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 Miami, FL

Benefits of a Limited Liability Company (LLC) in Miami, 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 Miami, FL
    Attorney A Frank L Hollander
    2 S Biscayne Blvd
    Miami, FL 33131
    (305) 373-9999
    Criminal Law Attorneys
    Hollander And Associates LLC
    2 S Biscayne Blvd
    Miami, FL 33131
    (305) 373-9999
    Business Litigation Attorneys,  Civil Litigation & Trial Law Attorneys,  Criminal Law Attorneys,  Pr
    Miami Law Title & Trust
    1000 Brickell Ave
    Miami, FL 33131
    (305) 381-9999
    Attorneys, Real Estate Attorneys, Title Companies, Legal Service Plans
    Baker & Jackson P A
    13837 S Dixie Hwy
    Miami, FL 33176
    (305) 233-9998
    Traffic Law Attorneys, Attorneys
    Greenblatt Sandra PA
    2 S Biscayne Blvd # 3500
    Miami, FL 33131
    (305) 577-9995
    Medical Law Attorneys, Attorneys, Legal Service Plans
    The Ticket Clinic A Law Firm
    18500 NE 5th Ave
    Miami, FL 33179
    (305) 653-9993
    Traffic Law Attorneys, Attorneys
    Florida Mediation Group
    44 W Flagler Street # 19
    Miami, FL 33130
    (305) 579-9990
    Mediation Services, Arbitration Services, Arbitration & Mediation Attorneys
    Sharon L. Azoulay
    8525 SW 92nd St # B9
    Miami, FL 33156
    (305) 598-9988
    Automobile Accident Attorneys,  Civil Litigation & Trial Law Attorneys,  Personal Injury Law Attorne
    Baird, Lisa A Divorce & Family Law Attorney PA
    10271 SW 72nd St
    Miami, FL 33173
    (786) 315-9978
    Family Law Attorneys,  Attorneys,  Child Custody Attorneys,  Arbitration & Mediation Attorneys,  Div
    Robert J. Lee, P.A.
    300 S. Biscayne Blvd. #LL32
    Miami, FL 33131
    (305) 322-9971
    Attorneys, Criminal Law Attorneys, Family Law Attorneys, Civil Litigation & Trial Law Attorneys, Tra
    Robert J. Lee, P.A.
    300 S. Biscayne Blvd. #LL32
    Miami, FL 33131
    (305) 322-9971
    Attorneys, Criminal Law Attorneys, Family Law Attorneys, Civil Litigation & Trial Law Attorneys, Tra
    Revilla Law Firm, P.A. Immigration Law
    2250 SW 3rd Ave
    Miami, FL 33129
    (305) 858-9970
    Immigration Law Attorneys, Attorneys, Immigration & Naturalization Consultants, General Practice Att
    Hager & Schwartz, P.A.
    555 NE 15th St, PH-A
    Miami, FL 33132
    (305) 500-9959
    Legal Service Plans, Criminal Law Attorneys, Drug Charges Attorneys, DUI & DWI Attorneys, Attorneys
    Wells Robert W
    9350 S Dixie Hwy Ste 1450
    Miami, FL 33156
    (305) 670-9955
    Environment & Natural Resources Law Attorneys, Attorneys
    IMMIGRATION SERVICES & NOTARY
    12550 Biscayne Blvd
    Miami, FL 33181
    (305) 610-9954
    Paralegals, Legal Document Assistance
    Ziglaw
    4500 Biscayne Blvd Ste 201
    Miami, FL 33137
    (305) 604-9944
    Entertainment & Sports Law Attorneys
    Forensis Technologies
    7322 SW 48th St
    Miami, FL 33155
    (305) 663-9944
    Attorneys Support & Service Bureaus
    Srebnick Scott
    201 S Biscayne Blvd Ste 1380
    Miami, FL 33131
    (305) 377-9937
    Attorneys, Legal Service Plans
    Docu Express
    7221 Coral Way # 204
    Miami, FL 33155
    (305) 469-9922
    Immigration Law Attorneys,  Attorneys,  Immigration & Naturalization Consultants,  Administrative &
    Jeffrey S Weiner Criminal Defense Attorneys
    9130 S Dadeland Blvd
    Miami, FL 33156
    (305) 670-9919
    Attorneys, Drug Charges Attorneys, Criminal Law Attorneys
    Lb Process Service
    223 E Flagler St Ste 510
    Miami, FL 33131
    (305) 381-9913
    Attorneys, Paralegals, Process Servers, Legal Service Plans
    Lenamon Terence PA
    100 Biscayne Blvd Ste 2100
    Miami, FL 33132
    (305) 373-9911
    Criminal Law Attorneys, Attorneys, Legal Service Plans
    Manzini Nicolas
    169 E Flagler St # 1500
    Miami, FL 33131
    (305) 577-9903
    Corporation & Partnership Law Attorneys, Attorneys, Labor & Employment Law Attorneys
    Saul Scott
    1351 NW 16th St
    Miami, FL 33125
    (305) 326-9901
    Juvenile Law Attorneys, Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US