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 Gloster, LA

Structural Advantages of a Limited Liability Company (LLC) in Gloster, LA


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 LA 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 LA 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 Gloster, LA
Bizer Andrew D
727 Saint Charles Ave
New Orleans, LA 70130
(504) 619-9999
Entertainment & Sports Law Attorneys, Attorneys
Bizer Law Firm
757 Saint Charles Ave
New Orleans, LA 70130
(504) 619-9999
Personal Injury Law Attorneys, Attorneys
Bloom Legal LLC
700 Camp St
New Orleans, LA 70130
(504) 599-9997
Attorneys, Criminal Law Attorneys, DUI & DWI Attorneys
Toscano Harold G
650 Poydras St
New Orleans, LA 70130
(504) 569-9986
Attorneys, Legal Service Plans, General Practice Attorneys
Lagarde Melanie G Atty
365 Canal St
New Orleans, LA 70130
(504) 410-9932
Attorneys
Ezkovich, Alan D
650 Poydras St
New Orleans, LA 70130
(504) 593-9899
General Practice Attorneys, Attorneys
Weidenhaft, Aaron
650 Poydras St
New Orleans, LA 70130
(504) 593-9899
Attorneys
Smith & Stag Law Office
1 Canal St
New Orleans, LA 70130
(504) 593-9891
General Practice Attorneys, Attorneys
Parra, John W Jr
650 Poydras St
New Orleans, LA 70130
(504) 568-9881
Attorneys, Tax Attorneys, General Practice Attorneys
Sterbcow Paul M
601 Poydras St # 2615
New Orleans, LA 70130
(504) 588-9722
Attorneys, Legal Service Plans
Mackel Jr Daniel J
650 Poydras St # 1410
New Orleans, LA 70130
(504) 524-9682
Attorneys, Legal Service Plans
Pardo Maria C Atty
400 Poydras St
New Orleans, LA 70130
(504) 528-9616
Attorneys
Blue Dog Relief
747 Magazine St
New Orleans, LA 70130
(504) 324-9614
Bankruptcy Law Attorneys
Cummins Cathrne
365 Canal St # 2850
New Orleans, LA 70130
(504) 593-9600
Attorneys
Jolibois Lloyd S
365 Canal St # 2850
New Orleans, LA 70130
(504) 593-9600
Attorneys
Stag Michael G
365 Canal St # 2850
New Orleans, LA 70130
(504) 593-9600
General Practice Attorneys, Attorneys
Gorrell Rudy
1215 Prytania St # 223
New Orleans, LA 70130
(504) 553-9588
Attorneys, General Practice Attorneys
Ashley Bruce C
700 Camp St
New Orleans, LA 70130
(504) 528-9500
Attorneys
Cosse & Cosse
1130 Saint Charles Ave
New Orleans, LA 70130
(504) 588-9500
Attorneys,  Consumer Law Attorneys,  Accident & Property Damage Attorneys,  County & Parish Governme
Cosse, Irvy E III
1130 Saint Charles Ave
New Orleans, LA 70130
(504) 588-9500
Personal Injury Law Attorneys, Attorneys
Larson Herbert V
700 Camp St
New Orleans, LA 70130
(504) 528-9500
Attorneys
Sharry I. Sandler
700 Camp Street
New Orleans, LA 70130
(504) 528-9500
Personal Injury Law Attorneys,  Workers Compensation Assistance,  Family Law Attorneys,  Bankruptcy
Lemle & Kelleher LLP
601 Poydras St
New Orleans, LA 70130
(504) 584-9440
Attorneys, Legal Service Plans
Conway James R
601 Poydras St # 2100
New Orleans, LA 70130
(504) 584-9433
Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US