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 Maple Hill, KS

Benefits of a Limited Liability Company (LLC) in Maple Hill, KS


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 KS 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 KS 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 Maple Hill, KS
    Phillips & Thomas LLC
    5250 W 94th Ter
    Prairie Village, KS 66207
    (913) 712-9740
    Bankruptcy Services,  Attorneys,  Bankruptcy Law Attorneys,  Criminal Law Attorneys,  Debt Adjusters
    Jack Peggs Law Office
    111 S Whittier St
    Wichita, KS 67207
    (316) 264-9730
    Attorneys, Insurance Attorneys, Business Law Attorneys
    Talbot Marshall
    6001 W 90th St
    Overland Park, KS 66207
    (913) 381-9725
    Attorneys
    Wise Jean
    PO Box 7286
    Overland Park, KS 66207
    (913) 345-9473
    Attorneys, Family Law Attorneys, Divorce Assistance, Legal Service Plans
    Janzen Barbara G
    9400 Reeds Rd
    Overland Park, KS 66207
    (913) 652-9125
    Attorneys, Legal Service Plans
    Giroux Daniel B
    7701 E Kellogg Dr # 415
    Wichita, KS 67207
    (316) 683-9080
    Attorneys
    Casey Derek
    7701 E Kellogg Dr # 415
    Wichita, KS 67207
    (316) 683-9080
    Attorneys
    Prochaska Brad
    7701 E Kellogg Dr # 415
    Wichita, KS 67207
    (316) 683-9080
    Attorneys,  Malpractice Law Attorneys,  Accident & Property Damage Attorneys,  Corporation & Partner
    Prochaska Scott & Craig
    7701 E Kellogg Dr
    Wichita, KS 67207
    (316) 683-9080
    Attorneys
    North William V
    5336 W 100th Ter
    Overland Park, KS 66207
    (913) 642-9068
    Attorneys
    Gwire
    1212 S Longfellow St
    Wichita, KS 67207
    (316) 258-9035
    General Practice Attorneys
    Stanton Roger
    8431 Linden Ln
    Prairie Village, KS 66207
    (913) 381-8683
    Attorneys
    Meinhardt J Mark
    9400 Reeds Rd Ste 210
    Overland Park, KS 66207
    (913) 652-6564
    Attorneys, Legal Service Plans
    Kaufman Place
    106 N Christian Ave
    Moundridge, KS 67107
    (620) 345-6407
    Attorneys, Legal Service Plans
    Toomey Catherine PA
    9415 E Harry St Ste 800
    Wichita, KS 67207
    (316) 686-6303
    Attorneys
    Daley & Fey
    5750 W 95th St # 220
    Overland Park, KS 66207
    (913) 948-6300
    Attorneys
    Wiebe, Cal
    151 S Whittier St
    Wichita, KS 67207
    (316) 265-6300
    Tax Attorneys,  Attorneys,  Real Estate Attorneys,  General Practice Attorneys,  Legal Service Plans
    Joseph Alan
    7701 E Kellogg Dr # 895
    Wichita, KS 67207
    (316) 651-5757
    Attorneys, Legal Service Plans
    Hollis Law Firm
    5100 W 95th St
    Prairie Village, KS 66207
    (913) 385-5400
    Attorneys, General Practice Attorneys, Legal Service Plans
    Glenn Grant
    9400 Reeds Rd Ste 210
    Overland Park, KS 66207
    (913) 648-5330
    Attorneys
    Worner Glenn Reeder Girard & Riordan
    9400 Reeds Rd
    Overland Park, KS 66207
    (913) 648-5330
    Attorneys
    Sinas Inc
    7700 E Kellogg Dr
    Wichita, KS 67207
    (316) 685-5110
    Attorneys
    Almaraz R
    213 SE Arter Ave
    Topeka, KS 66607
    (785) 232-5020
    Attorneys
    Branham Melanie
    9610 Roe Ave
    Overland Park, KS 66207
    (913) 648-4605
    Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US