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 Port Richey, FL

Benefits of a Limited Liability Company (LLC) in Port Richey, 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 Port Richey, FL
    Mc Cue L
    8032 US Highway 19
    Port Richey, FL 34668
    (727) 841-9595
    Accident & Property Damage Attorneys, Attorneys, General Practice Attorneys, Legal Service Plans
    Leonard A Mc Cue & Assoc PA
    8032 US Highway 19
    Port Richey, FL 34668
    (727) 841-9595
    Accident & Property Damage Attorneys,  Attorneys,  General Practice Attorneys,  Legal Service Plans
    Weller Legal Group, PA
    9550 US 19 North #205
    Port Richey, FL 34668
    (727) 375-9378
    Bankruptcy Law Attorneys, Business Bankruptcy Law Attorneys, Bankruptcy Services
    A Bankruptcy Attorney
    10730 US Highway 19
    Port Richey, FL 34668
    (727) 375-9378
    Attorneys
    Booth & Cook Atty
    7510 Ridge Rd
    Port Richey, FL 34668
    (727) 842-9105
    General Practice Attorneys, Attorneys, Legal Service Plans
    Psetas Moore & Tetlow PA
    10816 US Highway 19
    Port Richey, FL 34668
    (727) 863-9005
    Social Security & Disability Law Attorneys,  Attorneys,  Malpractice Law Attorneys,  Accident & Prop
    Psetas George C
    10816 US Highway 19 # 105
    Port Richey, FL 34668
    (727) 863-9005
    Attorneys, General Practice Attorneys, Malpractice Law Attorneys, Social Security & Disability Law A
    O'Connor Tara M
    9743 US Highway 19
    Port Richey, FL 34668
    (727) 841-6991
    Attorneys, Criminal Law Attorneys, Family Law Attorneys, Legal Service Plans
    O'Connor Law Group PA
    9735 US Highway 19
    Port Richey, FL 34668
    (727) 841-6991
    Probate Law Attorneys, Attorneys, Wills, Trusts & Estate Planning Attorneys
    Thornton Ronald G
    6709 Ridge Rd Ste 106
    Port Richey, FL 34668
    (727) 845-6224
    Attorneys, Legal Service Plans, Labor & Employment Law Attorneys, Business Law Attorneys, Insurance
    Bauer Jr Robert O
    11914 Oak Trail Way
    Port Richey, FL 34668
    (727) 446-4800
    Attorneys, Criminal Law Attorneys, Legal Service Plans, Traffic Law Attorneys
    Goforth Dawn
    9409 US Highway 19
    Port Richey, FL 34668
    (727) 848-3676
    Paralegals
    Bell Rebecca
    7920 US Highway 19
    Port Richey, FL 34668
    (727) 848-3404
    Attorneys, Elder Law Attorneys, Wills, Trusts & Estate Planning Attorneys, Legal Service Plans
    Coulter Wayne R
    7920 US Highway 19 # A
    Port Richey, FL 34668
    (727) 848-3404
    Probate Law Attorneys, Attorneys, Wills, Trusts & Estate Planning Attorneys
    Delzer, Coulter & Bell PA
    7920 US Highway 19
    Port Richey, FL 34668
    (727) 848-3404
    Probate Law Attorneys, Attorneys, Elder Law Attorneys, Wills, Trusts & Estate Planning Attorneys
    Delzer Coulter & Bell PA
    7920 US Highway 19
    Port Richey, FL 34668
    (727) 848-3404
    Attorneys,  Probate Law Attorneys,  Estate Planning, Probate, & Living Trusts,  Elder Law Attorney
    Klein Frank D
    6709 Ridge Rd Ste 106
    Port Richey, FL 34668
    (727) 849-2303
    Family Law Attorneys, Attorneys, Legal Service Plans
    Shaffer Thomas A
    9501 US Highway 19 Ste 208
    Port Richey, FL 34668
    (727) 849-1889
    Attorneys, Legal Service Plans, Bankruptcy Law Attorneys
    Proly Laporte Mulligan & Stathopoulos PA
    11914 Oak Trail Way
    Port Richey, FL 34668
    (727) 863-1553
    Civil Litigation & Trial Law Attorneys,  Attorneys,  Criminal Law Attorneys,  Traffic Law Attorneys,
    Oliver, Tonya A - Oliver Tonya A
    11912 Oak Trail Way
    Port Richey, FL 34668
    (727) 861-0700
    Employee Benefits & Worker Compensation Attorneys, Attorneys, Labor & Employment Law Attorneys, Corp
    Ekren Wayne
    9330 Regency Park Blvd
    Port Richey, FL 34668
    (727) 845-0700
    General Practice Attorneys, Attorneys
    De Loach & Hofstra Pa
    10730 US Highway 19 Ste 8
    Port Richey, FL 34668
    (727) 863-0460
    Personal Injury Law Attorneys, Attorneys, Insurance Attorneys
    Cavonis Paul R
    10730 US Highway 19
    Port Richey, FL 34668
    (727) 863-0460
    Civil Litigation & Trial Law Attorneys, Attorneys
    Kemp & Ruge Law Group
    9501 US Highway 19
    Port Richey, FL 34668
    (727) 846-0028
    Civil Litigation & Trial Law Attorneys, Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US