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 Converse, IN

Benefits of a Limited Liability Company (LLC) in Converse, 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 Converse, IN
    Lynn Malkowski Slegel
    735 W Glen Park Ave
    Griffith, IN 46319
    (219) 922-9205
    Attorneys, Family Law Attorneys
    Hanger Jaunae M
    410 N Audubon Rd
    Indianapolis, IN 46219
    (317) 375-8623
    Attorneys
    Ronnie Huerta Law
    8117 E. Washington St., Ste B
    Indianapolis, IN 46219
    (317) 318-8571
    Criminal Law Attorneys, DUI & DWI Attorneys, Domestic Violence Attorneys, Drug Charges Attorneys, Tr
    Doane Law Office LLC
    762 Highlander Point Dr # 287
    Floyds Knobs, IN 47119
    (502) 599-8309
    Corporation & Partnership Law Attorneys, Attorneys, Accident & Property Damage Attorneys, Business L
    Stiller, Carrie K - Stiller Law
    3541 Paoli Pike
    Floyds Knobs, IN 47119
    (812) 944-8111
    Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Business Law Attorneys,  Personal Injury Law
    George D Caturla
    2015 W Western Ave Ste 303
    South Bend, IN 46619
    (574) 232-7800
    Attorneys, Immigration Law Attorneys, General Practice Attorneys
    Breclaw, Marge E Attorney
    735 W Glen Park Ave
    Griffith, IN 46319
    (219) 934-7332
    Attorneys, Litigation & Tort Attorneys
    Kern Kenneth C
    5407 E Pleasant Run Parkway South Dr
    Indianapolis, IN 46219
    (317) 353-6038
    Attorneys, Legal Service Plans
    Hayden Denise F
    7302 E Washington St
    Indianapolis, IN 46219
    (317) 357-5788
    Attorneys, Family Law Attorneys, Legal Service Plans
    Grimmett Kelly D Aty
    7302 E Washington St
    Indianapolis, IN 46219
    (317) 357-5788
    Attorneys
    Brizendine Law Office
    3541 Paoli Pike
    Floyds Knobs, IN 47119
    (812) 941-4100
    Insurance Attorneys,  Attorneys,  Labor & Employment Law Attorneys,  Federal Law Attorneys,  Adminis
    Rajeev K. Bajaj, P.C.
    425 N Broad St No. 3
    Griffith, IN 46319
    (219) 413-3807
    Attorneys, Criminal Law Attorneys
    Stewart Catharine H
    375 Campbell Ave
    Indianapolis, IN 46219
    (317) 359-3736
    Attorneys
    Matthew N. Fech
    844 N Cline Ave Ste 2
    Griffith, IN 46319
    (219) 670-3004
    Attorneys,  Criminal Law Attorneys,  Accident & Property Damage Attorneys,  Personal Injury Law Atto
    Clifford Donald R
    2114 Legoma Dr
    Fort Wayne, IN 46819
    (260) 747-2570
    General Practice Attorneys, Attorneys
    Anthony M. Campo
    1101 N Shadeland Ave
    Indianapolis, IN 46219
    (317) 644-1804
    Accident & Property Damage Attorneys, Attorneys, DUI & DWI Attorneys
    Jerry N Higgins
    3426 Paoli Pike
    Floyds Knobs, IN 47119
    (812) 542-1585
    General Practice Attorneys, Attorneys
    Mark R. Harris, Attorney
    735 W Glen Park Ave
    Griffith, IN 46319
    (219) 803-1273
    Litigation & Tort Attorneys, Attorneys
    Kuehl James R
    25963 Lakeview Dr
    South Bend, IN 46619
    (574) 246-1172
    Attorneys
    Smith Maley & Douglas
    8115 E 13th St
    Indianapolis, IN 46219
    (317) 890-0938
    Attorneys, Legal Service Plans
    Waples & Hanger
    410 N Audubon Rd
    Indianapolis, IN 46219
    (317) 357-0903
    Discrimination & Civil Rights Law Attorneys, Attorneys, Labor & Employment Law Attorneys
    Leal Victor L Atty
    1412 N Dwiggins St
    Griffith, IN 46319
    (219) 923-0333
    Attorneys, General Practice Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US