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 Shelton, CT

Benefits of a Limited Liability Company (LLC) in Shelton, 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 Shelton, CT
    Calabrese John P Atty
    3 Enterprise Dr
    Shelton, CT 06484
    (203) 926-9606
    Attorneys
    Turner Sherman F
    2 Corporate Dr # 234
    Shelton, CT 06484
    (203) 926-9550
    Attorneys, Legal Service Plans
    Veller Haley E
    431 Howe Ave # 1
    Shelton, CT 06484
    (203) 924-9460
    General Practice Attorneys, Attorneys
    Harrington & Smith LLP
    4 Research Dr # 2
    Shelton, CT 06484
    (203) 925-9400
    Attorneys, Legal Service Plans
    Greene Richard H
    431 Howe Ave
    Shelton, CT 06484
    (203) 924-9361
    Attorneys, General Practice Attorneys
    Attorneys Sec
    2 Corporate Dr Ste 234
    Shelton, CT 06484
    (203) 222-9333
    General Practice Attorneys, Attorneys
    Tieman John
    66 Old Shelton Rd
    Shelton, CT 06484
    (203) 513-9272
    Attorneys,  Personal Injury Law Attorneys,  Sexual Harassment Attorneys,  Employment Opportunities,
    Temple George R
    241 Coram Ave
    Shelton, CT 06484
    (203) 916-9271
    General Practice Attorneys, Attorneys, Legal Service Plans, Title Companies
    Ruane James
    1 Enterprise Dr
    Shelton, CT 06484
    (203) 925-9201
    Attorneys, Criminal Law Attorneys, Insurance Attorneys, Legal Service Plans
    Camera Katrina K
    525 Bridgeport Ave # Ll02
    Shelton, CT 06484
    (203) 929-8691
    Attorneys
    Schafler & Camera Attys & Counselors At Law
    525 Bridgeport Ave
    Shelton, CT 06484
    (203) 929-8691
    General Practice Attorneys, Attorneys, Legal Service Plans
    Cuddy James A
    525 Bridgeport Ave
    Shelton, CT 06484
    (203) 513-8642
    Attorneys,  Family Law Attorneys,  Personal Injury Law Attorneys,  Legal Service Plans,  Wrongful De
    James L. O 'Rourke
    221 Nells Rock Rd
    Shelton, CT 06484
    (203) 380-8297
    Attorneys,  Personal Injury Law Attorneys,  Legal Service Plans,  Wrongful Death Attorneys
    Sousa & Stone
    375 Bridgeport Ave # 9
    Shelton, CT 06484
    (203) 929-8283
    Attorneys,  Personal Injury Law Attorneys,  Employee Benefits & Worker Compensation Attorneys,  Real
    Rigoglioso, Joseph P
    375 Coram Ave
    Shelton, CT 06484
    (203) 922-8100
    Attorneys,  Legal Service Plans,  Accident & Property Damage Attorneys,  Personal Injury Law Attorne
    BAI Pollock, Blueweiss & Mulcahey PC
    2 Corporate Dr
    Shelton, CT 06484
    (203) 925-8100
    Divorce Attorneys,  Attorneys,  Family Law Attorneys,  Child Custody Attorneys,  Insurance Attorneys
    Gallant Gerald
    375 Bridgeport Ave # 3
    Shelton, CT 06484
    (203) 925-7781
    General Practice Attorneys, Attorneys, Legal Service Plans
    David G. Volman
    45 Huntington Plz
    Shelton, CT 06484
    (203) 929-7771
    Attorneys,  Family Law Attorneys,  Accident & Property Damage Attorneys,  Personal Injury Law Attorn
    David G. Volman
    1 Trap Falls Rd
    Shelton, CT 06484
    (203) 929-7771
    Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Real Estate Attorneys,  Personal Injury Law A
    Willey Travis
    225 E Village Rd
    Shelton, CT 06484
    (203) 929-7045
    Attorneys, Legal Service Plans
    Cannatelli Frank P
    549 Howe Ave
    Shelton, CT 06484
    (203) 924-6984
    Attorneys
    Wasikowski Jeffrey M
    215 Coram Ave
    Shelton, CT 06484
    (203) 924-6700
    Attorneys
    Fashjian Robert Pc Atty
    66 Huntington St
    Shelton, CT 06484
    (203) 926-6000
    Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Labor & Employment Law Attorneys,  Divor
    Stevenson-Royce Co Ltd
    52 Sachem Dr
    Shelton, CT 06484
    (203) 925-5246
    Attorneys, Legal Service Plans
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US