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 Newnan, GA

Benefits of a Limited Liability Company (LLC) in Newnan, 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 Newnan, GA
    Wood Odom & Edge PA
    45 Spring St
    Newnan, GA 30263
    (770) 253-9885
    General Practice Attorneys,  Personal Injury Law Attorneys,  Attorneys,  Bankruptcy Law Attorneys,  
    Gorove, Michael A
    1 Jefferson St
    Newnan, GA 30263
    (706) 845-8732
    Bankruptcy Law Attorneys, Attorneys
    Roberts, Lisa R
    1973 Highway 34 E
    Newnan, GA 30265
    (770) 253-8636
    Civil Litigation & Trial Law Attorneys,  Attorneys,  Family Law Attorneys,  Employee Benefits & Work
    Fanning, Steven E PC
    44 Perry St
    Newnan, GA 30263
    (770) 253-8484
    Civil Litigation & Trial Law Attorneys,  Attorneys,  Criminal Law Attorneys,  General Practice Attor
    Prater R Keith
    2 W Washington St
    Newnan, GA 30263
    (770) 253-7778
    Corporation & Partnership Law Attorneys, Attorneys, Commercial Law Attorneys
    Donaghue & Chandler
    710 Newnan Crossing Byp
    Newnan, GA 30263
    (770) 251-7715
    Real Estate Attorneys, Attorneys
    Jonap & Associates PC Lawyers
    5 Lagrange St
    Newnan, GA 30263
    (800) 741-7500
    General Practice Attorneys, Attorneys
    Petterson, Brian W - Palmer & Pettersson
    7 1/2 E Court Sq
    Newnan, GA 30263
    (770) 683-7425
    Attorneys,  General Practice Attorneys,  Legal Service Plans,  Bankruptcy Services,  Bankruptcy Law
    The Palmer Firm P.C
    75 Jackson St # 500
    Newnan, GA 30263
    (770) 683-7425
    Bankruptcy Law Attorneys, Attorneys
    The Palmer Firm, P.C.
    7 1/2 E Court Sq
    Newnan, GA 30263
    (770) 683-7425
    Bankruptcy Law Attorneys, Attorneys
    Kneidel & Dreyer LLP
    38 Spring St
    Newnan, GA 30263
    (770) 253-7256
    Corporation & Partnership Law Attorneys,  Employee Benefits & Worker Compensation Attorneys,  Crimin
    Gross, Emily C
    2795 Highway 34 E
    Newnan, GA 30265
    (770) 251-7100
    Personal Injury Law Attorneys, Attorneys, General Practice Attorneys
    Perry Frank D
    65 Atl
    Newnan, GA 30263
    (770) 253-6950
    Criminal Law Attorneys, Attorneys, Legal Service Plans
    Cotten, H Brooks PC
    5 Jackson St
    Newnan, GA 30263
    (706) 756-6022
    Attorneys, Bankruptcy Law Attorneys
    Glover & Davis PA
    10 Brown St
    Newnan, GA 30263
    (770) 683-6000
    Attorneys
    Craig Jared B
    33 Fair St
    Newnan, GA 30263
    (770) 683-5705
    Attorneys, Criminal Law Attorneys, Family Law Attorneys, Wills, Trusts & Estate Planning Attorneys
    Dunn Bob
    19 Perry St
    Newnan, GA 30263
    (770) 251-5456
    Attorneys
    Berry & Associates PC
    276 Bullsboro Dr
    Newnan, GA 30263
    (404) 425-5185
    Bankruptcy Law Attorneys, Business Bankruptcy Law Attorneys, Attorneys
    dui school of coweta
    38 main street
    newnan, GA 30263
    (404) 916-5112
    Mon-Sat 9am-5pm, Sun Closed, Appointments Available
    Weiss Law, P.C.
    176 Millard Farmer Ind. Blvd, Suite 7
    Newnan, GA 30263
    (678) 588-4739
    Family Law Attorneys, Attorneys
    DAVID TAYLOR
    388 Bullsboro Drive #306
    Newnan, GA 30263
    (770) 683-4163
    Criminal Law Attorneys, DUI & DWI Attorneys, Estate Planning Attorneys, Family Law Attorneys, Attorn
    Hudson Frances C
    11 Perry St
    Newnan, GA 30263
    (770) 253-3880
    Real Estate Attorneys, Attorneys
    Haugen, Walter S - Sanders Haugen & Sears Pc
    11 Perry St
    Newnan, GA 30263
    (770) 253-3880
    Mon. - Fri. 9am - 5pm, Sat. - Sun. CLOSED
    Sanders Haugen & Sears P C
    11 Perry St
    Newnan, GA 30263
    (770) 253-3880
    Attorneys, Criminal Law Attorneys, Family Law Attorneys, Divorce Attorneys, Real Estate Attorneys, A
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US