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 Brownsville, IN

Benefits of a Limited Liability Company (LLC) in Brownsville, IN


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 IN 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 IN 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 Brownsville, IN
    Charlie Ward
    728 S Meridian St
    Indianapolis, IN 46225
    (317) 639-9501
    Estate Planning, Probate, & Living Trusts,  Estate Planning Attorneys,  Medical Malpractice Attorn
    Ward & Ward Law Firm
    728 S Meridian St
    Indianapolis, IN 46225
    (317) 639-9501
    Attorneys, Attorneys Support & Service Bureaus
    Mishkin & Assoc
    233 S McCrea St Ste 1100
    Indianapolis, IN 46225
    (317) 634-9100
    Attorneys, Civil Litigation & Trial Law Attorneys
    Troy Kiefer
    9604 Coldwater Rd Ste 103
    Fort Wayne, IN 46825
    (260) 444-8944
    Estate Planning, Probate, & Living Trusts, Estate Planning Attorneys, Real Estate Attorneys, Wills,
    Bloom Gates Sigler
    119 S Main St
    Columbia City, IN 46725
    (260) 248-8900
    Estate Planning Attorneys, Attorneys, Tax Attorneys, Legal Service Plans
    Clark & Steedman
    1033 E Mount Pleasant Rd Ste H
    Evansville, IN 47725
    (812) 424-8700
    Accident & Property Damage Attorneys,  Attorneys,  Wills, Trusts & Estate Planning Attorneys,  Lega
    Trotter Stephen D
    6079 Stoney Creek Dr
    Fort Wayne, IN 46825
    (260) 496-8500
    Attorneys,  General Practice Attorneys,  Legal Service Plans,  Bankruptcy Law Attorneys,  Family Law
    Myers Max
    1220 Medical Park Dr # 3
    Fort Wayne, IN 46825
    (260) 471-8100
    Attorneys, General Practice Attorneys, Legal Service Plans
    Mitchell Janet E
    429 E Dupont Rd Ste 67
    Fort Wayne, IN 46825
    (260) 483-7660
    Arbitration Services,  Attorneys,  Family Law Attorneys,  Mediation Services,  Legal Service Plans
    Lawyers Title
    1006 Woodland Plaza Run
    Fort Wayne, IN 46825
    (260) 489-7242
    Abstracters, Attorneys, General Practice Attorneys, Title Companies
    Land America Lawyers Title
    1006 Woodland Plaza Run
    Fort Wayne, IN 46825
    (260) 489-7242
    Abstracters,  Attorneys,  General Practice Attorneys,  Title Companies
    Fields James
    1846 Shannon Ln
    Evansville, IN 47725
    (812) 867-7123
    Attorneys, General Practice Attorneys
    Scholl Melissa S
    23947 Salt Fork Rd
    Lawrenceburg, IN 47025
    (812) 637-6543
    Attorneys, General Practice Attorneys, Legal Service Plans
    Michael Hollenbeck, Attorney
    413 Walnut St
    Lawrenceburg, IN 47025
    (877) 912-6325
    Attorneys, DUI & DWI Attorneys, Juvenile Law Attorneys
    A Debt Relief
    1910 Saint Joe Center Rd
    Fort Wayne, IN 46825
    (260) 480-5700
    Credit & Debt Counseling,  Attorneys,  Debt Adjusters,  Bankruptcy Law Attorneys
    Stroup John F
    131 Elm St
    Lawrenceburg, IN 47025
    (812) 537-5600
    Attorneys, Family Law Attorneys, Legal Service Plans
    Holland Douglas C
    202 W High St
    Lawrenceburg, IN 47025
    (812) 537-5545
    Attorneys,  Business Bankruptcy Law Attorneys,  General Practice Attorneys,  Bankruptcy Law Attorney
    Zerbe Matthew P
    30 E High St
    Lawrenceburg, IN 47025
    (812) 537-5297
    Attorneys, Litigation & Tort Attorneys
    Gates Law Ofc
    119 S Main St
    Columbia City, IN 46725
    (260) 244-5175
    General Practice Attorneys, Attorneys
    Robert H BBS PC The
    845 S Meridian St
    Indianapolis, IN 46225
    (317) 643-4718
    Bankruptcy Services,  Accident & Property Damage Attorneys,  Attorneys,  Personal Injury Law Attorne
    Hargis John
    12737 Urban Rd
    Derby, IN 47525
    (812) 836-4583
    Attorneys
    Johns Joseph R
    60 E High St
    Lawrenceburg, IN 47025
    (812) 537-4500
    General Practice Attorneys, Attorneys, Legal Service Plans
    Votaw Leslie L
    60 E High St
    Lawrenceburg, IN 47025
    (812) 537-4500
    General Practice Attorneys, Attorneys, Legal Service Plans
    Baber Brad
    110 N Main St
    Columbia City, IN 46725
    (260) 244-4422
    Attorneys, Criminal Law Attorneys, Legal Service Plans
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US