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 Dartmouth, MA

Benefits of a Limited Liability Company (LLC) in Dartmouth, MA


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 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 Dartmouth, MA
    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