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 Hinsdale, IL

Structural Advantages of a Limited Liability Company (LLC) in Hinsdale, IL


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 Hinsdale, IL
Brian J Mulhern PC
15 Salt Creek Ln Ste 210
Hinsdale, IL 60521
(630) 850-9550
Attorneys, Legal Service Plans
Avgeris George N. Chartered
29 E 1st St
Hinsdale, IL 60521
(630) 296-9538
Accident & Property Damage Attorneys, Attorneys, Civil Litigation & Trial Law Attorneys, Personal In
Kurtz Law Offices Ltd
32 Blaine St
Hinsdale, IL 60521
(630) 323-9444
General Practice Attorneys, Attorneys, Legal Service Plans
Blinstrubas Robert
15 Spinning Wheel Rd Ste 300
Hinsdale, IL 60521
(630) 789-9246
General Practice Attorneys, Attorneys, Legal Service Plans
Tavoso Julie
123 E Ogden Ave # 101A
Hinsdale, IL 60521
(630) 325-9100
General Practice Attorneys, Attorneys
Ekroth & Osborne Ltd
15 Salt Creek Ln Ste 122
Hinsdale, IL 60521
(630) 850-9090
Estate Planning Attorneys, Legal Service Plans, Attorneys
Martoccio & Martoccio
15 N Lincoln St
Hinsdale, IL 60521
(630) 920-8855
Legal Service Plans, Attorneys, Family Law Attorneys, Labor & Employment Law Attorneys, Divorce Atto
Total Attorneys - Criminal Defense
PO Box 273724
Hinsdale, IL 60522
(630) 320-6106
Attorneys, Criminal Law Attorneys, Legal Service Plans
Total Attorneys - Personal Injury
PO Box 274217
Hinsdale, IL 60522
(630) 755-5662
Attorneys, Legal Service Plans
Mc Mahon Michael
811 N Elm St
Hinsdale, IL 60521
(630) 953-4400
Attorneys, Criminal Law Attorneys, Legal Service Plans, Traffic Law Attorneys
Avgeris George N
29 E 1st St # 201
Hinsdale, IL 60521
(630) 654-4161
Accident & Property Damage Attorneys, Attorneys, Legal Service Plans
Spiegel Martin
15 Spinning Wheel Rd Ste 107
Hinsdale, IL 60521
(630) 455-4070
Attorneys, Corporation & Partnership Law Attorneys, Legal Service Plans, Employee Benefits & Worker
Professional Paralegal Svc
227 S Bodin St
Hinsdale, IL 60521
(630) 323-3624
Paralegals
Landry John
120 E Ogden Ave # 212
Hinsdale, IL 60521
(630) 321-3600
Immigration Law Attorneys, Attorneys, Legal Service Plans
Engel Kathryn
15 Spinning Wheel Rd Ste 210
Hinsdale, IL 60521
(630) 654-3501
Attorneys, Family Law Attorneys, Divorce Attorneys, General Practice Attorneys, Legal Service Plans
Coghlan Paul A
15 Spinning Wheel Rd Ste 100
Hinsdale, IL 60521
(630) 887-2922
Attorneys, Legal Service Plans
Dominic J Mancini
133 Fuller Rd
Hinsdale, IL 60521
(630) 325-2580
General Practice Attorneys, Attorneys
Kinder Law Offices
310 E 55th St
Hinsdale, IL 60521
(630) 321-2144
Attorneys,  Family Law Attorneys,  Tax Attorneys,  Divorce Attorneys,  Business Law Attorneys,  Real
Najera and Associates Inc
15 Spinning Wheel Rd Ste 21
Hinsdale, IL 60521
(630) 325-1010
Immigration Law Attorneys, Attorneys
Sahgal Law Offices
120 E Ogden Ave # 118
Hinsdale, IL 60521
(630) 218-1008
General Practice Attorneys, Attorneys, Legal Service Plans
Stinauer Linda
479 Old Surrey Rd
Hinsdale, IL 60521
(630) 455-0678
Real Estate Attorneys, Attorneys
Debra Anthony Law Office
111 S Adams St
Hinsdale, IL 60521
(630) 789-0464
General Practice Attorneys, Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US