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 Canal Point, FL

Benefits of a Limited Liability Company (LLC) in Canal Point, FL


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 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 Canal Point, FL
    Patrick H Willis
    4700 Millenia Blvd
    Orlando, FL 32839
    (407) 903-9956
    Franchise Law Attorneys, Attorneys
    Folland Christian
    429 Lenox Ave # 4W4
    Miami Beach, FL 33139
    (786) 276-9900
    Real Estate Attorneys, Attorneys
    Walker, Michael PA
    407 Lincoln Rd
    Miami Beach, FL 33139
    (305) 538-9800
    Immigration Law Attorneys, Attorneys
    The Marin Law Offices
    1000 5th Street, Suite 200
    Miami Beach, FL 33139
    (305) 482-9701
    Attorneys,  Criminal Law Attorneys,  Accident & Property Damage Attorneys,  Personal Injury Law Atto
    Forensis Technologies
    7300 Biscayne Blvd
    Miami, FL 33138
    (305) 757-9393
    Attorneys Referral & Information Service, Attorneys Support & Service Bureaus, Attorneys
    Stoner, Charlton
    500 S Pointe Dr
    Miami Beach, FL 33139
    (305) 358-9385
    Real Estate Attorneys,  Business Bankruptcy Law Attorneys,  Business Litigation Attorneys,  Attorney
    The Justice Law Firm
    6739 Land O Lakes Blvd
    Land O Lakes, FL 34638
    (813) 666-8756
    Attorneys Referral & Information Service, Attorneys, General Practice Attorneys
    Taylor Alan B
    4700 Millenia Blvd Ste 260
    Orlando, FL 32839
    (407) 992-8740
    Corporation & Partnership Law Attorneys, Attorneys, Business Law Attorneys, Legal Service Plans
    Michael L Work Inc
    927 Lincoln Rd
    Miami Beach, FL 33139
    (305) 672-8572
    Administrative & Governmental Law Attorneys, Attorneys, Legal Service Plans
    Kirtley William T PA
    2042 Bee Ridge Rd
    Sarasota, FL 34239
    (941) 925-8555
    Attorneys, Corporation & Partnership Law Attorneys, Business Law Attorneys, Legal Service Plans, Sec
    Sarasota Law Firm | Jodat Law Group P.A.
    2000 S Tamiami Trail
    Pinecraft, FL 34239
    (877) 216-8489
    Attorneys, Criminal Law Attorneys, Family Law Attorneys, General Practice Attorneys, Bankruptcy Law
    McMahon David MBA
    7120 Beneva Rd
    Sarasota, FL 34238
    (941) 366-8424
    General Practice Attorneys, Attorneys
    Cadenhead Chris
    420 E Pine Ave
    Crestview, FL 32539
    (850) 682-8343
    Attorneys, Legal Service Plans
    Access USA Lawyer Inc
    845 NE 79th St
    Miami, FL 33138
    (305) 759-8262
    Immigration Law Attorneys, Attorneys
    Geller Lance A
    1680 Michigan Ave # 700
    Miami Beach, FL 33139
    (305) 535-8122
    Real Estate Attorneys, Attorneys
    Paul A Sack
    1130 Washington Ave
    Miami Beach, FL 33139
    (305) 397-8077
    Attorneys, Legal Service Plans
    Dorne Craig
    407 Lincoln Rd Ste SE
    Miami Beach, FL 33139
    (305) 531-7890
    Corporation & Partnership Law Attorneys,  Attorneys,  Business Law Attorneys,  Attorneys Referral &
    Natinsky Lawrence
    1900 20th St
    Miami Beach, FL 33139
    (305) 672-7838
    Attorneys, Legal Service Plans
    Florence Chamberlin
    215 NE 98th St
    Miami Shores, FL 33138
    (305) 758-7733
    Administrative & Governmental Law Attorneys, Attorneys, Immigration Law Attorneys
    Kuenzel Diane
    4111 Land O Lakes Blvd # 302D
    Land O Lakes, FL 34639
    (813) 996-7710
    Attorneys, Probate Law Attorneys, Wills, Trusts & Estate Planning Attorneys, Real Estate Attorneys,
    Cudlipp Micheal P PA
    1099 NE 104th St
    Miami Shores, FL 33138
    (305) 759-7704
    Real Estate Attorneys
    Haimo Law
    3296 North Federal Highway
    Fort Lauderdale, FL 33339
    (954) 599-7483
    Probate Law Attorneys, Wills, Trusts & Estate Planning Attorneys, Business Law Attorneys
    Stupel Eric
    407 Lincoln Rd
    Miami Beach, FL 33139
    (305) 531-7433
    Criminal Law Attorneys, Attorneys
    Dyaspora Immigration Svc
    7770 NE 2nd Ave
    Miami, FL 33138
    (305) 759-7244
    Immigration Law Attorneys, Immigration & Naturalization Consultants, Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US