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 Connersville, IN

Structural Advantages of a Limited Liability Company (LLC) in Connersville, IN


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 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 Connersville, IN
Greeson Wayne
801 W 35th St
Connersville, IN 47331
(765) 825-9690
Banking & Mortgage Law Attorneys, Attorneys
Demkovich Allen
627 N Central Ave
Connersville, IN 47331
(765) 827-8709
Legal Service Plans,  Traffic Law Attorneys,  Attorneys,  Criminal Law Attorneys,  Accident & Proper
Smith Gary E
324 N Central Ave
Connersville, IN 47331
(765) 825-8541
General Practice Attorneys, Attorneys, Legal Service Plans
Harvey Jamie H
324 N Central Ave
Connersville, IN 47331
(765) 825-8541
Attorneys
Bodwell John W
621 N Central Ave
Connersville, IN 47331
(765) 825-7511
Estate Planning Attorneys,  Attorneys,  Wills, Trusts & Estate Planning Attorneys,  Business Bankru
Baker Jon D
621 N Central Ave
Connersville, IN 47331
(765) 825-7511
Estate Planning Attorneys, Attorneys, Wills, Trusts & Estate Planning Attorneys, Business Bankruptcy
Baker Bodwell & Bryson
621 N Central Ave
Connersville, IN 47331
(765) 825-7511
Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Personal Injury Law Attorneys,  Estate P
Weber Carol
410 N Central Ave
Connersville, IN 47331
(765) 827-5700
Attorneys, General Practice Attorneys, Legal Service Plans, Business Law Attorneys, Personal Injury
Butsch Law Office
422 N Central Ave
Connersville, IN 47331
(765) 827-4270
Attorneys,  Accident & Property Damage Attorneys,  General Practice Attorneys,  Legal Service Plans,
Cook Law Firm
402 N Central Ave
Connersville, IN 47331
(765) 825-4195
General Practice Attorneys, Attorneys, Legal Service Plans
Shaw Peter D
124 W 6th St
Connersville, IN 47331
(765) 825-3161
Attorneys, Legal Service Plans, General Practice Attorneys
Thompson Thomas
705 W 30th St
Connersville, IN 47331
(765) 827-1111
Attorneys,  Social Security & Disability Law Attorneys,  Accident & Property Damage Attorneys,  Gene
Kehoe Wilson
118 W 30th St
Connersville, IN 47331
(765) 827-1100
Accident & Property Damage Attorneys, Attorneys, Legal Service Plans
Alexander John W
521 N Central Ave # D
Connersville, IN 47331
(765) 825-0578
Attorneys,  Criminal Law Attorneys,  General Practice Attorneys,  Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US