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 Almont, CO

Benefits of a Limited Liability Company (LLC) in Almont, CO


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 CO 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 CO 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 Almont, CO
    Scott Law Offices
    3801 E Florida Ave Ste 400
    Denver, CO 80210
    (303) 584-9943
    Attorneys,  Bankruptcy Services,  Social Security & Disability Law Attorneys,  Administrative & Gove
    Narschhausen Gary
    1530 S Clarkson St
    Denver, CO 80210
    (303) 762-9677
    Attorneys
    Black James
    2519 S Clayton St
    Denver, CO 80210
    (303) 832-9600
    General Practice Attorneys, Attorneys
    Durr, Paul R - Paul R Durr Pc
    1777 S Harrison St # P309
    Denver, CO 80210
    (303) 691-9300
    General Practice Attorneys, Attorneys
    De Muro David R
    3900 E Mexico Ave # 620
    Denver, CO 80210
    (303) 837-9200
    Attorneys, General Practice Attorneys
    Dunsing Fred A
    1776 S Jackson St Suite 1107
    Denver, CO 80210
    (303) 758-8981
    Divorce Attorneys,  Attorneys,  Family Law Attorneys,  Legal Service Plans
    Philip Smith Law
    1776 S Jackson St
    Denver, CO 80210
    (303) 333-8900
    Criminal Law Attorneys, Attorneys, General Practice Attorneys
    Timothy Leo
    3801 E. Florida Ave. #400
    Denver, CO 80210
    (303) 638-8900
    Criminal Law Attorneys, Immigration Law Attorneys, DUI & DWI Attorneys, General Practice Attorneys
    Bisset Jennifer E
    333 W Hampden Ave # 415
    Englewood, CO 80110
    (303) 894-8900
    General Practice Attorneys, Attorneys, Legal Service Plans
    Flesch Law
    333 W Hampden Ave Suite 710
    Englewood, CO 80110
    (303) 806-8886
    Attorneys
    Flesch Law LLC
    333 W Hampden Ave Ste 710
    Englewood, CO 80110
    (303) 806-8886
    Personal Injury Law Attorneys,  Wrongful Death Attorneys,  Accident & Property Damage Attorneys,  At
    Schobe Jr L Scott
    1776 S Jackson St # 1108
    Denver, CO 80210
    (303) 756-8882
    Attorneys, Legal Service Plans
    Loretta Burnett & Assoc
    411 Lakewood Cir Suite B-109
    Colorado Springs, CO 80910
    (719) 425-8785
    Attorneys, Civil Litigation & Trial Law Attorneys, Credit & Debt Counseling
    Winter Robert H
    3900 E Mexico Ave # 1300
    Denver, CO 80210
    (303) 293-8658
    Attorneys, Legal Service Plans
    Law and Mediation Office of Phyllis A. Roestenberg
    1705 S Pearl St
    Denver, CO 80210
    (303) 955-8417
    Arbitration & Mediation Attorneys, Attorneys
    Christopher A. German
    3801 E Florida Ave #400
    Denver, CO 80210
    (720) 675-8070
    Business Bankruptcy Law Attorneys,  Bankruptcy Services,  Legal Service Plans,  Bankruptcy Law Attor
    Lyden Cyndi L
    1777 S Harrison St # 1250
    Denver, CO 80210
    (303) 333-7733
    Attorneys
    Tarbox Scott M
    1777 S Harrison St # 1250
    Denver, CO 80210
    (303) 333-7733
    Attorneys, General Practice Attorneys, Legal Service Plans
    Natkin Contracting
    2775 S Vallejo St
    Englewood, CO 80110
    (303) 783-7500
    Attorneys
    Fischer Robert
    1221 S Clarkson St #210
    Denver, CO 80210
    (303) 290-7454
    General Practice Attorneys, Attorneys, Leasing Service
    Hoyt Wesley W
    333 W Hampden Ave # 710
    Englewood, CO 80110
    (303) 819-7400
    General Practice Attorneys, Attorneys
    The Paul Wilkinson Law Firm LLC.
    3900 E Mexico Ave Suite 600
    Denver, CO 80210
    (303) 333-7285
    Attorneys,  Accident & Property Damage Attorneys,  Wrongful Death Attorneys,  Personal Injury Law At
    Acker William F
    2073 S Logan St
    Denver, CO 80210
    (303) 722-7209
    Attorneys
    Johnson Gary
    3801 E Florida Ave Ste 400
    Denver, CO 80210
    (303) 757-6960
    Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US