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 Le Roy, IL

Benefits of a Limited Liability Company (LLC) in Le Roy, IL


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 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 Le Roy, IL
    Jerseyville Law Office
    103 N State St
    Jerseyville, IL 62052
    (618) 639-9700
    General Practice Attorneys, Attorneys, Legal Service Plans
    South Suburban Bar Assn
    4849 167th St
    Oak Forest, IL 60452
    (708) 633-9700
    Attorneys Referral & Information Service
    Frank J Ryan
    4849 167th St
    Oak Forest, IL 60452
    (708) 633-9600
    Attorneys
    Guntren, John - John W Guntren Attrny At Law
    1110 S State St
    Jerseyville, IL 62052
    (618) 498-9504
    Attorneys, Criminal Law Attorneys, Family Law Attorneys, Legal Service Plans, Divorce Attorneys, Civ
    Foley John
    308 W Market St
    Jonesboro, IL 62952
    (618) 833-9100
    Attorneys,  Accident & Property Damage Attorneys,  Corporation & Partnership Law Attorneys,  Legal S
    Criminal Law Family
    105 Willards Ferry Rd
    Jonesboro, IL 62952
    (618) 833-8677
    Attorneys
    Burger Susan
    105 Willards Ferry Rd
    Jonesboro, IL 62952
    (618) 833-8677
    Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  General Practice Attorneys,  Legal Servi
    Joseph Talarico
    15000 Cicero Ave Ste 103
    Oak Forest, IL 60452
    (708) 687-8200
    Attorneys, General Practice Attorneys, Title Companies
    Pollock Meyers & Eicksteadt LLP
    100 W Washington St
    Marengo, IL 60152
    (815) 568-8071
    Attorneys
    Bauer Jr Gerald
    6006 159th St # A
    Oak Forest, IL 60452
    (708) 687-8000
    General Practice Attorneys, Attorneys, Legal Service Plans
    Strang William H
    108 N Lafayette St
    Jerseyville, IL 62052
    (618) 498-6821
    Accident & Property Damage Attorneys, Attorneys, Legal Service Plans
    Schultz Scott W
    105 N State St
    Jerseyville, IL 62052
    (618) 498-6816
    Attorneys, Family Law Attorneys, DUI & DWI Attorneys, Legal Service Plans, Divorce Attorneys
    Clutts Rodney A
    105 Willards Ferry Rd
    Jonesboro, IL 62952
    (618) 833-6195
    Attorneys, Legal Service Plans
    Union County Treasurer
    311 W Market St
    Jonesboro, IL 62952
    (618) 833-5621
    Government Offices,  County & Parish Government,  Justice Courts,  Attorneys
    Davis Lorenzo
    2948 W 86th Pl
    Chicago, IL 60652
    (773) 434-5600
    Attorneys
    Pierce & Assoc PC
    14930 Cicero Ave # 3A
    Oak Forest, IL 60452
    (708) 844-5202
    General Practice Attorneys, Attorneys, Legal Service Plans
    Zeleznak Cheryl C
    5320 159th St # 501
    Oak Forest, IL 60452
    (708) 687-5200
    Attorneys,  Legal Service Plans,  Family Law Attorneys,  Accident & Property Damage Attorneys,  Bank
    Burt, Edward J - Urban & Burt Ltd
    5320 159th St # 501
    Oak Forest, IL 60452
    (708) 687-5200
    Divorce Attorneys,  Attorneys,  Family Law Attorneys,  Personal Injury Law Attorneys,  Bankruptcy La
    Johnson Mark S
    314 Willards Ferry Rd
    Jonesboro, IL 62952
    (618) 833-5141
    Attorneys,  Family Law Attorneys,  Malpractice Law Attorneys,  Accident & Property Damage Attorneys,
    Spoto Kathleen
    19333 E Grant Hwy
    Marengo, IL 60152
    (815) 923-4358
    General Practice Attorneys, Attorneys
    Jay K. Filler Jr
    3901 N Il Route 23
    Marengo, IL 60152
    (815) 587-3167
    Criminal Law Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Probate Law Attorneys,  Juvenile
    Schaaf Jr Donald R
    116 W Pearl St # 100
    Jerseyville, IL 62052
    (618) 498-3162
    Family Law Attorneys, Attorneys, Legal Service Plans
    Marshall Charles E
    121 W Dekalb St
    Somonauk, IL 60552
    (815) 498-2332
    General Practice Attorneys, Attorneys, Legal Service Plans
    Emons Clifford C
    123 W Pearl St
    Jerseyville, IL 62052
    (618) 498-2168
    Civil Litigation & Trial Law Attorneys, Attorneys, Legal Service Plans
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US