Find More Articles
12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents™
 
ESTATE PLANNING
Last Will and Testament
Living Trust
Living Will for Healthcare
 
FINANCIAL & MARITAL
Power of Attorney
Premarital Agreement
Cohabitation Agreement coming soon!
Separation Agreement coming soon!
No-Fault Divorce coming soon!
Bankruptcy coming soon!
 
BUSINESS
General Partnership
Consulting Agreement
Employee Documents coming soon!
Incorporation coming soon!
Limited Liability Company coming soon!
 

Benefits of a Limited Liability Company (LLC) in Camarillo, CA

Benefits of a Limited Liability Company (LLC) in Camarillo, CA


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 Camarillo, CA
    Pappas Diane
    400 Mobil Ave # C3
    Camarillo, CA 93010
    (805) 389-9988
    General Practice Attorneys, Attorneys, Legal Service Plans
    Mediation & Family Law Document Service
    215 E Daily Dr Suite 28
    Camarillo, CA 93010
    (805) 914-9644
    Paralegals,  Legal Document Assistance,  Divorce Assistance,  Attorneys Referral & Information Servi
    Russell Ellen Hirvela
    80 Wood Rd
    Camarillo, CA 93010
    (805) 482-9340
    Attorneys, Family Law Attorneys
    Edlund Mary J
    360 Mobil Ave # 213D
    Camarillo, CA 93010
    (805) 484-9027
    Accident & Property Damage Attorneys, Attorneys, Legal Service Plans
    Gold Howard Law Office
    484 Mobil Ave
    Camarillo, CA 93010
    (805) 388-8800
    General Practice Attorneys, Attorneys, Legal Service Plans
    Nicolas C. Vrataric
    400 W Ventura Blvd Ste 230,Suite 230
    Camarillo, CA 93010
    (805) 484-8604
    Criminal Law Attorneys, Attorneys, Labor & Employment Law Attorneys, Discrimination & Civil Rights L
    Kelley Robert L. Attorney
    1000 Paseo Camarillo
    Camarillo, CA 93010
    (805) 388-8553
    Attorneys,  Accident & Property Damage Attorneys,  Employment Opportunities,  Admiralty & Maritime L
    Leanna M. Gerritsen
    1820 Ventura Blvd,
    Camarillo, CA 93010
    (805) 698-7981
    Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Personal Injury Law Attorneys,  Traffic
    Hohenwarter Joseph E Law Offices
    333 N Lantana St Ste 267
    Camarillo, CA 93010
    (805) 383-7156
    Attorneys, Labor & Employment Law Attorneys, Corporation & Partnership Law Attorneys, General Practi
    Laurie Peters
    80 Wood Rd. Ste. 300
    Camarillo, CA 93010
    (805) 484-6885
    General Practice Attorneys, Attorneys
    West & Miyamoto
    5151 Verdugo Way Ste 203
    Camarillo, CA 93012
    (805) 388-5887
    Attorneys Referral & Information Service, Attorneys
    West Corzine, LLP
    400 W Ventura Blvd Ste 205
    Camarillo, CA 93010
    (805) 388-5887
    Corporation & Partnership Law Attorneys, Attorneys, Legal Service Plans
    Mark Pachowicz
    771 E Daily Dr Suite 230
    Camarillo, CA 93010
    (805) 987-4975
    Attorneys,  Personal Injury Law Attorneys,  Civil Litigation & Trial Law Attorneys,  Criminal Law At
    Reynolds Rod C
    1200 Paseo Camarillo # 295
    Camarillo, CA 93010
    (805) 445-4407
    General Practice Attorneys, Attorneys, Legal Service Plans
    Kreuzer II Louis H
    601 E Daily Dr # 221
    Camarillo, CA 93010
    (805) 383-4131
    Attorneys, Labor & Employment Law Attorneys, Corporation & Partnership Law Attorneys, General Practi
    Brian Nomi
    215 E Daily Dr Ste 28
    Camarillo, CA 93010
    (805) 475-4044
    Attorneys,  Arbitration Services,  Attorneys Referral & Information Service,  Divorce Assistance
    Floyd, Skeren & Kelly, LLP
    916 West Ventura Blvd, Suite 100
    Camarillo, CA 93010
    (805) 437-4000
    Burke Williams & Sorensen LLP
    2310 E Ponderosa Dr Ste 25
    Camarillo, CA 93010
    (805) 987-3468
    Administrative & Governmental Law Attorneys, Attorneys, Legal Service Plans
    Staker Kevin G
    1200 Paseo
    Camarillo, CA 93010
    (805) 482-2282
    Probate Law Attorneys, Attorneys, Wills, Trusts & Estate Planning Attorneys
    Malley Thos E
    1200 Paseo Camarillo
    Camarillo, CA 93010
    (805) 482-2199
    Attorneys, Legal Service Plans
    Mindy McQueen
    1000 Paseo Camarillo
    Camarillo, CA 93010
    (805) 482-1961
    LegalShield
    1593 Euclid Avenue
    Camarillo, CA 93010
    (805) 377-1583
    Legal Service Plans, Divorce Assistance, Identity Theft, Small Business Attorneys
    Law Office Larry Webb
    484 Mobil Ave Suite 43
    Camarillo, CA 93010
    (805) 987-1400
    Bankruptcy Law Attorneys, Credit & Debt Counseling, Estate Planning, Probate, & Living Trusts
    Gary W. Norris
    1000 Paseo Camarillo, Suite 22
    Camarillo, CA 93010
    (805) 482-1170
    Divorce Attorneys, Family Law Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US