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 Lakeland, FL

Benefits of a Limited Liability Company (LLC) in Lakeland, 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 Lakeland, FL
    Allen & Abaray Attorneys
    5835 US Highway 98 S
    Lakeland, FL 33812
    (863) 669-9999
    Criminal Law Attorneys,  Attorneys,  Family Law Attorneys,  Accident & Property Damage Attorneys,  G
    Kennedy Law Group
    422 S Florida Ave
    Lakeland, FL 33801
    (863) 686-9966
    Civil Litigation & Trial Law Attorneys, Attorneys, General Practice Attorneys
    Sponsler Bennett Jacobs & Adams
    336 W Highland Dr
    Lakeland, FL 33813
    (863) 644-9911
    Corporation & Partnership Law Attorneys, Attorneys, Employee Benefits & Worker Compensation Attorney
    Nicklaus Edward R
    5130 S Florida Ave
    Lakeland, FL 33813
    (863) 644-9888
    Attorneys Referral & Information Service, Attorneys
    Medina Daniel
    902 S Florida Ave # 101
    Lakeland, FL 33803
    (863) 682-9730
    Elder Law Attorneys, Attorneys
    Brooks Law Group
    625 Commerce Dr Ste 203
    Lakeland, FL 33813
    (863) 937-9219
    Social Security & Disability Law Attorneys,  Attorneys,  Accident & Property Damage Attorneys,  Lega
    Ricardo Santander PA
    206 Easton Dr
    Lakeland, FL 33803
    (863) 937-9175
    Corporation & Partnership Law Attorneys, Criminal Law Attorneys, Immigration Law Attorneys, Attorney
    Moody Law, PA
    1905 U.S. Highway 98 S
    Lakeland, FL 33801
    (863) 284-9090
    Attorneys,  Attorneys Referral & Information Service,  Personal Injury Law Attorneys,  General Pract
    McMann, P.A.
    3001 Bartow Rd
    Lakeland, FL 33803
    (863) 393-9010
    Attorneys, Family Law Attorneys, Estate Planning Attorneys, Divorce Attorneys
    Martinez & Spivack PA
    1857 N Crystal Lake Dr
    Lakeland, FL 33801
    (863) 682-8833
    Attorneys, Criminal Law Attorneys, Family Law Attorneys, Real Estate Attorneys, Divorce Attorneys
    Martinez & Spivack
    122 E Pine St
    Lakeland, FL 33801
    (863) 682-8833
    DUI & DWI Attorneys, Attorneys, Criminal Law Attorneys, Family Law Attorneys, Real Estate Attorneys,
    Spivack Scott K
    122 E Pine St
    Lakeland, FL 33801
    (863) 682-8833
    DUI & DWI Attorneys, Attorneys, Criminal Law Attorneys, Family Law Attorneys, Real Estate Attorneys,
    Williams Louis J
    59 Lake Morton Dr
    Lakeland, FL 33801
    (863) 682-8492
    Civil Litigation & Trial Law Attorneys, Attorneys
    Munson Vining & Midyette Lllp
    1611 Harden Blvd
    Lakeland, FL 33803
    (863) 687-8320
    Attorneys, Wills, Trusts & Estate Planning Attorneys, Corporation & Partnership Law Attorneys, Civil
    Collins, John P
    59 Lake Morton Dr
    Lakeland, FL 33801
    (863) 682-8282
    Probate Law Attorneys, Attorneys, Wills, Trusts & Estate Planning Attorneys, Estate Planning, Probat
    Collins John P
    59 Lake Morton Dr
    Lakeland, FL 33801
    (863) 682-8282
    Estate Planning Attorneys, Attorneys, Criminal Law Attorneys, Family Law Attorneys, Estate Planning,
    Sessums Mark A
    2212 S Florida Ave # 100
    Lakeland, FL 33803
    (863) 646-8181
    Attorneys,  Family Law Attorneys,  Accident & Property Damage Attorneys,  Legal Service Plans
    Harris & Helwig PA
    6700 S Florida Ave
    Lakeland, FL 33813
    (888) 288-8078
    Social Security & Disability Law Attorneys, Attorneys, Criminal Law Attorneys, Labor & Employment La
    Morrell Eduardo F
    187 Lake Morton Dr
    Lakeland, FL 33801
    (863) 802-8037
    General Practice Attorneys, Attorneys
    Smith Feddeler Smith & Miles PA
    832 S Florida Ave
    Lakeland, FL 33801
    (863) 688-7766
    Social Security & Disability Law Attorneys,  Attorneys,  Labor & Employment Law Attorneys,  Accident
    Dale David C
    4927 Southfork Dr
    Lakeland, FL 33813
    (863) 688-7741
    Accident & Property Damage Attorneys, Attorneys, Legal Service Plans
    Darby Ben H Jr Atty
    200 Lake Morton Dr
    Lakeland, FL 33801
    (863) 688-7611
    Elder Law Attorneys
    Christopher S. Ison, P.A.
    223 North Florida Avenue
    Lakeland, FL 33801
    (863) 683-7500
    Civil Litigation & Trial Law Attorneys,  Litigation & Tort Attorneys,  Medical Malpractice Attorneys
    John Hugh Shannon PA
    5115 S Lakeland Dr
    Lakeland, FL 33813
    (863) 619-7464
    Civil Litigation & Trial Law Attorneys, Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US