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!
 
 

Orientation to Limited Liability Companies (LLCs) in Zip Code 93932

Orientation to Limited Liability Companies (LLCs) in Zip Code 93932


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 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 93932
    Flory, Jan M
    141 W Wilshire Ave
    Fullerton, CA 92832
    (714) 525-9998
    Attorneys
    Gajewski & Baughan
    9696 Culver Blvd
    Culver City, CA 90232
    (310) 559-9909
    Attorneys, General Practice Attorneys, Legal Service Plans
    Bloom Thomas M
    401 Alberto Way
    Los Gatos, CA 95032
    (831) 227-9143
    Attorneys
    Curtis Garfield
    680 Arnett Way
    Galt, CA 95632
    (209) 251-7643
    Computer & Technology Law Attorneys
    Chaffee Douglas B
    141 W Wilshire Ave # B
    Fullerton, CA 92832
    (714) 870-7000
    General Practice Attorneys, Attorneys, Legal Service Plans
    KOBAYASHI LAW OFFICE
    8031 Freeport Blvd.
    Sacramento, CA 95832
    (916) 698-6863
    Immigration & Naturalization Consultants, Legal Document Assistance, General Practice Attorneys, Imm
    Fuentes Bowley
    201 N Euclid St
    Fullerton, CA 92832
    (714) 879-5822
    General Practice Attorneys, Attorneys
    Premier Transport Systems
    10866 Washington Blvd
    Culver City, CA 90232
    (310) 559-5800
    Attorneys Support & Service Bureaus, Delivery Service, Messenger Service
    Colusa Legal Support Svc
    430 Market St # B
    Colusa, CA 95932
    (530) 458-5400
    Paralegals, Secretarial Services, Notaries Public, Legal Document Assistance
    Clark & Nelson Attys
    521 Market St
    Colusa, CA 95932
    (530) 458-5157
    General Practice Attorneys, Attorneys
    Pacheco Charles A
    8031 Freeport Blvd
    Sacramento, CA 95832
    (916) 665-5103
    General Practice Attorneys, Attorneys, Legal Service Plans
    Fullerton Criminal Defense Lawyer Services
    132 W Commonwealth Ave Suite C
    Fullerton, CA 92832
    (714) 248-5102
    Criminal Law Attorneys, Drug Charges Attorneys, Juvenile Law Attorneys, Sex Offense Attorneys, Attor
    Thomas Bloom Law Offices
    401 Alberto Way # 1
    Los Gatos, CA 95032
    (408) 358-4923
    General Practice Attorneys, Attorneys, Legal Service Plans
    Ayuda De Inmigracion
    11678 Ramona Blvd
    El Monte, CA 91732
    (626) 443-4740
    Immigration Law Attorneys, Immigration & Naturalization Consultants, Attorneys
    Valdez David
    11100 Washington Blvd
    Culver City, CA 90232
    (310) 559-4529
    General Practice Attorneys, Attorneys
    Mancia Legal Services, LLC
    4908 Peck Road
    El Monte, CA 91732
    (888) 475-4496
    Attorneys, Family Law Attorneys, Immigration & Naturalization Consultants, Real Estate Agents, Legal
    Reidreynoso Len
    908 C St Ste B
    Galt, CA 95632
    (209) 745-4411
    Attorneys, Bankruptcy Services, General Practice Attorneys
    Reidreynoso Len
    908 C St # B
    Galt, CA 95632
    (209) 745-4411
    General Practice Attorneys, Legal Service Plans, Attorneys
    Genesis Service Inc
    12080 Valley Blvd
    El Monte, CA 91732
    (626) 350-4232
    Immigration Law Attorneys, Immigration & Naturalization Consultants, Attorneys
    Aaron Charles Gregg
    110 E Wilshire Ave
    Fullerton, CA 92832
    (714) 871-4200
    Attorneys,  Probate Law Attorneys,  Estate Planning, Probate, & Living Trusts,  Elder Law Attorney
    Erik Graeff, Esq.
    1311 S. Highland Ave.
    Fullerton, CA 92832
    (714) 341-4188
    Business Litigation Attorneys,  Criminal Law Attorneys,  Divorce Attorneys,  DUI & DWI Attorneys,  B
    Confidential Court Svc
    11008 Valley Blvd
    Los Angeles, CA 90032
    (213) 482-4173
    Paralegals
    The Hassell Law Group
    4079 19th Ave
    San Francisco, CA 94132
    (415) 334-4111
    Attorneys,  General Practice Attorneys,  Legal Service Plans,  Civil Litigation & Trial Law Attorney
    Comstock & Sharpe, Inc.
    11100 Washington Blvd
    Culver City, CA 90232
    (424) 888-3866
    Accident & Property Damage Attorneys, Personal Injury Law Attorneys, Wills, Trusts & Estate Plann
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US