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!
 
 

Orientation to Limited Liability Companies (LLCs) in Zip Code 01614

Orientation to Limited Liability Companies (LLCs) in Zip Code 01614


I've missed more than 9,000 shots in my career. I've lost almost 300 games. 26 times I've been trusted to take the game winning shot and missed. I've failed over and over and over again in my life and that is why I succeed.
 
- Michael Jordan


A Limited Liability Company (LLC), just like a corporation, offers protection from personal liability for business debts. But, unlike a corporation, which pays its own taxes, an LLC is a pass-through tax entity in which the profits and losses pass-through its owners who report it on their personal tax returns.

How to Form an LLC

  • File "Articles of Organization" with your state government including the name, address, and phone number of the business, and the name of the person who is the "registered agent" of the company. Depending on the state, the names of all LLC members are sometimes requested.
  • Create a written LLC operating agreement. This is a crucial document because it includes the rights and responsibilities of the LLC members. It can also include the percentage interest and the shares of profits of the members.
  • Main Features of an LLC



    Limited Personal Liability

    All LLC members are spared from personal liability for business claims and debts. A creditor cannot go after them and demand payment from their personal assets. The assets of the LLC are used to pay off debts, and the only thing members stand to lose is their investment in the business.

    Exceptions to Limited Personal Liability

    Limited personal liability can be enjoyed by an LLC when doing business transactions, but this protection is not fixed. This particular downside also applies to corporations. An LLC owner can be held liable if he/she:

  • Intentionally does something fraudulent, illegal, or reckless that causes harm to the company or to someone else.
  • Fails to pay taxes withheld from employees' wages.
  • Personally and directly injures someone.
  • Personally guarantees a bank loan or a business debt on which the LLC defaults.
  • Treats the LLC as an extension of his/her personal affairs rather than as a separate legal entity.


  • Business Protection

    Your personal assets can be protected by a good liability insurance which is not possible with a limited liability protection. If you are practicing your craft and accidentally injure someone, your liability insurance policy will cover you. In the event of a court proceeding, your insurance can protect your personal assets if the limited liability status is disregarded by the court.

    LLC Taxes

    An LLC is a "pass-through" entity where the business income passes through the business to the LLC members who will report their share of profits or losses on their individual income tax returns. All LLC members make a quarterly estimated tax payment to the IRS.

    LLC Management

    Member management means participating equally in the management of business. Manager management refers to designating one or more owners, or even outsiders, to take responsibility for managing the LLC. In a manager-managed LLC, only those named "manager" can vote with regards to management decisions and act as an agent of the LLC.


    Ending an LLC

    Depending on the laws of your state, or as indicated in the operating agreement, when one member leaves, the LLC dissolves. The remaining members will be responsible for meeting the business obligations left behind, pay the debts, and divide the remaining assets and profits among themselves. The decision to create a new LLC with the remaining members can be discussed. In order to avoid this kind of abrupt ending, your LLC operating agreement can include a "buy-sell" or "buyout" clause with guidelines on what will happen if a member decides to leave to pursue other interests, retires, or dies.

     
    Personalize & Print a Free MA 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 MA 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 Zip Code 01614
    Noonan Brendan
    101 Merrimac St # 800
    Boston, MA 02114
    (617) 227-9999
    Attorneys, Legal Service Plans
    Ganak Frank S
    43 Bowdoin St
    Boston, MA 02114
    (617) 367-9966
    Attorneys
    Halpern Keith S
    4 Longfellow Pl # 3703
    Boston, MA 02114
    (617) 722-9952
    Criminal Law Attorneys,  Litigation & Tort Attorneys,  Personal Injury Law Attorneys,  Attorneys
    Butler, Joseph G - Barron & Stadfeld Pc
    100 Cambridge St # 1310
    Boston, MA 02114
    (617) 723-9800
    Tax Attorneys,  Attorneys,  General Practice Attorneys,  Legal Service Plans,  Real Estate Attorneys
    David P. Dwork
    100 Cambridge St Ste 1310
    Boston, MA 02114
    (617) 723-9800
    Personal Injury Law Attorneys, Attorneys, General Practice Attorneys
    Coady Edward
    205 Portland St # 500
    Boston, MA 02114
    (617) 742-9510
    General Practice Attorneys, Attorneys, Legal Service Plans
    Akashian Michael
    225 Friend Street Suite 805
    Boston, MA 02114
    (617) 357-9400
    Attorneys, General Practice Attorneys
    Parker E Peter
    151 Merrimac St # 200
    Boston, MA 02114
    (617) 742-9099
    Attorneys, General Practice Attorneys, Legal Service Plans
    Abbe Ross & Assoc
    200 Portland St
    Boston, MA 02114
    (617) 338-9050
    Attorneys, Legal Service Plans
    Saliba David G
    4 Derne St
    Boston, MA 02114
    (617) 227-8640
    General Practice Attorneys, Attorneys
    Dubinsky David J
    225 Friend St
    Boston, MA 02114
    (617) 227-8400
    Attorneys, Legal Service Plans
    Corey C Shaw
    6 Bowdoin Sq
    Boston, MA 02114
    (617) 367-8325
    General Practice Attorneys, Attorneys
    Steven R. Long
    197 Portland St
    Boston, MA 02114
    (617) 372-8160
    Attorneys, Divorce Attorneys, General Practice Attorneys, Legal Service Plans
    Ramsey & Murray
    225 Friend St Ste 505
    Boston, MA 02114
    (617) 723-8100
    Attorneys
    Eisenberg, Rothweiler, Winkler, Eisenberg & Jeck, P.C.
    1 Bowdoin Sq Ste 800
    Boston, MA 02114
    (617) 747-7550
    Accident & Property Damage Attorneys,  Attorneys,  Malpractice Law Attorneys,  Personal Injury Law A
    Sommerstein John F
    98 N Washington St
    Boston, MA 02114
    (617) 523-7474
    General Practice Attorneys, Attorneys
    Kresch Legal Svc
    6 Bowdoin Sq
    Boston, MA 02114
    (617) 367-7368
    Attorneys, Legal Service Plans
    Mccusker James J
    76 Canal St # 400
    Boston, MA 02114
    (617) 720-7100
    Attorneys, General Practice Attorneys, Legal Service Plans
    Kotin Crabtree & Strong
    1 Bowdoin Sq
    Boston, MA 02114
    (617) 227-7031
    General Practice Attorneys, Attorneys, Legal Service Plans
    Vanderpol Dolph J
    1 Bowdoin Sq # 800
    Boston, MA 02114
    (617) 227-7031
    Attorneys
    Sallop & Weisman Law Office
    25 New Chardon St Ph 6
    Boston, MA 02114
    (617) 488-6700
    General Practice Attorneys, Attorneys
    Mesothelioma Information Resource Group
    205 Portland St
    Boston, MA 02114
    (888) 802-6376
    Asbestos & Chemical Law Attorneys
    Bradley John E
    151 Merrimac St # 600
    Boston, MA 02114
    (617) 523-6300
    Attorneys
    Brad Bailey - Criminal Defense Attorney
    4 Longfellow Pl 35th Floor
    Boston, MA 02114
    (339) 226-6045
    Criminal Law Attorneys,  Drug Charges Attorneys,  Attorneys,  Sex Offense Attorneys,  DUI & DWI Atto
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US