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 North Miami Beach, FL

Benefits of a Limited Liability Company (LLC) in North Miami Beach, 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 North Miami Beach, FL
    Dorot Law, P.A.
    2775 NE 163rd St Suite 118
    North Miami Beach, FL 33160
    (305) 921-9421
    International Law Attorneys, General Practice Attorneys, Tax Attorneys
    Dorot & Bensimon PL
    2775 NE 163rd St
    North Miami Beach, FL 33160
    (305) 921-9421
    Estate Planning Attorneys, Attorneys, Wills, Trusts & Estate Planning Attorneys, Business Law Attorn
    Resolution Solution
    2775 NE 163rd St # 118
    North Miami Beach, FL 33160
    (305) 934-9351
    Arbitration & Mediation Attorneys, Attorneys, Mediation Services
    Zaslow Edwin B
    17071 W Dixie Hwy
    North Miami Beach, FL 33160
    (786) 454-8827
    Wills, Trusts & Estate Planning Attorneys,  Attorneys,  Elder Law Attorneys,  Business Law Attorney
    Scott & Guy Divorce And Immigration Attorney Law Firm
    2040 NE 163rd St
    North Miami Beach, FL 33162
    (305) 919-8772
    Family Law Attorneys,  Immigration Law Attorneys,  Immigration & Naturalization Consultants,  Attorn
    Scott & Guy PA
    2040 NE 163rd St
    North Miami Beach, FL 33162
    (305) 919-8772
    Immigration Law Attorneys, Attorneys, Family Law Attorneys, Divorce Attorneys, Legal Service Plans,
    Immigration Attorneys
    13899 Biscayne Blvd
    North Miami Beach, FL 33181
    (786) 908-8612
    Immigration Law Attorneys, Attorneys, Immigration & Naturalization Consultants
    Sutton & Associates Of Miami
    13899 Biscayne Blvd
    North Miami Beach, FL 33181
    (786) 908-8612
    Immigration Law Attorneys, Attorneys, Immigration & Naturalization Consultants
    Schertzer Ivan A
    16211 NE 18th Ave
    North Miami Beach, FL 33162
    (786) 220-8456
    Civil Litigation & Trial Law Attorneys,  Attorneys,  Personal Injury Law Attorneys,  Wrongful Death
    Law Access Center PA
    150 NW 168th St Ste 209
    North Miami Beach, FL 33169
    (305) 249-8282
    Real Estate Attorneys, Attorneys
    International Law
    16375 NE 18th Ave Ste 321
    North Miami Beach, FL 33162
    (305) 354-8252
    Civil Litigation & Trial Law Attorneys, Attorneys
    Simon Eugene M
    2020 NE 163rd St # 300
    North Miami Beach, FL 33162
    (305) 940-8123
    Criminal Law Attorneys, Attorneys
    Schwartz Joseph
    16375 NE 18th Ave # 308
    North Miami Beach, FL 33162
    (305) 354-7991
    Collection Law Attorneys, Attorneys
    Drucker, A Norman
    801 NE 167th St
    North Miami Beach, FL 33162
    (305) 652-7777
    Collection Law Attorneys, Attorneys
    Sorota, Samuel S
    801 NE 167th St
    North Miami Beach, FL 33162
    (305) 652-7777
    Immigration Law Attorneys,  Attorneys,  Real Estate Attorneys,  Legal Service Plans,  Bankruptcy Law
    Bischoff & Associates PA
    15251 NE 18th Ave
    North Miami Beach, FL 33162
    (305) 389-7676
    Immigration Law Attorneys, Attorneys
    Wedderburn, Norman E
    16300 NE 19th Ave
    North Miami Beach, FL 33162
    (305) 919-7393
    Insurance Attorneys, Attorneys
    Allen Ginger S
    16831 NE 6th Ave
    North Miami Beach, FL 33162
    (305) 653-7320
    Adoption Law Attorneys,  Adoption Services,  Attorneys,  Family Law Attorneys
    Laurence E Zieper PA
    1506 NE 162nd St
    North Miami Beach, FL 33162
    (305) 919-7273
    Attorneys,  Legal Service Plans,  Accident & Property Damage Attorneys,  General Practice Attorneys
    Trial Lawyer Charles J. Zimmerer
    2040 NE 163rd St Ste 209
    North Miami Beach, FL 33162
    (305) 944-7220
    Personal Injury Law Attorneys,  Accident & Property Damage Attorneys,  Automobile Accident Attorneys
    Weinstein Howard S PA
    3363 NE 163rd St Suite #704
    North Miami Beach, FL 33160
    (305) 932-7171
    Business Litigation Attorneys,  Landlord & Tenant Attorneys,  Personal Injury Law Attorneys,  Probat
    Abramowitz Richard
    1590 NE 162nd St # 200
    North Miami Beach, FL 33162
    (305) 949-7100
    Attorneys, Civil Litigation & Trial Law Attorneys, General Practice Attorneys, Medical Malpractice A
    Brotman Steven Attorney Law
    13899 Biscayne Blvd Ste 151
    North Miami Beach, FL 33181
    (305) 702-6477
    Attorneys, Legal Service Plans
    Prince & Glick PA
    2100 NE 164th St
    North Miami Beach, FL 33162
    (305) 940-6414
    Civil Litigation & Trial Law Attorneys, Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US