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 Saint Leo, FL

Benefits of a Limited Liability Company (LLC) in Saint Leo, 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 Saint Leo, FL
    DeCarlis, Sawyer & Alba
    6035 SW 54th St Suite 100
    Ocala, FL 34474
    (352) 274-9939
    Attorneys, Sexual Harassment Attorneys, Criminal Law Attorneys
    Figueroa Yulema
    10524 W Flagler St
    Miami, FL 33174
    (305) 552-9600
    Attorneys, Legal Service Plans
    Health Care Legal Consultants
    1114 Wandering Oaks Dr
    Ormond Beach, FL 32174
    (386) 672-9569
    Attorneys Support & Service Bureaus
    Lewis, Roberts PA
    785 W Granada Blvd
    Ormond Beach, FL 32174
    (386) 957-9450
    Bankruptcy Law Attorneys,  Real Estate Attorneys,  Taxes-Consultants & Representatives,  Attorneys,
    Cfit
    30 Stallion Way
    Ormond Beach, FL 32174
    (386) 676-9097
    Immigration Law Attorneys, Immigration & Naturalization Consultants, Attorneys
    Jones Gregory D
    3300 SW 34th Ave
    Ocala, FL 34474
    (352) 237-8810
    Civil Litigation & Trial Law Attorneys, Attorneys
    Sneider Law
    200 SW 9th St
    Okeechobee, FL 34974
    (866) 211-8435
    Civil Litigation & Trial Law Attorneys,  Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,
    Clear Title & Legal Services, Inc.
    3128 US Highway 441 S
    Okeechobee, FL 34974
    (863) 261-8251
    Attorneys Support & Service Bureaus, Paralegals, Legal Service Plans
    Mara & Mara, P.A.
    555 W Granada Blvd Ste B5
    Ormond Beach, FL 32174
    (386) 672-8081
    Family Law Attorneys, Bankruptcy Law Attorneys, Estate Planning Attorneys, Business Law Attorneys, P
    Roberts Disability Attorneys PA
    300 Interchange Blvd
    Ormond Beach, FL 32174
    (386) 492-7943
    Social Security & Disability Law Attorneys, Attorneys, General Practice Attorneys
    Alex Hanna, PA
    8700 W Flagler St #380
    Miami, FL 33174
    (305) 883-7272
    Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Labor & Employment Law Attorneys,  Tax A
    Philip Deberard
    1120 S Parrott Ave
    Okeechobee, FL 34974
    (863) 467-7100
    Accident & Property Damage Attorneys,  Attorneys,  Corporation & Partnership Law Attorneys,  Legal S
    Salas Servicio De Immigracion
    7 SW 107th Ave
    Miami, FL 33174
    (305) 228-6900
    Immigration Law Attorneys, Immigration & Naturalization Consultants, Attorneys
    Total Attorneys - Personal Injury
    PO Box 274226
    Hudson, FL 34674
    (727) 324-6714
    Attorneys, Legal Service Plans
    Brown George
    14 Polar Bear Path
    Ormond Beach, FL 32174
    (386) 673-6684
    Insurance Attorneys, Attorneys
    Ledford James PA
    787 S Yonge St
    Ormond Beach, FL 32174
    (386) 672-6612
    Civil Litigation & Trial Law Attorneys, Attorneys
    Martorell's Office
    11046 W Flagler St
    Miami, FL 33174
    (786) 536-6496
    Attorneys, Translators & Interpreters, Immigration Law Attorneys, Advertising-Telephone & Fax, Telep
    Fadley Jeffrey A PA
    807 SW 2nd Ave
    Okeechobee, FL 34974
    (863) 763-5733
    Probate Law Attorneys,  Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce Attorney
    Alexander Alvarez
    1421 S.W. 107th Ave, #304
    Miami, FL 33174
    (305) 220-5165
    Automobile Accident Attorneys,  Medical Malpractice Attorneys,  Personal Injury Law Attorneys,  Atto
    Burns Paul J
    12525 Walsingham Rd
    Largo, FL 33774
    (727) 595-4540
    Corporation & Partnership Law Attorneys,  Probate Law Attorneys,  Business Law Attorneys,  Small Bus
    John Roberts & Associates, P.A.
    300 Interchange Blvd # E
    Ormond Beach, FL 32174
    (386) 676-4467
    Attorneys,  Immigration Law Attorneys,  Social Security & Disability Law Attorneys,  Real Estate Att
    Robert E Kramer
    555 W Granada Blvd # A9
    Ormond Beach, FL 32174
    (386) 672-4313
    Attorneys, Wills, Trusts & Estate Planning Attorneys, Real Estate Attorneys
    Bernardini Paul A
    285 Clyde Morris Blvd # 200
    Ormond Beach, FL 32174
    (386) 677-4242
    Attorneys,  Malpractice Law Attorneys,  Accident & Property Damage Attorneys,  Legal Service Plans
    Fiedler, Robert
    5587 SW 59th St
    Ocala, FL 34474
    (352) 509-4161
    Employee Benefits & Worker Compensation Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US