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 96119

Orientation to Limited Liability Companies (LLCs) in Zip Code 96119


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 96119
    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