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 Orlando, FL

Benefits of a Limited Liability Company (LLC) in Orlando, 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 Orlando, FL
    C. Chad Cronon
    1238 East Concord Street
    Orlando, FL 32803
    (407) 470-9999
    Criminal Law Attorneys,  Family Law Attorneys,  Personal Injury Law Attorneys,  Bankruptcy Law Attor
    Adams & Baca
    1111 E Amelia St
    Orlando, FL 32803
    (407) 650-9995
    Insurance Attorneys, Attorneys, Legal Service Plans
    Swanson-Mace, Kristin
    13000 Avalon Lake Dr
    Orlando, FL 32828
    (407) 380-9995
    Employee Benefits & Worker Compensation Attorneys, Attorneys, Corporation & Partnership Law Attorney
    Ferderigos & Lambe Law Firm
    512 East Washington Street
    Orlando, FL 32801
    (407) 999-9991
    Accident & Property Damage Attorneys, Personal Injury Law Attorneys, Attorneys
    Francoeur Law Firm, LLC
    425 W Colonial Dr, Suite 104
    Orlando, FL 32804
    (407) 999-9990
    Criminal Law Attorneys, Divorce Attorneys, DUI & DWI Attorneys
    Tracey G. Kagan, P.A.
    209 E Ridgewood St
    Orlando, FL 32801
    (407) 849-9990
    Criminal Law Attorneys, Legal Service Plans, Attorneys
    LaVigne, James R LLM
    7087 Grand National Dr
    Orlando, FL 32819
    (407) 316-9988
    International Law Attorneys
    Schwartz Zweben
    37 N Orange Ave
    Orlando, FL 32801
    (407) 857-9988
    Civil Litigation & Trial Law Attorneys, Attorneys
    Caraballo Tina
    830 Lucerne Ter
    Orlando, FL 32801
    (407) 649-9974
    Construction Law Attorneys, Attorneys
    All Florida Action Inc
    1216 N Pine Hills Rd
    Orlando, FL 32808
    (407) 522-9969
    Immigration Law Attorneys, Attorneys
    Patrick H Willis
    4700 Millenia Blvd
    Orlando, FL 32839
    (407) 903-9956
    Franchise Law Attorneys, Attorneys
    The Francis Law Group
    13538 Village Park Dr # 270
    Orlando, FL 32837
    (407) 363-9939
    Civil Litigation & Trial Law Attorneys, Attorneys
    Willis Patrick H
    121 S Orange Ave # 1500
    Orlando, FL 32801
    (407) 903-9939
    Franchise Law Attorneys, Attorneys
    Loiseau Richard
    7680 Universal Blvd # 660
    Orlando, FL 32819
    (407) 352-9920
    Immigration Law Attorneys, Attorneys, Legal Service Plans
    Dennis A Chen P A
    5401 S Kirkman Rd
    Orlando, FL 32819
    (407) 290-9902
    Personal Injury Law Attorneys
    Darin Firm PA
    201 E Pine St
    Orlando, FL 32801
    (407) 540-9900
    Family Law Attorneys, Attorneys
    Valle Law Firm PA
    1600 E Robinson St # 300
    Orlando, FL 32803
    (407) 898-9897
    Attorneys,  General Practice Attorneys,  Legal Service Plans,  Attorneys Referral & Information Serv
    Campbell James M
    111 N Orange Ave # 700
    Orlando, FL 32801
    (407) 841-9860
    Criminal Law Attorneys, Attorneys, Legal Service Plans
    Peter R McGrath, P.A.
    801 N Magnolia Ave
    Orlando, FL 32803
    (407) 674-9818
    Civil Litigation & Trial Law Attorneys,  Attorneys,  Real Estate Attorneys,  Personal Property Law A
    Hardy W Marvin
    1000 Legion Pl # 1700
    Orlando, FL 32801
    (407) 581-9800
    Attorneys
    Conroy Simberg Ganon Krevans Abel Lurvey Morrow & Schefer PA
    2 S Orange Ave # 300
    Orlando, FL 32801
    (407) 649-9797
    Insurance Attorneys, Attorneys
    Pesquera Ricardo R
    1137 Edgewater Dr
    Orlando, FL 32804
    (407) 999-9791
    Attorneys, Legal Service Plans, Criminal Law Attorneys, Litigation & Tort Attorneys
    Bourne, J Craig
    1520 E Livingston St
    Orlando, FL 32803
    (407) 440-9780
    Bankruptcy Services,  Bankruptcy Law Attorneys,  Child Custody Attorneys,  Divorce Attorneys,  Famil
    Attorney Karen Wonsetler
    860 N Orange Ave
    Orlando, FL 32801
    (407) 447-9777
    Real Estate Attorneys, Attorneys, General Practice Attorneys, Legal Service Plans
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US