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 Orange Park, FL

Benefits of a Limited Liability Company (LLC) in Orange Park, 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 Orange Park, FL
    Siemer Attorney
    1279 Kingsley Ave
    Orange Park, FL 32073
    (904) 269-9930
    Divorce Attorneys, Family Law Attorneys, Attorneys
    Siemer, Lawrence J PA
    1279 Kingsley Ave
    Orange Park, FL 32073
    (904) 269-9930
    Attorneys, Family Law Attorneys, Divorce Attorneys
    Cristina Fuschi Law Offices
    1120 Park Ave
    Orange Park, FL 32073
    (904) 264-9601
    Attorneys Referral & Information Service, Attorneys
    Roger Cruce
    1857 Wells Rd
    Orange Park, FL 32073
    (904) 375-9522
    Bankruptcy Law Attorneys, Attorneys
    Dosio & Lawrence, , PLLC
    2233 Park Avenue, Suite 200-A
    Orange Park, FL 32073
    (904) 322-8815
    Attorneys
    Grady Williams Jr. Llm
    1543 Kingsley Ave
    Orange Park, FL 32073
    (904) 264-8800
    Elder Law Attorneys, Attorneys, Estate Planning, Probate, & Living Trusts
    Santoro, Thomas C
    1700 Wells Rd
    Orange Park, FL 32073
    (904) 278-8768
    Real Estate Attorneys, Attorneys, Legal Service Plans
    Santoro & Warren, P.A.
    1700 Wells Road, Ste. 5
    Orange Park, FL 32073
    (904) 278-8713
    Personal Injury Law Attorneys, Attorneys
    Robert Boone Attorney
    1857 Wells Rd Ste 223
    Orange Park, FL 32073
    (904) 644-8625
    Bankruptcy Law Attorneys,  Attorneys,  Wills, Trusts & Estate Planning Attorneys,  Legal Service Pl
    Barber Sean
    151 College Dr
    Orange Park, FL 32065
    (904) 228-8072
    Civil Litigation & Trial Law Attorneys,  Personal Injury Law Attorneys,  Attorneys,  Insurance Attor
    Lynn Martin
    328 Stiles Ave
    Orange Park, FL 32073
    (904) 213-8056
    General Practice Attorneys, Attorneys
    Executive Paralegal Svc
    2233 Park Ave
    Orange Park, FL 32073
    (904) 269-7458
    Attorneys Referral & Information Service, Paralegals, Attorneys
    Henry Todd W
    1555 Kingsley Ave
    Orange Park, FL 32073
    (904) 264-6776
    Bankruptcy Law Attorneys, Attorneys, Family Law Attorneys
    King David A
    1416 Kingsley Ave
    Orange Park, FL 32073
    (904) 269-6699
    Corporation & Partnership Law Attorneys, Attorneys, Wills, Trusts & Estate Planning Attorneys
    Lori Re
    1724 Plainfield Ave
    Orange Park, FL 32073
    (904) 278-6570
    Attorneys, Legal Service Plans
    Bohdan Neswiacheny Law Office
    151 College Dr
    Orange Park, FL 32065
    (904) 276-6171
    General Practice Attorneys, Attorneys, Legal Service Plans
    Sieron, Mark A
    1045 Orange Ave
    Orange Park, FL 32073
    (904) 264-6000
    Criminal Law Attorneys, Attorneys
    Yeomans, Maryanne
    1045 Orange Ave
    Orange Park, FL 32073
    (904) 264-6000
    Family Law Attorneys, Attorneys
    Cobb Richard W
    431 Stowe Ave
    Orange Park, FL 32073
    (904) 269-5800
    Wills, Trusts & Estate Planning Attorneys,  Attorneys,  Legal Service Plans,  Family Law Attorneys
    Tony A Turner
    555 Blanding Blvd
    Orange Park, FL 32073
    (904) 272-5529
    General Practice Attorneys, Attorneys
    Owenby Law, LLC
    2105 Park Ave # 15
    Orange Park, FL 32073
    (904) 269-4634
    Attorneys, Family Law Attorneys, Divorce Attorneys, Probate Law Attorneys, Wills, Trusts & Estate Pl
    Alison Hickman
    165 Wells Rd
    Orange Park, FL 32073
    (904) 269-4499
    Bankruptcy Services,  Business Law Attorneys,  Attorneys,  Bankruptcy Law Attorneys,  Debt Adjusters
    Hendrix La'rae
    165 Wells Rd Ste 103
    Orange Park, FL 32073
    (904) 278-4044
    Attorneys, Family Law Attorneys, Divorce Attorneys, Bankruptcy Services, Legal Service Plans, Bankru
    A Better Ez Divorce & More
    555 Blanding Blvd
    Orange Park, FL 32073
    (904) 264-4005
    Legal Clinics,  Legal Document Assistance,  Bankruptcy Services,  Divorce Assistance,  Debt Adjuster
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US