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 Fleming, GA

Benefits of a Limited Liability Company (LLC) in Fleming, 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 Fleming, GA
    Harman-Dempsey Nan
    1145 Powers Pl
    Alpharetta, GA 30009
    (770) 475-9995
    Family Law Attorneys, Attorneys, Legal Service Plans
    Nan Harman-Dempsey Law Office
    1145 Powers Pl
    Alpharetta, GA 30009
    (770) 475-9995
    Civil Litigation & Trial Law Attorneys, Attorneys
    Cleary Mark A PC
    1223 George C Wilson Dr
    Augusta, GA 30909
    (706) 860-9995
    Attorneys, Legal Service Plans
    Monroe N Matthew
    1718 Peachtree St NW # 990
    Atlanta, GA 30309
    (404) 870-9990
    Accident & Property Damage Attorneys, Attorneys, Legal Service Plans
    Dcp Midtown Investors
    1447 Peachtree St NE
    Atlanta, GA 30309
    (404) 685-9940
    Administrative & Governmental Law Attorneys, Attorneys, Legal Service Plans
    Brown, Mike
    2603 Commons Blvd
    Augusta, GA 30909
    (706) 731-9925
    Attorneys, Civil Litigation & Trial Law Attorneys, General Practice Attorneys
    The Ballard Law Group PC
    2221 Peachtree Rd NE Suite X2
    Atlanta, GA 30309
    (404) 220-9906
    Bankruptcy Law Attorneys
    Dietzen Law, PC
    2221 Peachtree Road, # D-222
    Atlanta, GA 30309
    (404) 625-9794
    Criminal Law Attorneys
    McElreath, Benjamin F Pc
    3540 Wheeler Rd
    Augusta, GA 30909
    (706) 738-9724
    Real Estate Attorneys, Attorneys, Legal Service Plans
    James E. Kee and Associates
    1401 Peachtree St
    Atlanta, GA 30309
    (888) 511-9510
    Personal Injury Law Attorneys,  Attorneys,  Criminal Law Attorneys,  Civil Litigation & Trial Law At
    The Millard Law Firm
    320 Maxwell Rd
    Alpharetta, GA 30009
    (678) 319-9500
    Family Law Attorneys, Attorneys, General Practice Attorneys
    Ames & Kent, LLC
    1401 Peachtree St. NE Suite 500
    Atlanta, GA 30309
    (404) 963-9387
    Bankruptcy Law Attorneys
    Brickman Jeffery H
    999 Peachtree St NE
    Atlanta, GA 30309
    (678) 420-9382
    Criminal Law Attorneys, Attorneys
    Littlefield Jeremy
    999 Peachtree St NE # 1120
    Atlanta, GA 30309
    (678) 701-9381
    Attorneys,  Legal Service Plans,  Labor & Employment Law Attorneys,  Arbitration & Mediation Attorne
    Bennett Law Group
    1349 W Peachtree St, Ste 1220
    Atlanta, GA 30309
    (404) 541-9330
    Personal Injury Law Attorneys
    Disability Associates, Inc.
    PO Box 444
    Evans, GA 30809
    (706) 869-9319
    Attorneys Referral & Information Service, Attorneys
    Gatewood, James C
    410 W Lamar St
    Americus, GA 31709
    (229) 924-9316
    Attorneys, Criminal Law Attorneys, Wills, Trusts & Estate Planning Attorneys, Real Estate Attorneys,
    Rambo William W
    410 W Lamar St
    Americus, GA 31709
    (229) 924-9316
    Divorce Attorneys, Family Law Attorneys, Attorneys
    Jones Leon
    21 8th St NE
    Atlanta, GA 30309
    (404) 564-9300
    Attorneys, Legal Service Plans, Business Law Attorneys, Litigation & Tort Attorneys
    Kilpatrick II Andrew J
    3 George C Wilson Ct
    Augusta, GA 30909
    (706) 860-9292
    Attorneys, Legal Service Plans
    Ward Steven M
    1355 Peachtree St NE # 150
    Atlanta, GA 30309
    (404) 815-9103
    Criminal Law Attorneys, Attorneys
    O'Kelley & Sorohan
    1420 Peachtree St NE
    Atlanta, GA 30309
    (404) 885-9090
    General Practice Attorneys, Attorneys, Real Estate Attorneys
    Huggins, Charles T Jr PC
    7013 Evans Town Center Blvd
    Evans, GA 30809
    (706) 210-9063
    Real Estate Attorneys, Attorneys, Legal Service Plans
    Boardman-Burnette Lisa
    1720 Peachtree St NW
    Atlanta, GA 30309
    (404) 607-9008
    Discrimination & Civil Rights Law Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US