Find More Articles
12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents™
 
Protect Your Family Today
with a Free Last Will & Testament
  • Finish and print in minutes!
  • Personalized for You
  • Written by expert Attorneys
  • Valid & Legal for Georgia
 Start My Free Document 

Benefits of a Limited Liability Company (LLC) in Coleman, GA

Benefits of a Limited Liability Company (LLC) in Coleman, GA


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.

    •  
    Download & Print a Free GA Last Will Personalize This Document
    Page 1
     
    Download & Print a Free GA Living Will Personalize This Document
    Page 1
      Answer Easy
    Questions
    answer simple questions online step by step
    Easy Questions, Instant Documents
    • Finish in Minutes
    • Download Immediately
    • Written by Attorneys
    • 100% Guaranteed
      Get Instant Legal
        Documents™
    Print, save or email your finished legal document immediately!
    Last Will & Testament
    Related Legal Services near Coleman, GA
    Fincher Denmark & Williams
    2262 Mount Zion Rd
    Jonesboro, GA 30236
    (770) 478-9950
    Civil Litigation & Trial Law Attorneys, Attorneys, General Practice Attorneys, Criminal Law Attorney
    Wiggins Law Offices
    293 Hackett Mill Rd
    Ringgold, GA 30736
    (706) 965-9852
    General Practice Attorneys, Attorneys
    Smith Ronald E
    174 North Ave
    Jonesboro, GA 30236
    (770) 478-9500
    Divorce Attorneys, Family Law Attorneys, Attorneys
    GADivorceNow
    120 N McDonough St
    Jonesboro, GA 30236
    (678) 235-9267
    Divorce Attorneys, Attorneys, Legal Clinics
    Patty & Young
    7731 Nashville St Ste 201
    Ringgold, GA 30736
    (706) 935-9100
    Attorneys,  Accident & Property Damage Attorneys,  General Practice Attorneys,  Legal Service Plans,
    Patty Clifton M
    7731 Nashville St # A
    Ringgold, GA 30736
    (706) 935-9100
    Accident & Property Damage Attorneys, Attorneys, Legal Service Plans
    Millar & Mixon LLC
    108 Williamson Mill Rd
    Jonesboro, GA 30236
    (770) 450-9065
    Attorneys, Civil Litigation & Trial Law Attorneys, Personal Property Law Attorneys
    Brown, David B
    108 S Main St
    Jonesboro, GA 30236
    (770) 478-8944
    Civil Litigation & Trial Law Attorneys, Attorneys
    Brown & Brown
    108 S Main St
    Jonesboro, GA 30236
    (770) 478-8944
    Civil Litigation & Trial Law Attorneys, Attorneys, General Practice Attorneys
    Melnick Larry M PC
    137 W Mill St
    Jonesboro, GA 30236
    (770) 478-8934
    Family Law Attorneys,  Civil Litigation & Trial Law Attorneys,  Personal Injury Law Attorneys,  Real
    Bible Law Firm
    5902 Highway 41
    Ringgold, GA 30736
    (706) 935-8864
    Attorneys, Criminal Law Attorneys, General Practice Attorneys, Legal Service Plans
    Melnick Larry
    137 W Mill St # F
    Jonesboro, GA 30236
    (770) 210-8615
    Criminal Law Attorneys
    The Douglas Law Group, LLC
    195 Jonesboro Rd
    Jonesboro, GA 30236
    (770) 885-8429
    Consumer Law Attorneys, Divorce Attorneys, Juvenile Law Attorneys, Child Custody Attorneys, Family L
    Layne & Layne PC
    168 NW Broad St
    Lyons, GA 30436
    (912) 526-8375
    Real Estate Attorneys,  Bankruptcy Law Attorneys,  Attorneys,  General Practice Attorneys
    Watts & Watts
    23 Lee St
    Jonesboro, GA 30236
    (770) 478-8301
    Attorneys, Bankruptcy Law Attorneys
    Giglio J Michael
    7713 Nashville St # A
    Ringgold, GA 30736
    (706) 965-8300
    Criminal Law Attorneys, Attorneys, Legal Service Plans
    Silvey R Kevin
    7713 Nashville St # B
    Ringgold, GA 30736
    (706) 965-8300
    Attorneys,  Criminal Law Attorneys,  Accident & Property Damage Attorneys,  Corporation & Partnershi
    Lookout Mountain Mediation Svc
    7693 Nashville St
    Ringgold, GA 30736
    (706) 965-8281
    Counseling Services,  Mediation Services,  Arbitration Services,  Attorneys,  Family Law Attorneys
    Keen, Randall L
    23 Lee St
    Jonesboro, GA 30236
    (877) 590-8214
    Personal Injury Law Attorneys, Civil Litigation & Trial Law Attorneys, Attorneys
    Cathey Adam C
    901 Lafayette St
    Ringgold, GA 30736
    (706) 935-8200
    Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Accident & Property Damage Attorneys,  L
    Cathey Adam D
    901 Lafayette St
    Ringgold, GA 30736
    (706) 935-8200
    Attorneys, Criminal Law Attorneys, Family Law Attorneys, Accident & Property Damage Attorneys, Legal
    Echols & Associates
    147 N Main St Ste B
    Jonesboro, GA 30236
    (678) 658-8190
    Bankruptcy Law Attorneys
    Weiner Tracy V
    226 N McDonough St
    Jonesboro, GA 30236
    (770) 471-8162
    Attorneys, Legal Service Plans
    Todd, Joseph M Pc
    104 S Main St
    Jonesboro, GA 30236
    (770) 477-7878
    Accident & Property Damage Attorneys,  Family Law Attorneys,  Corporation & Partnership Law Attorney
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US