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 Coulterville, CA

Benefits of a Limited Liability Company (LLC) in Coulterville, 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 Coulterville, CA
    O'Brien Michael F Attorney
    212 Yale Ave
    Claremont, CA 91711
    (909) 626-9999
    Accident & Property Damage Attorneys,  Attorneys,  Malpractice Law Attorneys,  Personal Injury Law A
    O'Brien Mike F
    212 Yale Ave
    Claremont, CA 91711
    (909) 626-9999
    Attorneys,  General Practice Attorneys,  Personal Injury Law Attorneys,  Accident & Property Damage
    Walker Corporate Law Group, PLLC
    101 California St Suite 2450
    San Francisco, CA 94111
    (415) 979-9999
    Business Litigation Attorneys
    Zec Bessada Constance
    14545 Victory Blvd # 402
    Van Nuys, CA 91411
    (818) 988-9992
    General Practice Attorneys, Attorneys, Legal Service Plans
    Kuntuzos Shantel J
    20933 Devonshire St
    Chatsworth, CA 91311
    (818) 773-9991
    Attorneys
    Estey & Bomberger LLP
    101 California St Suite 2450
    San Francisco, CA 94111
    (619) 295-9980
    Personal Injury Law Attorneys
    Rose & Siegel
    5900 Sepulveda Blvd Ste 300
    Van Nuys, CA 91411
    (818) 994-9977
    General Practice Attorneys, Attorneys
    Sandra Scott Law Office
    255 California St Ste 10
    San Francisco, CA 94111
    (415) 362-9975
    Mon. - Fri. 9am - 5pm, Sat. - Sun. CLOSED
    Mher Asatryan
    14545 Victory Blvd., Suite 503B
    Van Nuys, CA 91411
    (818) 533-9934
    Attorneys,  Transportation Law Attorneys,  Personal Injury Law Attorneys,  General Practice Attorney
    Baughman & Wang
    111 Pine St # 1225
    San Francisco, CA 94111
    (415) 576-9923
    Attorneys, General Practice Attorneys, Legal Service Plans
    LA City Law
    8889 W Olympic Blvd
    Beverly Hills, CA 90211
    (424) 204-9914
    Administrative & Governmental Law Attorneys
    Jessica Warne
    PO Box 2185
    Citrus Heights, CA 95611
    (916) 676-9911
    Bankruptcy Law Attorneys, Consumer Law Attorneys
    ES & Associates
    1129 3rd Ave Suite 3
    Chula Vista, CA 91911
    (619) 409-9900
    Paralegals, Legal Service Plans
    Christmas Bail Bonds
    14510 Erwin St
    Van Nuys, CA 91411
    (818) 902-9898
    Attorneys,  Bail Bonds,  Attorneys Referral & Information Service,  Bail Bond Referral Service
    Powers William Jr Law Offices
    20933 Devonshire St
    Chatsworth, CA 91311
    (818) 773-9800
    Attorneys, General Practice Attorneys, Legal Service Plans, Business Law Attorneys, Real Estate Atto
    Zargari Payman
    5900 Sepulveda Blvd # 550
    Van Nuys, CA 91411
    (818) 989-9800
    Attorneys Referral & Information Service, Attorneys, Legal Service Plans
    Mehlhop Bart L
    1330 21st St Suite 102
    Sacramento, CA 95811
    (916) 930-9675
    Attorneys,  Employment Opportunities,  Employee Benefits & Worker Compensation Attorneys,  Workers C
    Gelfand & Gelfand
    161 S Doheny Dr
    Beverly Hills, CA 90211
    (310) 205-9650
    Insurance Attorneys, Attorneys, General Practice Attorneys
    Due Process Attorney Services
    9408 Wandering Oak Dr
    Bakersfield, CA 93311
    (661) 588-9610
    Paralegals, Attorneys, Legal Service Plans
    Ishikawa, Robert
    5717 N West Ave Suite 103
    Fresno, CA 93711
    (559) 432-9600
    Social Security & Disability Law Attorneys,  Attorneys,  Social Security Services,  Social Security
    Simerly David
    1750 Montgomery St Suite 1070
    San Francisco, CA 94111
    (415) 440-9600
    Attorneys, Criminal Law Attorneys
    Jennifer Doerrie
    1690 West Shaw Avenue, Suite 106
    Fresno, CA 93711
    (559) 472-9591
    Immigration Law Attorneys
    Grotefeld & Hoffmann LLP
    505 Sansome St
    San Francisco, CA 94111
    (415) 395-9570
    Attorneys, Criminal Law Attorneys, Insurance Attorneys, Legal Service Plans
    Price Law Group
    1415 W Shaw Ave
    Fresno, CA 93711
    (559) 302-9562
    Attorneys,  Bankruptcy Services,  Bankruptcy Law Attorneys,  Financial Services
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US