service Group
    640 Civic Center Dr
    Vista, CA 92084
    (760) 630-7777
    Paralegals
    A Pps Legal Document Assistants
    640 Civic Center Dr Ste 113
    Vista, CA 92084
    (760) 630-7777
    Paralegals,  Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Business Bankruptcy Law Attorney
    Droegemueller B Dean
    700 E Bobier Dr
    Vista, CA 92084
    (760) 724-7730
    Attorneys, General Practice Attorneys
    Debt Relief Legal Clinic
    122 Civic Center Dr
    Vista, CA 92084
    (760) 758-7676
    Bankruptcy Law Attorneys, Legal Service Plans, Attorneys
    Colwell John C
    122 Civic Center Dr Ste 204
    Vista, CA 92084
    (760) 758-7676
    Business Bankruptcy Law Attorneys,  Attorneys,  Legal Service Plans,  Bankruptcy Law Attorneys
    Walter Clark Legal Group
    7211 Joshua Ln # 10
    Yucca Valley, CA 92284
    (760) 366-7467
    Labor & Employment Law Attorneys, Legal Service Plans, Attorneys
    North County Criminal Lawyers
    122 Civic Center Dr Suite
    Vista, CA 92084
    (760) 726-6131
    Mon-Fri 9am-5pm, Sat Closed, Sun Closed
    A Legal Solution
    217 Civic Center Dr
    Vista, CA 92084
    (760) 758-5454
    Divorce Assistance, Attorneys, Family Law Attorneys, Divorce Attorneys, Legal Document Assistance
    PPS Legal Document Assistants
    510 Civic Center Dr Suite C
    Vista, CA 92084
    (760) 659-5450
    Legal Document Assistance,  Paralegals,  Bankruptcy Services,  Divorce Assistance,  Guardianship Ser
    Raxter Law
    27186 Newport Rd, Ste 2
    Menifee, CA 92584
    (951) 226-5294
    Attorneys,  Civil Litigation & Trial Law Attorneys,  Business Bankruptcy Law Attorneys,  Bankruptcy
    Jon E. Shetler
    26830 Country View Ct
    Menifee, CA 92584
    (951) 251-5292
    Attorneys, Legal Service Plans, Social Security & Disability Law Attorneys, Legal Clinics, Employee
    Zenith Trustee Services
    217 Escondido Ave Ste 2
    Vista, CA 92084
    (760) 726-5273
    Paralegals, Divorce Assistance
    North County Bar Assn. Lawyer Referral Service
    249 S Indiana Ave
    Vista, CA 92084
    (760) 758-4755
    Attorneys Referral & Information Service
    Lawyer Referral Service
    640 Civic Center Dr
    Vista, CA 92084
    (760) 436-4755
    Legal Service Plans,  Attorneys,  Attorneys Referral & Information Service,  General Practice Attorn
    Notary Legal Services
    29310 The Old Rd
    Castaic, CA 91384
    (818) 683-4746
    Paralegals, Legal Document Assistance, Attorneys
    Edward J Switzer Jr.
    440 Civic Center Dr Suite 102
    Vista, CA 92084
    (760) 758-4554
    Attorneys,  General Practice Attorneys,  Legal Service Plans,  Personal Injury Law Attorneys,  Insur
    Assly Sayyar
    2348 Foothill Dr
    Vista, CA 92084
    (760) 630-4237
    Attorneys
    Martin, George L George L Martin INC
    7355 Church St # E
    Yucca Valley, CA 92284
    (760) 365-3666
    Attorneys,  Criminal Law Attorneys,  Civil Litigation & Trial Law Attorneys,  Personal Injury Law At
    Vista Bankruptcy
    640 Civic Center Drive, Ste 100
    Vista, CA 92084
    (760) 630-3389
    Bankruptcy Law Attorneys, Bankruptcy Services
    Plott J Alan
    57365 29 Palms Hwy
    Yucca Valley, CA 92284
    (760) 228-3373
    Child Custody Attorneys, Attorneys, Divorce Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US