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 Greenbush, MA

Benefits of a Limited Liability Company (LLC) in Greenbush, 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 Greenbush, MA
    Durchanek Julia H
    284 Maple St
    Holyoke, MA 01040
    (413) 538-9939
    Attorneys, General Practice Attorneys, Legal Service Plans
    Downey, Lw - Downey & Downey
    700 Pleasant St # 520
    New Bedford, MA 02740
    (508) 993-9936
    General Practice Attorneys, Attorneys, Legal Service Plans
    Calvacca Moran Law Offices
    66 Frazar Rd
    Falmouth, MA 02540
    (508) 540-9911
    General Practice Attorneys, Attorneys
    Smola Peter
    286 Union St
    New Bedford, MA 02740
    (508) 993-9905
    General Practice Attorneys, Attorneys, Legal Service Plans
    Tran Minhtram
    888 Purchase St # 314
    New Bedford, MA 02740
    (508) 996-9900
    General Practice Attorneys, Attorneys
    O'donoghue Law Office
    2067 Massachusetts Ave # 5
    Cambridge, MA 02140
    (617) 492-9898
    General Practice Attorneys, Attorneys
    Riley & Dever PC
    210 Broadway Ste 101
    Lynnfield, MA 01940
    (781) 581-9880
    Attorneys, Legal Service Plans
    Salomone & Thompson
    225 High St
    Holyoke, MA 01040
    (800) 628-9800
    General Practice Attorneys, Attorneys, Legal Service Plans
    Folan John F
    401 County St
    New Bedford, MA 02740
    (508) 992-9800
    Attorneys, General Practice Attorneys, Legal Service Plans
    Mc Glone Michael J
    401 County St
    New Bedford, MA 02740
    (508) 992-9800
    General Practice Attorneys, Attorneys, Legal Service Plans
    Moffa John S
    700 Pleasant St
    New Bedford, MA 02740
    (508) 994-9800
    Attorneys, General Practice Attorneys, Legal Service Plans
    Amanda L Case
    184A Jones Rd
    Falmouth, MA 02540
    (508) 540-9762
    General Practice Attorneys, Attorneys, Legal Service Plans
    Mitchell Charles M
    700 Pleasant St # 540
    New Bedford, MA 02740
    (508) 997-9757
    Attorneys, Legal Service Plans
    Moses Smith & Markey
    50 Homers Wharf
    New Bedford, MA 02740
    (508) 993-9711
    Attorneys, Legal Service Plans, Family Law Attorneys, Divorce Attorneys, Business Law Attorneys, Per
    Moses Smith, Kimberly - Moses Smith & Markey
    50 Homers Wharf
    New Bedford, MA 02740
    (508) 993-9711
    Attorneys,  Legal Service Plans,  Family Law Attorneys,  Divorce Attorneys,  Business Law Attorneys,
    Brisson Donald A
    17 S 6th St
    New Bedford, MA 02740
    (508) 999-9694
    Mon. - Fri. 9am - 5pm, Sat. - Sun. CLOSED
    Gushue John J
    286 Union St
    New Bedford, MA 02740
    (800) 592-9691
    Attorneys
    Mccann John P
    415 Ingleside St
    Holyoke, MA 01040
    (413) 536-9682
    Attorneys
    Protecting Your Assets, LLC
    220 Broadway, Suite 404
    Lynnfield, MA 01940
    (978) 210-9666
    Attorneys, Probate Law Attorneys, Elder Law Attorneys, Wills, Trusts & Estate Planning Attorneys
    Joseph A Lopisi Law Office
    2343 Massachusetts Ave
    Cambridge, MA 02140
    (617) 354-9500
    General Practice Attorneys, Attorneys, Legal Service Plans
    Kevin P. Landry Law Offices
    140 Locust Street
    Falmouth, MA 02540
    (508) 457-9500
    Attorneys,  Malpractice Law Attorneys,  Personal Injury Law Attorneys,  Nursing Home Litigation Atto
    Sargent Dana
    17 S 6th St
    New Bedford, MA 02740
    (508) 993-9444
    General Practice Attorneys, Attorneys
    Hurwitz Barrett A
    888 Purchase St # 321
    New Bedford, MA 02740
    (508) 997-9439
    General Practice Attorneys, Attorneys
    Blumen Elizabeth W
    17 S 6th St
    New Bedford, MA 02740
    (508) 994-9402
    Attorneys, Legal Service Plans
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US