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 Norwood, GA

Benefits of a Limited Liability Company (LLC) in Norwood, 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 Norwood, GA
    Claxton Edward B Ill Attorney
    904 Hillcrest Pkwy
    Dublin, GA 31021
    (478) 272-9965
    Attorneys, Social Security & Disability Law Attorneys, Labor & Employment Law Attorneys
    Matthew L. Waters, P.C.
    41 North College Street
    Pembroke, GA 31321
    (912) 653-9370
    Accident & Property Damage Attorneys,  Estate Planning Attorneys,  Family Law Attorneys,  General Pr
    Langston Cary
    467 N Indian Creek Dr
    Clarkston, GA 30021
    (404) 292-8674
    Family Law Attorneys, Attorneys
    King Julius
    101 S. Franklin Street
    Dublin, GA 31021
    (478) 745-8490
    Bankruptcy Law Attorneys, Attorneys
    Total Attorneys - DUI
    274052 Viannert Dr
    Savannah, GA 31421
    (912) 373-8385
    Attorneys, Legal Service Plans
    Claeys Mcelroy-Magruder & Kitchens
    1205 Bellevue Ave # A
    Dublin, GA 31021
    (478) 275-8311
    Attorneys,  Bankruptcy Law Attorneys,  Legal Service Plans,  Bankruptcy Services
    Warnock Mitchell
    1104 Bellevue Ave
    Dublin, GA 31021
    (478) 275-8119
    Criminal Law Attorneys, Attorneys, General Practice Attorneys, Legal Service Plans
    Jackson Ralph PC
    212 W Jackson St
    Dublin, GA 31021
    (478) 272-7607
    Civil Litigation & Trial Law Attorneys,  Attorneys,  Criminal Law Attorneys,  Wills, Trusts & Estat
    Earle, Luman C
    1101 Hillcrest Pkwy
    Dublin, GA 31021
    (478) 246-7488
    Attorneys, Bankruptcy Law Attorneys
    Butler Charles C Buddy
    109 S Jefferson St
    Dublin, GA 31021
    (478) 272-7343
    Wills, Trusts & Estate Planning Attorneys,  Attorneys,  Real Estate Attorneys,  Family Law Attorney
    Kaufold, Howard C
    109 S Jefferson St
    Dublin, GA 31021
    (478) 272-7343
    Attorneys
    Green & Green
    111 S Jefferson St
    Dublin, GA 31021
    (478) 272-7022
    Real Estate Attorneys, Attorneys, Legal Service Plans
    Total Attorneys - Bankruptcy
    271783 Viannert Dr
    Savannah, GA 31421
    (912) 225-6880
    Attorneys,  Banking & Mortgage Law Attorneys,  Bankruptcy Services,  Legal Service Plans,  Bankruptc
    Joseph Prine Law
    120 S Monroe St
    Dublin, GA 31021
    (478) 845-6117
    Personal Injury Law Attorneys,  Attorneys,  Criminal Law Attorneys,  Legal Service Plans
    Law Plantation Co Lec
    6609 Tallassee Plantation Cir
    Albany, GA 31721
    (229) 435-5932
    Attorneys
    Berry & Associates
    216 N. Pentz St
    Dalton, GA 30721
    (706) 234-5528
    Bankruptcy Law Attorneys, Attorneys, General Practice Attorneys
    James E Goad
    1463 Highway 411 NE
    Cartersville, GA 30121
    (770) 607-5185
    Attorneys
    Goad, James E PC
    1463 Highway 411 NE
    Cartersville, GA 30121
    (770) 607-5185
    Attorneys, Criminal Law Attorneys, General Practice Attorneys, Legal Service Plans
    Jack Setters
    2709 Airport Rd Ste 108
    Dalton, GA 30721
    (706) 529-4783
    Bankruptcy Law Attorneys, Attorneys
    Mackey Penny
    503 Bellevue Ave
    Dublin, GA 31021
    (478) 272-4658
    Family Law Attorneys, Attorneys, Legal Service Plans
    Mc Lendon Harold D
    122 E Jackson St
    Dublin, GA 31021
    (478) 275-4620
    Attorneys Referral & Information Service, Attorneys
    Arthur L Walker & Associates
    902 Bellevue Ave
    Dublin, GA 31021
    (478) 275-4574
    Bankruptcy Law Attorneys, Attorneys, General Practice Attorneys
    Carol Bacon Miller PC
    190 S College St
    Pembroke, GA 31321
    (912) 653-4040
    Real Estate Attorneys, Attorneys, General Practice Attorneys, Legal Service Plans
    Minor Paralegal Solutions, LLC
    Post Office Box 161709
    Atlanta, GA 30321
    (404) 955-3976
    Tax Return Preparation-Business, Legal Document Assistance, Paralegals, Tax Return Preparation, Nota
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US