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 94107

Orientation to Limited Liability Companies (LLCs) in Zip Code 94107


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 94107
    Dicenzo Nancy P
    701 Minnesota St
    San Francisco, CA 94107
    (415) 655-9479
    Family Law Attorneys, Attorneys
    All-Pro Bail Bonds San Francisco
    917 7th St
    San Francisco, CA 94107
    (415) 749-9303
    Process Servers,  Bail Bonds,  Bail Bond Referral Service,  DUI & DWI Attorneys,  Attorneys Referral
    Weaver & Associates
    795 Folsom St #100
    San Francisco, CA 94107
    (415) 534-9300
    Automobile Accident Attorneys,  Medical Malpractice Attorneys,  Personal Injury Law Attorneys,  Prod
    Jeffrey Chen
    766 Harrison Unit 101 St
    San Francisco, CA 94107
    (415) 369-9089
    Attorneys, General Practice Attorneys
    Wilmer Hale
    880 Harrison St
    San Francisco, CA 94107
    (415) 926-8923
    Administrative & Governmental Law Attorneys, Attorneys
    Aaron Bortel
    650 5th St
    San Francisco, CA 94107
    (888) 373-8000
    Attorneys, DUI & DWI Attorneys
    Quigley Kenneth M
    650 5th St
    San Francisco, CA 94107
    (415) 546-7771
    General Practice Attorneys, Attorneys
    Storm Lucinda
    610 3rd St
    San Francisco, CA 94107
    (415) 777-6990
    General Practice Attorneys, Attorneys
    Aschenbrener Law, P.C.
    795 Folsom Street, 1st Floor
    San Francisco, CA 94107
    (415) 813-6245
    Computer & Technology Law Attorneys, Consumer Law Attorneys, Small Business Attorneys
    Nathaniel R. Dowds
    404 Bryant Street
    San Francisco, CA 94107
    (415) 312-5495
    Divorce Attorneys, Family Law Attorneys, Attorneys
    Evans & Page
    1072 Illinois St
    San Francisco, CA 94107
    (415) 896-5072
    Accident & Property Damage Attorneys
    Reeves Law Group
    795 Folsom St
    San Francisco, CA 94107
    (415) 671-4861
    Attorneys Referral & Information Service
    Divorce With Dignity
    350 Townsend St
    San Francisco, CA 94107
    (415) 243-4345
    Divorce Assistance, Attorneys, Family Law Attorneys, Divorce Attorneys
    San Francisco Attorney Svc
    667 Folsom St
    San Francisco, CA 94107
    (415) 495-4221
    Attorneys Support & Service Bureaus, Attorneys, General Practice Attorneys
    Gonzales Law Firm
    361 Pennsylvania Ave
    San Francisco, CA 94107
    (415) 431-3200
    General Practice Attorneys, Attorneys
    Lee J Wilder
    360 Ritch St
    San Francisco, CA 94107
    (415) 495-3115
    Attorneys, General Practice Attorneys
    Bolkship Maritime Agency Inc
    330 Townsend St
    San Francisco, CA 94107
    (415) 814-2568
    Admiralty & Maritime Law Attorneys
    Hudson, Eliot R - Dla Piper
    153 Townsend St # 800
    San Francisco, CA 94107
    (415) 836-2500
    Attorneys, Business Law Attorneys, Insurance Attorneys, Litigation & Tort Attorneys
    Driscoll Thomas L
    2002 3rd St
    San Francisco, CA 94107
    (415) 281-0900
    Attorneys, Legal Service Plans
    Aaron Bortel Law Offices - DUI DWI Attorney
    650 5th St
    San Francisco, CA 94107
    (415) 247-0700
    DUI & DWI Attorneys, Business Law Attorneys, Attorneys, Criminal Law Attorneys
    Walter Cook
    1500 20th St
    San Francisco, CA 94107
    (415) 920-0423
    Attorneys Referral & Information Service, Attorneys
    Nationwide Express Inc
    859 Harrison St
    San Francisco, CA 94107
    (415) 351-0400
    Attorneys Support & Service Bureaus, Attorneys, General Practice Attorneys
    Specialized Legal Services
    PO Box 77141
    San Francisco, CA 94107
    (415) 487-0300
    Attorneys Support & Service Bureaus, Legal Service Plans, Attorneys
    Doug Bend
    88 King Street
    San Francisco, CA 94107
    (415) 299-0257
    Attorneys,  Accident & Property Damage Attorneys,  Personal Injury Law Attorneys,  General Practice
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US