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 Quaker Hill, CT

Benefits of a Limited Liability Company (LLC) in Quaker Hill, CT


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 CT 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 CT 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 Quaker Hill, CT
    Redvers Law Offices
    49 Sherwood Ter
    Old Saybrook, CT 06475
    (860) 388-9803
    Attorneys
    Connolly Paul M Ph.D.
    840 Boston Post Rd
    Old Saybrook, CT 06475
    (860) 388-9777
    Attorneys, Legal Service Plans
    Rimmer Robert
    191 Main St # 2
    Old Saybrook, CT 06475
    (860) 388-9364
    Accident & Property Damage Attorneys, Civil Litigation & Trial Law Attorneys, Attorneys
    Jack Reardon, LLC
    222 Old Boston Post Road
    Old Saybrook, CT 06475
    (860) 227-9157
    Wills, Trusts & Estate Planning Attorneys, Elder Law Attorneys, Estate Planning, Probate, & Living T
    Kirkman Gordon
    6 Cove Lndg
    Old Saybrook, CT 06475
    (860) 388-6697
    Attorneys, Legal Service Plans
    Rubin & Rubin
    105 Elm St Ste 1
    Old Saybrook, CT 06475
    (860) 388-6542
    Attorneys, General Practice Attorneys
    Royston David M
    15 Elm St Ste 1
    Old Saybrook, CT 06475
    (860) 395-6340
    Attorneys, Legal Service Plans
    Messick D Jeanne
    15 Elm St # 3
    Old Saybrook, CT 06475
    (860) 395-6340
    Attorneys, Legal Service Plans
    Paralegals Unlimited
    10 Springbrook Rd
    Old Saybrook, CT 06475
    (860) 388-5862
    Paralegals
    Gozzi Law Offices
    129 Main St
    Old Saybrook, CT 06475
    (860) 339-5750
    General Practice Attorneys, Attorneys
    Dornfried Maria A Law Office
    12 Old Boston Post Rd
    Old Saybrook, CT 06475
    (860) 395-5201
    Attorneys,  Real Estate Attorneys,  Family Law Attorneys,  Mediation Services,  Divorce Attorneys
    Larson Robert J
    134 Boston Post Rd
    Old Saybrook, CT 06475
    (860) 388-4686
    Attorneys, Bankruptcy Law Attorneys
    Childress William A
    147 Main St
    Old Saybrook, CT 06475
    (860) 388-4464
    Attorneys, Legal Service Plans
    Raymond J. Muratori
    222 Old Boston Post Road
    Old Saybrook, CT 06475
    (860) 388-3599
    Attorneys, Tax Attorneys, Estate Planning, Probate, & Living Trusts
    Cloutier & Cassella
    29 Elm St
    Old Saybrook, CT 06475
    (860) 388-3456
    Attorneys,  General Practice Attorneys,  Legal Service Plans,  Criminal Law Attorneys,  Family Law A
    Patterson R Scott Atty
    29 Elm St
    Old Saybrook, CT 06475
    (860) 388-3456
    Attorneys
    Timothy E. Welsh
    49 Sherwood Ter
    Old Saybrook, CT 06475
    (860) 395-3344
    Attorneys, Legal Service Plans
    Sheehan & Sheehan
    10 Springbrook Rd
    Old Saybrook, CT 06475
    (860) 388-2988
    General Practice Attorneys, Attorneys, Legal Service Plans
    Ramsey Megan A Attorney
    205 Old Boston Post Rd
    Old Saybrook, CT 06475
    (860) 388-0876
    Attorneys
    Gould & Gillin PC
    205 Old Boston Post Rd
    Old Saybrook, CT 06475
    (860) 388-0876
    Attorneys,  Criminal Law Attorneys,  Real Estate Attorneys,  Wills, Trusts & Estate Planning Attorn
    Rubin & Rubin
    665 Boston Post Rd
    Old Saybrook, CT 06475
    (860) 395-0856
    Attorneys
    Steven M. Lesko
    222 Old Boston Post Road
    Old Saybrook, CT 06475
    (860) 876-0806
    DUI & DWI Attorneys,  Criminal Law Attorneys,  Probate Law Attorneys,  Bankruptcy Law Attorneys
    Andre N Motolanez
    263 Main St Ste 308
    Old Saybrook, CT 06475
    (860) 388-0567
    Attorneys,  Employee Benefits & Worker Compensation Attorneys,  General Practice Attorneys,  Legal S
    Robert K. Jones Esq.
    900 Boston Post Rd
    Old Saybrook, CT 06475
    (860) 552-0430
    Attorneys, Real Estate Attorneys, Legal Service Plans
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US