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 Rising Fawn, GA

Benefits of a Limited Liability Company (LLC) in Rising Fawn, 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 Rising Fawn, GA
    Atkins & Associates, Attorneys-At-Law
    1117 Perimeter Ctr W Suite W-405
    Atlanta, GA 30338
    (770) 399-9999
    Attorneys,  Social Security & Disability Law Attorneys,  Personal Injury Law Attorneys,  Insurance A
    Banks-Ware E Noreen
    3636 Panola Rd
    Lithonia, GA 30038
    (770) 593-9849
    Attorneys,  Family Law Attorneys,  Divorce Attorneys,  General Practice Attorneys
    Mary Workman Attorney
    1827 Independence Sq
    Atlanta, GA 30338
    (770) 396-9770
    Labor & Employment Law Attorneys, Attorneys, Family Law Attorneys, Divorce Attorneys
    Cain Jr Jerry W
    2498 Jett Ferry Rd
    Atlanta, GA 30338
    (770) 804-9494
    Attorneys
    Skedsvold Kevin
    1050 Crown Pointe Pkwy # 710
    Atlanta, GA 30338
    (770) 392-8610
    Corporation & Partnership Law Attorneys, Attorneys, Legal Service Plans
    Davis Transitions
    1050 Crown Pointe Pkwy
    Atlanta, GA 30338
    (770) 673-8363
    Attorneys Referral & Information Service, Attorneys
    Brian W. Wertheim, P.C.
    1750 Old Spring House Lane
    Dunwoody, GA 30338
    (404) 373-8033
    Family Law Attorneys,  Personal Injury Law Attorneys,  Probate Law Attorneys,  Wills, Trusts & Esta
    S S Law Group Attorney
    1200 Ashwood Pkwy # 560
    Atlanta, GA 30338
    (770) 395-7754
    Social Security & Disability Law Attorneys, Attorneys, Legal Service Plans
    Friedman Law Firm
    4514 Chamblee Dunwoody Rd STE 233
    Dunwoody, GA 30338
    (678) 404-7540
    Probate Law Attorneys, Corporation & Partnership Law Attorneys, Family Law Attorneys, Tax Attorneys,
    A Clayton DUI School
    1167 Highway 54 E
    Jonesboro, GA 30238
    (770) 715-7078
    Mon-Fri 10:30am-6pm, Sat 9am-6pm, Sun 9am-6pm, Open 7 Days, Open Holidays, Appointments Availab
    Morris Hardwick Schneider
    5591 Chamblee Dunwoody Rd
    Atlanta, GA 30338
    (770) 673-6990
    Attorneys, Title Companies
    Berger William
    5533 Martina Way
    Atlanta, GA 30338
    (770) 953-6970
    Immigration Law Attorneys, Attorneys
    Attorney Jim Fletcher
    1535 Mt. Vernon Road, Suite 100
    Dunwoody, GA 30338
    (678) 607-6053
    Attorneys, Real Estate Attorneys, Contract Law Attorneys, General Practice Attorneys, Litigation & T
    Christian G. du Toit
    4780 Ashford Dunwoody Rd
    Atlanta, GA 30338
    (404) 890-5487
    Immigration Law Attorneys, Attorneys
    K Douglas Cook
    3 Dunwoody Park #103
    Atlanta, GA 30338
    (678) 781-5282
    Accident & Property Damage Attorneys, Personal Injury Law Attorneys, Attorneys
    Patrick Sam & Associates
    4584 Chamblee Dunwoody Rd
    Atlanta, GA 30338
    (770) 451-5077
    Immigration Law Attorneys
    Buck Law Firm
    1050 Crown Pointe Pkwy
    Atlanta, GA 30338
    (678) 338-4999
    Attorneys,  Consumer Law Attorneys,  Accident & Property Damage Attorneys,  County & Parish Governme
    Hiers Law Group
    1530 Dunwoody Village Pkwy # 205
    Atlanta, GA 30338
    (770) 522-4700
    Labor & Employment Law Attorneys, Divorce Attorneys, Civil Litigation & Trial Law Attorneys, General
    DebtStoppers
    8200 Mall Pkwy
    Lithonia, GA 30038
    (770) 482-4577
    Bankruptcy Law Attorneys, Business Bankruptcy Law Attorneys, Attorneys
    Greogory V Soderberg
    1750 Old Spring House Ln
    Atlanta, GA 30338
    (770) 455-4535
    Attorneys, Legal Service Plans
    Docs Assisted Services
    3162 Palm Tree Dr
    Lithonia, GA 30038
    (404) 551-4226
    Legal Forms,  Legal Document Assistance,  Legal Service Plans,  Notaries Public,  Divorce Assistance
    Bishop, J Michael
    1050 Crown Pointe Pkwy
    Atlanta, GA 30338
    (770) 829-3850
    Securities & Investment Law Attorneys, Attorneys
    Smiley Bishop & Porter LLP
    1050 Crown Pointe Pkwy
    Atlanta, GA 30338
    (770) 829-3850
    Securities & Investment Law Attorneys, Attorneys
    Smiley, Brian N
    1050 Crown Pointe Pkwy
    Atlanta, GA 30338
    (770) 829-3850
    Securities & Investment Law Attorneys, Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US