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!
 
 

Structural Advantages of a Limited Liability Company (LLC) in Zip Code 62098

Structural Advantages of a Limited Liability Company (LLC) in Zip Code 62098


Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do.
 
- Steve Jobs


A Limited Liability Company blends almost all the structure of business entities like a sole proprietorship, Partnership, and corporation without their respective drawbacks. New business start-ups often choose an LLC as the structure of their business.

An LLC offers several key advantages for new businesses:

1. Chart Your Own Course

As the owner of a business, you want to carve out your own place under the sun by running your own show. An LLC can be run by a single person, and most states recognize you as the sole owner of the business. Being on your own, you can make decisions without Consulting or needing the approval of other members of the company. Like a sole proprietorship, you own, manage, and operate your business without the liability issues of a sole proprietor. If you have a co-owner, you can enter into a mutual or operating agreement to point out the obligations and respective role you each play in order for the business to run smoothly.

2. Bypass Double Taxation

An LLC is treated as a "pass-through" entity that allows profits to be taxed only once on each member's individual income tax return. (You can also opt for declaring your LLC as an S corporation or Partnership in order to receive similar "pass-through" treatment from the IRS.)

3. Limit Personal Liability

One advantage of structuring your business as an LLC is that your personal assets will not be used to pay off the debts or legal liabilities of the LLC. The only thing that the owner or investor may lose is the capital contribution that is invested in the company. There are instances where the owner of the LLC may be personally liable, such as when he/she personally guarantees a business debt, fails to exercise due care resulting in harm to a third party, or breaches his/her duties as an owner.

4. Limit Administrative Hassles and Paperwork

Setting up and maintaining an LLC is less complicated when compared to other types of business structures. An LLC can be formed by filing articles of organization with the relevant state office, and paying the corresponding fees. The application will indicate the name and address of the company, the identity of its member(s), and other information relevant to the business. There are no mandatory meeting or reporting requirements by the member(s) or any annual directors' meeting that is usually required by a corporation.

5. Gain Flexibility in Sharing Profits

Most businesses share their profits (or losses) based on the percentage of investment they have in the company. In an LLC it can also be applied as a basis for distributing the profits, but there are other ways to distribute the profits as indicated in the LLC operating agreement. There is an IRS rule about so-called special allocations that come into play that require allocations not based on ownership interest to reflect a legitimate economic circumstance as opposed to merely trying to gain a tax advantage for the owners.
 
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 62098
McKenna Storer Rowe White & Farrug
666 Russel Ct
Woodstock, IL 60098
(815) 334-9690
Attorneys
Hannigan Richard D
101 N Throop St
Woodstock, IL 60098
(815) 338-9600
Employee Benefits & Worker Compensation Attorneys, Attorneys, Labor & Employment Law Attorneys
Hofmann Daniel T
101 N Throop St
Woodstock, IL 60098
(815) 338-9600
Criminal Law Attorneys, Attorneys
Bligh William J
101 N Throop St
Woodstock, IL 60098
(815) 338-9600
Criminal Law Attorneys, Attorneys
Thuma Angela C
101 N Throop St
Woodstock, IL 60098
(815) 338-9600
Divorce Attorneys, Family Law Attorneys, Attorneys
The Gitlin Law Firm
663 E Calhoun St
Woodstock, IL 60098
(815) 338-9401
General Practice Attorneys, Attorneys, Legal Service Plans
David E Lewis Law Office
3201 Loehr Rd
Waterloo, IL 62298
(618) 233-9400
Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Civil Litigation & T
Lowrimore Dona S
130 1/2 Cass St
Woodstock, IL 60098
(815) 334-9053
General Practice Attorneys, Attorneys
Raymond Flavin Law Offices
666 Russel Ct, #106
Woodstock, IL 60098
(815) 334-9004
Criminal Law Attorneys, Attorneys
Bersche Lynn J
501 Hartmann Ln
Waterloo, IL 62298
(618) 939-8865
General Practice Attorneys, Attorneys, Legal Service Plans
Loizzo & Loizzo
RUSSEL Court Office Plaza Suite 100A
Woodstock, IL 60098
(815) 338-8810
Attorneys, Criminal Law Attorneys, Family Law Attorneys
Bersche Lynn J
203 W Mill St
Waterloo, IL 62298
(618) 939-8626
Attorneys, Legal Service Plans
Gardner Stephanie Gale
203 W Mill St
Waterloo, IL 62298
(618) 939-8626
Attorneys, General Practice Attorneys
Woodstock Legal Consultants
127 E Calhoun St
Woodstock, IL 60098
(815) 575-8164
Legal Service Plans,  Attorneys,  Family Law Attorneys,  Wills, Trusts & Estate Planning Attorneys,
Pribla Wesley R
1031 N Seminary Ave
Woodstock, IL 60098
(815) 338-8044
Attorneys, Criminal Law Attorneys, Family Law Attorneys, Accident & Property Damage Attorneys, Wills
Wesley Pribla Law Office
1031 N Seminary Ave
Woodstock, IL 60098
(815) 338-8044
Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Accident & Property Damage Attorneys,  W
Harrison Law Office PC
684 S Eastwood Dr
Woodstock, IL 60098
(815) 338-7773
Attorneys, Labor & Employment Law Attorneys, Employment Discrimination Attorneys
Gummerson Rausch Wand Lee Wombacher, LLC
101 S Benton St #201
Woodstock, IL 60098
(815) 337-7700
Attorneys,  Accident & Property Damage Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  D
Peter F Carroll
114 S Jefferson St
Woodstock, IL 60098
(815) 900-7664
Attorneys, Family Law Attorneys
Jones & Hart Law Offices
666 Russel Ct #214
Woodstock, IL 60098
(815) 900-7543
Attorneys,  Bankruptcy Services,  Bankruptcy Law Attorneys,  Financial Services
Rau Judith A
119 E Mill St
Waterloo, IL 62298
(618) 939-7186
Family Law Attorneys,  General Practice Attorneys,  Legal Service Plans,  Attorneys
Lawyers Guide
747 S Eastwood Dr
Woodstock, IL 60098
(815) 527-7047
General Practice Attorneys, Attorneys
Strellis & Field Chartered
317 N Market St
Waterloo, IL 62298
(618) 939-6897
General Practice Attorneys, Attorneys, Legal Service Plans
Total Attorneys - Criminal Defense
PO Box 273794
Aurora, IL 60598
(815) 200-6557
Attorneys, Criminal Law Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US