12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents
 
 
FINANCIAL & MARITAL

Cohabitation Agreement coming soon!
Separation Agreement coming soon!
No-Fault Divorce coming soon!
Bankruptcy coming soon!
 
 

Orientation to Limited Liability Companies (LLCs) in Zip Code 61451

Orientation to Limited Liability Companies (LLCs) in Zip Code 61451


I've missed more than 9,000 shots in my career. I've lost almost 300 games. 26 times I've been trusted to take the game winning shot and missed. I've failed over and over and over again in my life and that is why I succeed.
 
- Michael Jordan


A Limited Liability Company (LLC), just like a corporation, offers protection from personal liability for business debts. But, unlike a corporation, which pays its own taxes, an LLC is a pass-through tax entity in which the profits and losses pass-through its owners who report it on their personal tax returns.

How to Form an LLC

  • File "Articles of Organization" with your state government including the name, address, and phone number of the business, and the name of the person who is the "registered agent" of the company. Depending on the state, the names of all LLC members are sometimes requested.
  • Create a written LLC operating agreement. This is a crucial document because it includes the rights and responsibilities of the LLC members. It can also include the percentage interest and the shares of profits of the members.
  • Main Features of an LLC



    Limited Personal Liability

    All LLC members are spared from personal liability for business claims and debts. A creditor cannot go after them and demand payment from their personal assets. The assets of the LLC are used to pay off debts, and the only thing members stand to lose is their investment in the business.

    Exceptions to Limited Personal Liability

    Limited personal liability can be enjoyed by an LLC when doing business transactions, but this protection is not fixed. This particular downside also applies to corporations. An LLC owner can be held liable if he/she:

  • Intentionally does something fraudulent, illegal, or reckless that causes harm to the company or to someone else.
  • Fails to pay taxes withheld from employees' wages.
  • Personally and directly injures someone.
  • Personally guarantees a bank loan or a business debt on which the LLC defaults.
  • Treats the LLC as an extension of his/her personal affairs rather than as a separate legal entity.


  • Business Protection

    Your personal assets can be protected by a good liability insurance which is not possible with a limited liability protection. If you are practicing your craft and accidentally injure someone, your liability insurance policy will cover you. In the event of a court proceeding, your insurance can protect your personal assets if the limited liability status is disregarded by the court.

    LLC Taxes

    An LLC is a "pass-through" entity where the business income passes through the business to the LLC members who will report their share of profits or losses on their individual income tax returns. All LLC members make a quarterly estimated tax payment to the IRS.

    LLC Management

    Member management means participating equally in the management of business. Manager management refers to designating one or more owners, or even outsiders, to take responsibility for managing the LLC. In a manager-managed LLC, only those named "manager" can vote with regards to management decisions and act as an agent of the LLC.


    Ending an LLC

    Depending on the laws of your state, or as indicated in the operating agreement, when one member leaves, the LLC dissolves. The remaining members will be responsible for meeting the business obligations left behind, pay the debts, and divide the remaining assets and profits among themselves. The decision to create a new LLC with the remaining members can be discussed. In order to avoid this kind of abrupt ending, your LLC operating agreement can include a "buy-sell" or "buyout" clause with guidelines on what will happen if a member decides to leave to pursue other interests, retires, or dies.

     
    Personalize & Print a Free IL 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 IL 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 Zip Code 61451
    Social Security Disability
    325 W Maple St
    New Lenox, IL 60451
    (815) 320-9608
    Social Security & Disability Law Attorneys, Attorneys, Social Security Services, Legal Service Plans
    Craddock Jason R
    227 W Maple St
    New Lenox, IL 60451
    (815) 463-9030
    Attorneys, Discrimination & Civil Rights Law Attorneys, Labor & Employment Law Attorneys
    Florini Joseph V
    57 Jibby Ests
    Sullivan, IL 61951
    (217) 728-8837
    General Practice Attorneys
    Wood Steven K
    200 W Harrison St
    Sullivan, IL 61951
    (217) 728-7369
    General Practice Attorneys, Attorneys, Legal Service Plans
    McLaughlin & Florini Law Ofc
    16 S Washington St
    Sullivan, IL 61951
    (217) 728-7325
    Real Estate Attorneys, Attorneys, General Practice Attorneys, Legal Service Plans
    Stone Paul L
    303 E Harrison St
    Sullivan, IL 61951
    (217) 728-7318
    General Practice Attorneys, Attorneys, Legal Service Plans
    Ward Murray Pace & Johnson
    322 N Main Ave # 2
    Milledgeville, IL 61051
    (815) 225-7300
    General Practice Attorneys, Attorneys
    Lauterbach James R
    113 Maray Ave
    New Lenox, IL 60451
    (815) 485-6100
    Attorneys, Legal Service Plans
    Corsiglia, Bradleym Marshall W Conick Attorney At
    325 W Maple St
    New Lenox, IL 60451
    (815) 680-5046
    Social Security & Disability Law Attorneys,  Attorneys,  Legal Service Plans,  Administrative & Gove
    Illinois Paralegal Assn
    1906 Heatherway Ln
    New Lenox, IL 60451
    (815) 462-4620
    Paralegals
    Rau Bradford A Atty
    101 W Harrison St
    Sullivan, IL 61951
    (217) 728-4374
    General Practice Attorneys, Attorneys
    Seil David
    401 Wildwood Dr
    New Lenox, IL 60451
    (815) 485-2700
    General Practice Attorneys, Attorneys
    Gealow Jon Carl
    2903 N Bayview Ln
    McHenry, IL 60051
    (815) 385-2617
    Attorneys, Patent, Trademark & Copyright Law Attorneys
    Mac Tavish, David - David Mac Tavish Law Offices
    8N341 Thomas Rd
    Maple Park, IL 60151
    (630) 365-2613
    Administrative & Governmental Law Attorneys, Attorneys, Patent, Trademark & Copyright Law Attorne
    Mark J Weidman Law Office
    327 W Maple St
    New Lenox, IL 60451
    (815) 462-2080
    General Practice Attorneys, Attorneys, Legal Service Plans
    Lex Corp Polish Lawyers
    724 W Il Route 120
    McHenry, IL 60051
    (815) 578-1701
    Attorneys Referral & Information Service, Attorneys, General Practice Attorneys
    Total Attorneys - Divorce
    PO Box 273875
    Maple Park, IL 60151
    (815) 201-1350
    Divorce Attorneys,  Attorneys,  Family Law Attorneys,  Legal Service Plans
    Frank A. Hauenschild
    1938 E Lincoln Hwy Ste 208
    New Lenox, IL 60451
    (815) 462-0097
    Wills, Trusts & Estate Planning Attorneys,  Attorneys,  Accident & Property Damage Attorneys,  Pers
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US