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 Tifton, GA

Benefits of a Limited Liability Company (LLC) in Tifton, 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 Tifton, GA
    Hoffman Jason K PC
    111 Library Ln
    Tifton, GA 31794
    (229) 388-9901
    Social Security & Disability Law Attorneys,  Attorneys,  Labor & Employment Law Attorneys,  General
    Gurz Ballew Mary
    210 4th St E
    Tifton, GA 31794
    (229) 382-9678
    Corporation & Partnership Law Attorneys,  Attorneys,  Accident & Property Damage Attorneys,  Legal S
    Kelly and Lovett PC
    220 2nd St E
    Tifton, GA 31794
    (229) 382-9590
    Attorneys, Bankruptcy Law Attorneys
    Spurlin, John C
    1510 Whiddon Mill Rd
    Tifton, GA 31793
    (229) 391-9106
    Bankruptcy Law Attorneys, Attorneys
    Spurlin & McCorvey LLC
    1510 Whiddon Mill Rd
    Tifton, GA 31793
    (229) 391-9106
    Attorneys, Family Law Attorneys, Civil Litigation & Trial Law Attorneys
    Wilmot Robert C
    606 Central Ave N
    Tifton, GA 31794
    (229) 382-9081
    Civil Litigation & Trial Law Attorneys, Attorneys
    Wilmot & Powell
    614 Tift Ave N
    Tifton, GA 31794
    (229) 382-9081
    Criminal Law Attorneys, Attorneys, Legal Service Plans
    Swan Alan H
    1020 Central Ave N
    Tifton, GA 31794
    (229) 386-9069
    Accident & Property Damage Attorneys, Attorneys, Corporation & Partnership Law Attorneys
    Simpson Mediation Svc
    118 3rd St E
    Tifton, GA 31794
    (229) 388-8420
    Arbitration Services, Attorneys
    Simpson Mediation Services
    1020 College Ave N
    Tifton, GA 31794
    (229) 388-8420
    Arbitration Services,  Mediation Services,  Attorneys,  Counseling Services
    Bryan, R David LLC
    211 Park Ave N
    Tifton, GA 31794
    (229) 387-8005
    Attorneys, Civil Litigation & Trial Law Attorneys, Criminal Law Attorneys
    Rigdon & Van Orman L L C
    424 Tift Ave N
    Tifton, GA 31794
    (229) 382-7494
    Criminal Law Attorneys,  Social Security & Disability Law Attorneys,  Attorneys,  Personal Injury La
    Frank Family
    2642 Hall Whitley Rd
    Tifton, GA 31794
    (229) 533-7077
    Family Law Attorneys, Attorneys, Divorce Assistance
    Quynn Nancy
    619 Tift Ave N
    Tifton, GA 31794
    (229) 382-5234
    Immigration Law Attorneys, Attorneys, Legal Service Plans
    Hayes Franklin D
    1884 US Highway 82 W
    Tifton, GA 31793
    (229) 386-5155
    Bankruptcy Law Attorneys,  Attorneys,  General Practice Attorneys,  Legal Service Plans
    Ivey James A
    122 2nd St E
    Tifton, GA 31794
    (229) 396-4040
    Corporation & Partnership Law Attorneys, Attorneys, General Practice Attorneys, Legal Service Plans,
    Perry Diane L
    402 Central Ave N
    Tifton, GA 31794
    (229) 238-3885
    Attorneys, Family Law Attorneys, Immigration Law Attorneys, Legal Service Plans
    Turner, Michael PC
    215 Park Ave N
    Tifton, GA 31794
    (229) 382-2455
    Employee Benefits & Worker Compensation Attorneys,  Attorneys,  Bankruptcy Law Attorneys,  Labor & E
    Kelley and Johnson
    207 4th St E
    Tifton, GA 31794
    (229) 382-2421
    Wills, Trusts & Estate Planning Attorneys,  Attorneys,  Business Law Attorneys,  Real Estate Attorn
    Gray Jr Joseph B
    718 2nd St W # A
    Tifton, GA 31794
    (229) 388-1925
    Corporation & Partnership Law Attorneys,  Attorneys,  Mediation Services,  Wills, Trusts & Estate P
    Kemeness Lon P Atty
    229 2nd St E
    Tifton, GA 31794
    (229) 388-1394
    Attorneys,  Criminal Law Attorneys,  Civil Litigation & Trial Law Attorneys,  Legal Clinics
    Pittman Thomas H
    423 Tift Ave N
    Tifton, GA 31794
    (229) 388-1222
    Family Law Attorneys, Attorneys, Legal Service Plans
    Phillips, Melinda B
    403 Ridge Ave N
    Tifton, GA 31794
    (229) 387-0721
    Accident & Property Damage Attorneys, Social Security & Disability Law Attorneys, Attorneys
    Carter, Joseph I
    246 2nd St E
    Tifton, GA 31794
    (229) 382-0707
    Attorneys,  Family Law Attorneys,  Labor & Employment Law Attorneys,  Divorce Attorneys,  Personal I
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US