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 Reynolds, GA

Benefits of a Limited Liability Company (LLC) in Reynolds, 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 Reynolds, GA
    Glenn Nancy
    300 Colonial Center Pkwy # 100
    Roswell, GA 30076
    (770) 518-9696
    Employee Benefits & Worker Compensation Attorneys, Attorneys, Corporation & Partnership Law Attorney
    Farris James Neal
    1560 Warsaw Rd
    Roswell, GA 30076
    (770) 642-9333
    Personal Injury Law Attorneys, Litigation & Tort Attorneys, Attorneys
    Jeff S Klein
    1875 Old Alabama Rd
    Roswell, GA 30076
    (770) 650-9000
    Civil Litigation & Trial Law Attorneys,  Attorneys,  Accident & Property Damage Attorneys,  Labor &
    Hoffman, Joseph L Dr
    2102 Macy Dr
    Roswell, GA 30076
    (678) 322-8926
    Personal Injury Law Attorneys, Attorneys
    Witterman, Richard E - Witterman Law Firm
    2001 Macy Dr
    Roswell, GA 30076
    (770) 649-7796
    Construction Law Attorneys, Attorneys, Real Estate Attorneys
    Rego Nicholas J LLC
    131 Alewine Ave
    Tallapoosa, GA 30176
    (770) 574-7686
    Civil Litigation & Trial Law Attorneys,  Attorneys,  Personal Injury Law Attorneys,  General Practic
    Foy & Associates, PC
    1425 Market Blvd Ste 330-117
    Roswell, GA 30076
    (404) 879-7518
    Personal Injury Law Attorneys, Attorneys
    Mccalla Raymer
    1544 Old Alabama Rd
    Roswell, GA 30076
    (770) 643-7200
    Estate Planning Attorneys,  Attorneys,  Real Estate Attorneys,  Administrative & Governmental Law At
    Lafon Courtney W
    1301 Bombay Ln
    Roswell, GA 30076
    (770) 360-7000
    General Practice Attorneys, Attorneys
    Alemany Luis
    770 Old Roswell Pl # A200
    Roswell, GA 30076
    (770) 346-7000
    General Practice Attorneys, Attorneys
    Bankruptcy Attorney for Atlanta BA
    1625 Warsaw Rd. Suite 200
    Roswell, GA 30076
    (678) 653-6728
    Legal Document Assistance,  Legal Service Plans,  Bankruptcy Services,  Bankruptcy Law Attorneys,  A
    Hudgins, David L
    920 Holcomb Bridge Rd
    Roswell, GA 30076
    (770) 998-6655
    Personal Injury Law Attorneys, Attorneys
    Wheeler, D Kevin
    920 Holcomb Bridge Rd
    Roswell, GA 30076
    (770) 998-6655
    Civil Litigation & Trial Law Attorneys, Attorneys
    Dunn James M
    102 Macy Dr
    Roswell, GA 30076
    (770) 754-6230
    Immigration Law Attorneys,  Attorneys,  Business Law Attorneys,  Legal Service Plans,  Administrativ
    G Kennedy McLeod
    1560 Warsaw Rd
    Roswell, GA 30076
    (770) 992-6161
    Corporation & Partnership Law Attorneys, Attorneys
    Rosen, Joseph H - Joseph H Rosen Pc
    1875 Old Alabama Rd
    Roswell, GA 30076
    (678) 461-6046
    Administrative & Governmental Law Attorneys, Attorneys, Immigration Law Attorneys
    Elyssa K. Williams, Attorney
    300 Colonial Center Pkwy Ste 235
    Roswell, GA 30076
    (678) 613-5732
    Family Law Attorneys, Attorneys
    Childress, Scott N G
    3780 Mansell Rd
    Roswell, GA 30076
    (770) 587-4963
    Criminal Law Attorneys, Attorneys
    Hardwick, Clifford H
    11205 Alpharetta Hwy Rswl
    Roswell, GA 30076
    (770) 772-4700
    Family Law Attorneys, Attorneys, Legal Service Plans
    Baker & Stalzer
    555 Sun Valley Dr # N4
    Roswell, GA 30076
    (770) 992-4325
    Franchise Law Attorneys, Attorneys, Business Law Attorneys
    Sherman Law Group
    1560 Warsaw Road
    Roswell, GA 30076
    (678) 215-4106
    Bankruptcy Law Attorneys, Criminal Law Attorneys, Attorneys
    Georgetta Glaves-Innes & Associates
    500 Sun Valley Dr
    Roswell, GA 30076
    (678) 495-4073
    General Practice Attorneys, Attorneys, Legal Service Plans
    John Morrison Law
    1402 Bombay Ln
    Roswell, GA 30076
    (678) 682-3993
    Corporation & Partnership Law Attorneys, Attorneys, Employee Benefits & Worker Compensation Attorney
    Morrow Sylvia
    1004 Bombay Ln
    Roswell, GA 30076
    (678) 325-3540
    Real Estate Attorneys, Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US