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 Turnerville, GA

Benefits of a Limited Liability Company (LLC) in Turnerville, 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 Turnerville, GA
    1866CARWRECK
    1185-A Concord Rd
    Smyrna, GA 30080
    (866) 227-9732
    Chiropractors & Chiropractic Services,  Chiropractors Referral & Information Service,  Attorneys Ref
    Merritt & Fletcher
    1265 W Spring St SE
    Smyrna, GA 30080
    (770) 433-9345
    Criminal Law Attorneys
    legalshiels inedependent associate
    700 Tibarron Pkwy Apt.# 719
    Smyrna, GA 30080
    (678) 768-8891
    Family Law Attorneys, Identity Theft
    Veach, T William - T William Veach Attys At Law
    725 Windy Hill Rd SE
    Smyrna, GA 30080
    (770) 333-8812
    Attorneys, Legal Service Plans, Labor & Employment Law Attorneys, Social Security & Disability Law A
    Veach T William
    725 Windy Hill Rd SE
    Smyrna, GA 30080
    (770) 333-8812
    Attorneys,  Legal Service Plans,  Labor & Employment Law Attorneys,  Social Security & Disability La
    Russell John D
    20 W Stephens St
    Winder, GA 30680
    (770) 867-8618
    Attorneys
    Stein Raymond H
    2400 Herodian Way SE
    Smyrna, GA 30080
    (770) 984-8610
    Legal Service Plans,  Attorneys,  Criminal Law Attorneys,  General Practice Attorneys,  Bankruptcy L
    Tony Hedge
    2044 Dartmoth Way
    Villa Rica, GA 30180
    (678) 840-8337
    General Practice Attorneys, Attorneys
    DUI -Tri County Driving School
    211 S Carroll Rd
    Villa Rica, GA 30180
    (770) 459-8074
    Attorneys, Traffic Schools, Driving Instruction
    Healan Law Offices PC
    14 W Candler St
    Winder, GA 30680
    (770) 867-7554
    Criminal Law Attorneys, Attorneys, DUI & DWI Attorneys
    Floyd Nancy R Atty Ofc
    98 N Broad St
    Winder, GA 30680
    (770) 867-7431
    General Practice Attorneys, Attorneys
    Russell Stell Smith & Mattison ATTY PC
    98 N Broad St
    Winder, GA 30680
    (770) 867-7431
    Attorneys,  General Practice Attorneys,  Bankruptcy Services,  Bankruptcy Law Attorneys,  Litigation
    Stell Jr John E
    98 N Broad St
    Winder, GA 30680
    (770) 867-7431
    General Practice Attorneys, Attorneys, Legal Service Plans
    Daniel E. Rice, LLC
    231 S Carroll Rd
    Villa Rica, GA 30180
    (678) 644-7160
    Attorneys
    Smith Terry W
    30 Laura St
    Winder, GA 30680
    (770) 867-6919
    Bankruptcy Law Attorneys, Attorneys, Legal Service Plans
    Adcock Carl A
    2325 Log Cabin Dr SE
    Smyrna, GA 30080
    (770) 961-6657
    Personal Injury Law Attorneys, Insurance Attorneys, Attorneys
    Fields & Fields Law Group, LLC
    225 E. Wilson St, #7
    Villa Rica, GA 30180
    (877) 467-6418
    Business Litigation Attorneys, Civil Litigation & Trial Law Attorneys, Computer & Technology Law Att
    Gandy Jr Charles V
    725 Windy Hill Rd SE
    Smyrna, GA 30080
    (770) 436-6336
    Criminal Law Attorneys, Attorneys, Legal Service Plans
    Independent Paralegal Services
    P.O. Box 1165
    Villa Rica, GA 30180
    (678) 939-6094
    Paralegals, Legal Forms, Legal Document Assistance
    Diver City
    2953 Lexington Trace Dr SE
    Smyrna, GA 30080
    (678) 293-5770
    Paralegals
    Beau Kaye & Associates
    258 N Broad St
    Winder, GA 30680
    (770) 867-4939
    Real Estate Attorneys, Attorneys, General Practice Attorneys, Legal Service Plans
    Hicks Massey & Gardner LLP
    53 W Candler St
    Winder, GA 30680
    (770) 307-4899
    Attorneys, Bankruptcy Law Attorneys
    Bishop Thinel
    1 Community Square Blvd
    Villa Rica, GA 30180
    (770) 456-4125
    Real Estate Attorneys, Attorneys
    Morris Hardwick Schneider Lake Park
    2401 Lake Park Dr SE
    Smyrna, GA 30080
    (770) 437-4050
    Real Estate Attorneys, Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US