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 Duluth, GA

Benefits of a Limited Liability Company (LLC) in Duluth, 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.

    •  
    Personalize & Print a Free GA 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 GA 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 Duluth, GA
    Homestead Title Company
    2250 Satellite Blvd
    Duluth, GA 30097
    (770) 263-9993
    Title Companies,  Attorneys,  Foreclosure Services,  Insurance,  Real Estate Attorneys,  Wills, Tru
    Para Net Corp Svc
    3675 Crestwood Pkwy NW # 350
    Duluth, GA 30096
    (770) 497-9977
    Paralegals
    Luther Kenneth
    3885 Crestwood Pkwy NW # 550
    Duluth, GA 30096
    (770) 426-9889
    Real Estate Attorneys, Attorneys, General Practice Attorneys
    The Sandberg Law Firm
    3820 Satellite Blvd # 201
    Duluth, GA 30096
    (404) 827-9799
    Bankruptcy Law Attorneys, Credit & Debt Counseling, Bankruptcy Services
    James W McKenzie Jr Jr
    3883 Rogers Bridge Rd
    Duluth, GA 30097
    (770) 476-9793
    Attorneys, Wills, Trusts & Estate Planning Attorneys
    Mc Kenzie Jr, James W - Mc Kenzie Law Assoc Pc
    3883 Rogers Bridge Rd Ste 206A
    Duluth, GA 30097
    (770) 476-9793
    Civil Litigation & Trial Law Attorneys, Attorneys
    The Zdrilich Law Group
    3235 Satellite Blvd # 400
    Duluth, GA 30096
    (770) 931-9604
    Family Law Attorneys, Attorneys, Legal Service Plans
    The DiGiulio Law Firm
    3235 Satellite Blvd
    Duluth, GA 30096
    (770) 309-9551
    Bankruptcy Law Attorneys, Bankruptcy Services
    O'kelley & Sorohan
    6470 E Johns Xing
    Duluth, GA 30097
    (770) 817-9505
    Attorneys, General Practice Attorneys
    Dong Jing
    2700 N Berkeley Lake Rd NW
    Duluth, GA 30096
    (678) 335-9339
    Attorneys, Immigration Law Attorneys
    Bonnie Youn
    4720 Peachtree Industrial Blvd
    Duluth, GA 30096
    (770) 622-9011
    Corporation & Partnership Law Attorneys, Immigration Law Attorneys
    Debtstoppers Bankruptcy Law Firm
    3555 Koger Blvd
    Duluth, GA 30096
    (404) 920-8965
    Bankruptcy Law Attorneys,  Attorneys,  General Practice Attorneys,  Legal Service Plans
    Sharmila Nambiar
    3883 Rogers Bridge Rd
    Duluth, GA 30097
    (770) 495-8810
    Family Law Attorneys, Attorneys
    Oxendine & Sauls
    1815 Satellite Blvd Ste 304
    Duluth, GA 30097
    (770) 497-8688
    Accident & Property Damage Attorneys,  Attorneys,  Family Law Attorneys,  Legal Service Plans
    Morrow John Michael
    3675 Crestwood Pkwy NW
    Duluth, GA 30096
    (770) 813-8614
    Family Law Attorneys, Attorneys, Legal Service Plans
    Stephen Wolfe-Spalding Co
    3145 Saint Andrews Way
    Duluth, GA 30096
    (770) 497-8286
    Bankruptcy Law Attorneys
    Day & Royal
    3175 Satellite Blvd Ste 600
    Duluth, GA 30096
    (770) 814-8022
    Family Law Attorneys, Attorneys, Legal Service Plans
    Hunter Law LLC
    3235 Satellite Blvd
    Duluth, GA 30096
    (770) 363-7764
    Attorneys, Bankruptcy Law Attorneys
    Alexander, Richard T
    4197 Pleasant Hill Rd
    Duluth, GA 30096
    (770) 416-7700
    Personal Injury Law Attorneys, Legal Service Plans, Attorneys
    Fidelity Law Offices
    10050 Medlock Bridge Rd Ste 200
    Duluth, GA 30097
    (770) 476-7611
    Real Estate Attorneys, Attorneys, General Practice Attorneys
    Morris Hardwick Schneider Gwinnett Wieland
    2933 Pleasant Hill Rd
    Duluth, GA 30096
    (770) 232-7427
    Real Estate Attorneys
    Curran Legal Services Group, Inc.
    5145 Cralyn Ct Ste A
    Duluth, GA 30097
    (404) 556-7341
    Corporation & Partnership Law Attorneys, Legal Service Plans, Attorneys
    The Shirley Law Firm
    PO Box 2315
    Duluth, GA 30096
    (678) 763-7202
    Wills, Trusts & Estate Planning Attorneys,  General Practice Attorneys,  Collection Law Attorneys,
    Crawford Lance Atty
    6340 Sugarloaf Pkwy
    Duluth, GA 30097
    (678) 775-6790
    Criminal Law Attorneys, Attorneys, Family Law Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US