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 Hydesville, CA

Orientation to Limited Liability Companies (LLCs) in Hydesville, CA


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 Hydesville, CA
    Laufer Leon
    16208 S Vermont Ave
    Gardena, CA 90247
    (310) 855-9966
    Attorneys
    Trifilo John J
    380 Main St Suite #7
    Murphys, CA 95247
    (209) 728-9792
    General Practice Attorneys, Attorneys, Legal Service Plans
    Sterzer & Associates, A Law Corporation
    16152 Beach Blvd, Suite 170
    Huntington Beach, CA 92647
    (714) 750-9370
    Probate Law Attorneys, Legal Service Plans, Attorneys
    Samuel Hu
    17011 Beach Blvd Suite 900
    Huntington Beach, CA 92647
    (714) 878-9312
    Business Litigation Attorneys
    Primus, Michael
    500 Alfred Nobel Dr #135
    Hercules, CA 94547
    (510) 296-8760
    Attorneys, Business Bankruptcy Law Attorneys, Bankruptcy Services
    Kramer Deboer Endelicato
    17011 Beach Blvd Ste 560
    Huntington Beach, CA 92647
    (714) 848-8500
    Malpractice Law Attorneys, Attorneys, Legal Service Plans
    Christiansen Catherine
    17011 Beach Blvd
    Huntington Beach, CA 92647
    (562) 608-8368
    Attorneys,  General Practice Attorneys,  Legal Service Plans,  Bankruptcy Law Attorneys
    Huber & Schmidt
    17011 Beach Blvd., Ste. 900
    Huntington Beach, CA 92647
    (714) 596-7944
    Attorneys
    Winterbotham Parham Teeple PC
    7755 Center Ave # 11th
    Huntington Beach, CA 92647
    (714) 543-7717
    Bankruptcy Services,  Attorneys,  Legal Service Plans,  Bankruptcy Law Attorneys
    Judith Young Investigations
    7071 Warner Ave. #F655
    Huntington Beach, CA 92647
    (714) 847-7527
    Employment Screening, Process Servers, Private Investigators & Detectives, Insurance, Attorneys Supp
    Marin Legal Support
    1200 Redwood Blvd
    Novato, CA 94947
    (415) 448-7446
    Paralegals
    Marin Legal Support
    1537 S Novato Blvd
    Novato, CA 94947
    (415) 448-7446
    Paralegals
    Attorney Alternative
    16162 Beach Blvd
    Huntington Beach, CA 92647
    (714) 842-7377
    Divorce Attorneys, Attorneys, Family Law Attorneys, Paralegals, Legal Service Plans
    Gainer Stephen R Law Offices
    1457 Cambridge St
    Novato, CA 94947
    (415) 892-7214
    General Practice Attorneys, Attorneys, Legal Service Plans
    Gainer Stephen R
    1457 Cambridge St
    Novato, CA 94947
    (415) 892-7214
    Real Estate Attorneys, Attorneys, Business Law Attorneys
    James C Shields
    7755 Center Ave
    Huntington Beach, CA 92647
    (877) 540-6792
    Attorneys,  Probate Law Attorneys,  Estate Planning, Probate, & Living Trusts,  Bankruptcy Law Att
    Adler Kenneth Atty
    7742 Liberty Dr
    Huntington Beach, CA 92647
    (714) 596-6666
    Probate Law Attorneys, Attorneys, Legal Service Plans
    Mark J. Meyers Law Office
    16168 Beach Blvd
    Huntington Beach, CA 92647
    (714) 848-6622
    Consumer Law Attorneys, Attorneys
    Moore Law Center 22 year Veteran Attorney
    17111 Beach Blvd
    Huntington Beach, CA 92647
    (888) 242-6618
    Bankruptcy Law Attorneys, Credit & Debt Counseling
    Help 4 You Document Formerly We The People
    17131 Beach Blvd # C
    Huntington Beach, CA 92647
    (714) 847-6232
    Incorporating Companies, Paralegals, Bankruptcy Services, Legal Document Assistance
    Access Legal Group A PLC
    7755 Center Ave Ste#1100
    Huntington Beach, CA 92647
    (714) 960-6200
    Attorneys, Family Law Attorneys
    Jeffrey Osborn Law Offices
    16152 Beach Blvd Ste 250
    Huntington Beach, CA 92647
    (714) 375-5898
    Attorneys,  Business Law Attorneys,  Arbitration Services,  Real Estate Attorneys,  Arbitration & Me
    Del Rosario Gonzalo Law Offices
    1140 W Rosecrans Ave
    Gardena, CA 90247
    (310) 515-5797
    General Practice Attorneys, Attorneys
    Jennifer Le Law Office
    8907 Warner Ave # 262
    Huntington Beach, CA 92647
    (714) 841-5600
    General Practice Attorneys, Attorneys, Legal Service Plans
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US