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 Zip Code 32869

Orientation to Limited Liability Companies (LLCs) in Zip Code 32869


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 FL 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 FL 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 Zip Code 32869
    Nelson Colleen Atty
    120 N US Highway 1 # 200
    Tequesta, FL 33469
    (561) 747-9608
    Attorneys, Family Law Attorneys, Wills, Trusts & Estate Planning Attorneys, Corporation & Partnershi
    LaFramboise, Glusky & Bergeron, PL
    P.O. Box 691021
    Vero Beach, FL 32969
    (855) 452-9542
    Civil Litigation & Trial Law Attorneys
    A Devoted Heart, LLC
    1350 Tennessee Ave, Suite B
    Saint Cloud, FL 34769
    (407) 402-9474
    Estate Planning, Probate, & Living Trusts, Elder Law Attorneys, Senior Citizens Services & Organizat
    Arteaga Javier
    115 NW 167th St
    Miami, FL 33169
    (305) 944-9120
    Attorneys, Family Law Attorneys, Divorce Attorneys, Immigration Law Attorneys, Business Law Attorney
    Javits David B
    115 NW 167th St # 300
    Miami, FL 33169
    (305) 944-9120
    Bankruptcy Law Attorneys, Attorneys
    Immigration Law Centre
    115 NW 167th St
    Miami, FL 33169
    (305) 944-9120
    Immigration Law Attorneys, Attorneys
    Gelfman, Rhonda F P.A.
    115 NW 167th St
    Miami, FL 33169
    (305) 944-9120
    Attorneys,  Legal Service Plans,  General Practice Attorneys,  Immigration Law Attorneys,  Appellate
    Pivotal Payments
    45 Woodland Dr
    Jupiter, FL 33469
    (561) 401-9030
    Real Estate Attorneys, Attorneys
    John A. Kovarik, Esq., P.A.
    PO Box 3712
    Jupiter, FL 33469
    (561) 659-9001
    Bankruptcy Law Attorneys, Divorce Attorneys, Family Law Attorneys
    Law Access Center PA
    150 NW 168th St Ste 209
    North Miami Beach, FL 33169
    (305) 249-8282
    Real Estate Attorneys, Attorneys
    Brian D. Solomon PL
    1311 Indiana Ave
    Saint Cloud, FL 34769
    (888) 510-7857
    Family Law Attorneys, Attorneys
    Traffic Ticket Team
    180 NW 183rd St Ste 101
    Miami, FL 33169
    (305) 493-7557
    Traffic Law Attorneys, Attorneys
    Sayler, Lee Benton PA
    1662 N US Highway 1
    Tequesta, FL 33469
    (561) 746-7304
    Real Estate Attorneys, Wills, Trusts & Estate Planning Attorneys, Attorneys
    Curtis Law Firm
    175 NW 138th Ter # 100
    Newberry, FL 32669
    (352) 333-7207
    General Practice Attorneys, Attorneys, Legal Service Plans
    Schuster Charles
    151 Mary Esther Blvd # 103
    Mary Esther, FL 32569
    (850) 244-7191
    Attorneys,  Malpractice Law Attorneys,  Accident & Property Damage Attorneys,  Personal Injury Law A
    Harper Law Offices PA
    151 Mary Esther Blvd # 408
    Mary Esther, FL 32569
    (850) 226-7146
    General Practice Attorneys, Attorneys
    Stanley P Walker PC
    151 Mary Esther Blvd
    Mary Esther, FL 32569
    (850) 226-7092
    Attorneys
    C Marie Brevitt Schoop PA
    20401 NW 2nd Ave # 220
    Miami, FL 33169
    (305) 653-6959
    Civil Litigation & Trial Law Attorneys, Attorneys
    FIAD Services
    43 S Pompano Pkwy
    Pompano Beach, FL 33069
    (800) 753-6724
    Attorneys,  Consultants Referral Service,  Arbitration Services,  Attorneys Referral & Information S
    Beazley Jr Edward J
    221 N Causeway
    New Smyrna Beach, FL 32169
    (386) 690-6709
    Real Estate Attorneys, Attorneys
    Pottinger, P.A.
    20295 NW 2nd Ave Suite 110
    Miami, FL 33169
    (954) 744-6649
    Divorce Attorneys
    Kucik Barry
    1115 Pennsylvania Ave
    Saint Cloud, FL 34769
    (407) 892-6001
    Wills, Trusts & Estate Planning Attorneys, Attorneys, Real Estate Attorneys, Probate Law Attorneys,
    Fjn and Associates Group Inc
    20 SW 27th Ave
    Pompano Beach, FL 33069
    (954) 935-5858
    Paralegals
    Bail Bonds by Shataz Dale, Inc.
    2480 Hammondville Road
    Pompano Beach, FL 33069
    (954) 532-5775
    Notaries Public, Criminal Law Attorneys, Bail Bond Referral Service, Attorneys, Bail Bonds
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US