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 Resaca, GA

Benefits of a Limited Liability Company (LLC) in Resaca, 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 Resaca, GA
    Clark John M
    8 N Oliver St Ste 414
    Elberton, GA 30635
    (706) 283-9732
    Family Law Attorneys, Attorneys, Legal Service Plans
    Harkness Bruce
    700 Central Ave
    Demorest, GA 30535
    (706) 778-9090
    Attorneys,  Accident & Property Damage Attorneys,  Legal Service Plans,  Wrongful Death Attorneys,  
    Johnson Robert A
    17 E Church St
    Elberton, GA 30635
    (706) 283-8222
    Attorneys, Legal Service Plans
    W. McCall Calhoun, P.C., Trial Attorneys
    132 Olympic Dr
    Demorest, GA 30535
    (706) 754-8106
    Civil Litigation & Trial Law Attorneys, Attorneys
    Aston Gary L
    203 College Ave
    Elberton, GA 30635
    (706) 283-7900
    Attorneys, Legal Service Plans
    Harrison, Michelle G
    3150 Golf Ridge Blvd
    Douglasville, GA 30135
    (770) 949-7484
    Criminal Law Attorneys, Attorneys
    Franklin D Hayes
    234 Lakeside Cir
    Douglas, GA 31535
    (912) 384-6559
    Attorneys
    Daughtry Bill
    704 Elbert St
    Elberton, GA 30635
    (706) 283-5543
    Civil Litigation & Trial Law Attorneys, Attorneys
    Terri H Duda At Law
    4935 Stewart Mill Rd Ste 275
    Douglasville, GA 30135
    (770) 942-5393
    Bankruptcy Services, Bankruptcy Law Attorneys, Social Security & Disability Law Attorneys, Attorneys
    Douglasville Bankruptcy Attorney | Terri H Duda
    4935 Stewart Mill Rd, Suite 275
    Douglasville, GA 30135
    (770) 942-5393
    Bankruptcy Law Attorneys
    Berry & Associates
    3400 Chapel Hill Rd
    Douglasville, GA 30135
    (404) 425-5180
    Bankruptcy Law Attorneys, Business Bankruptcy Law Attorneys, Attorneys
    Harrison Victor J
    3150 Golf Ridge Blvd
    Douglasville, GA 30135
    (770) 942-4758
    Real Estate Attorneys, Attorneys
    Lee Legal Clinic PC
    4393 Covington Hwy
    Decatur, GA 30035
    (404) 288-4444
    Bankruptcy Law Attorneys, Attorneys, Legal Service Plans
    Phelps, R. Chris
    313 Heard St
    Elberton, GA 30635
    (706) 408-4247
    Divorce Attorneys,  Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  General Practice Att
    Cougill R C
    161 Poplar Mill Rd
    Demorest, GA 30535
    (706) 754-4023
    Criminal Law Attorneys, Attorneys, Legal Service Plans
    CAPPS LAW FIRM
    8601 Baldwin Pkwy., Ste. 100
    Douglasville, GA 30135
    (678) 894-3369
    Malpractice Law Attorneys, Probate Law Attorneys, Real Estate Attorneys
    Anderson Day & Partners
    5040 Snapfinger Woods Dr
    Decatur, GA 30035
    (770) 808-3344
    Administrative & Governmental Law Attorneys
    Kunz, Robert A
    3379 Highway 5
    Douglasville, GA 30135
    (770) 949-3200
    Family Law Attorneys, Attorneys, Legal Service Plans
    Burroughs Johnson Hopewell
    4262 Clausell Ct
    Decatur, GA 30035
    (404) 289-2244
    Attorneys Support & Service Bureaus, Attorneys, Legal Service Plans, General Practice Attorneys
    Don F. Defoor P.C.
    3144 Golf Ridge Blvd
    Douglasville, GA 30135
    (770) 920-2175
    Attorneys,  Real Estate Attorneys,  Probate Law Attorneys,  Insurance,  Title Companies,  Wills, Tr
    Strickland Jr John W
    52 W Church St
    Lakeland, GA 31635
    (229) 482-2100
    Family Law Attorneys, Attorneys, Legal Service Plans
    Dodson, Joel E
    3144 Golf Ridge Blvd
    Douglasville, GA 30135
    (770) 949-1115
    Personal Injury Law Attorneys, Attorneys, Legal Service Plans
    Karmel Sunzette Davis
    3550 Highway 5
    Douglasville, GA 30135
    (678) 715-0967
    Business Bankruptcy Law Attorneys,  Bankruptcy Services,  Bankruptcy Law Attorneys,  Estate Planning
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US