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 North Uxbridge, MA

Benefits of a Limited Liability Company (LLC) in North Uxbridge, 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 North Uxbridge, MA
    Carrozza Law Office, P.C.
    279 E Central St
    Franklin, MA 02038
    (508) 654-9809
    Family Law Attorneys, Divorce Attorneys, Estate Planning, Probate, & Living Trusts, Business Law Att
    Noble Christopher
    1280 Massachusetts Ave # 401
    Cambridge, MA 02138
    (617) 491-9800
    Attorneys
    Peter J Aspesi Law Offices
    800 Main St
    Dennis, MA 02638
    (508) 258-9218
    Not available
    Aspesi Peter J
    800 Main St Dennis
    Dennis, MA 02638
    (508) 258-9218
    Attorneys,  Criminal Law Attorneys,  Accident & Property Damage Attorneys,  DUI & DWI Attorneys,  Pe
    Donovan Francis E
    50 Church St # 5th
    Cambridge, MA 02138
    (617) 945-9025
    General Practice Attorneys, Attorneys, Real Estate Management
    Mc Dowell-May Laura
    567 Main St
    Dennis, MA 02638
    (508) 385-9009
    Attorneys, Legal Service Plans
    Yellin & Hyman, P.C.
    101 Constitution Blvd.-D
    Franklin, MA 02038
    (508) 528-8885
    Family Law Attorneys,  Divorce Attorneys,  Personal Injury Law Attorneys,  Bankruptcy Law Attorneys,
    Attorney Personal Injury
    5 East St
    Franklin, MA 02038
    (508) 541-8585
    Attorneys
    James F White Pc
    5 East St
    Franklin, MA 02038
    (508) 541-8585
    Legal Service Plans,  Family Law Attorneys,  Labor & Employment Law Attorneys,  Divorce Attorneys,  
    Summers Andre D
    9 E Central St # 6
    Franklin, MA 02038
    (508) 528-8444
    General Practice Attorneys, Attorneys, Legal Service Plans
    Roche & MURPHY Law Office
    38 Pond St
    Franklin, MA 02038
    (508) 528-8300
    Attorneys,  Business Law Attorneys,  Personal Injury Law Attorneys,  Labor & Employment Law Attorney
    Roche and Saba PC
    38 Pond St Ste 308
    Franklin, MA 02038
    (508) 528-8300
    General Practice Attorneys, Attorneys, Legal Service Plans
    Mathieu & Mathieu
    163 Front St
    Marion, MA 02738
    (508) 996-8283
    Real Estate Attorneys, Attorneys
    Nespin
    124 Grove St # 105
    Franklin, MA 02038
    (508) 528-8200
    Attorneys, Attorneys Referral & Information Service
    Ionson Law - David Ionson
    545 Concord Ave Ste 22
    Cambridge, MA 02138
    (781) 910-7995
    Patent, Trademark & Copyright Law Attorneys, Real Estate Attorneys, Business Law Attorneys, Attorney
    Cohen Peter L
    11 Donnell St
    Cambridge, MA 02138
    (617) 497-7180
    Attorneys, Legal Service Plans
    Campbell John J
    90 Ellery St # 23
    Cambridge, MA 02138
    (617) 868-6700
    Attorneys, Legal Service Plans
    Moskow James M MD
    48 JFK St # 1
    Cambridge, MA 02138
    (617) 491-6700
    Attorneys, Real Estate Buyer Brokers
    Wiest Edward R
    81 Dana St
    Cambridge, MA 02138
    (617) 547-6500
    Attorneys, Legal Service Plans
    Kathleen Fowler
    586 Main St
    Dennis, MA 02638
    (508) 385-6263
    Estate Planning, Probate, & Living Trusts,  Elder Law Attorneys,  Probate Law Attorneys,  Estate P
    Cataldo Law Offices, LLC
    1000 Franklin Village Dr
    Franklin, MA 02038
    (508) 507-6229
    Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Civil Litigation & T
    Reagan Associates
    124 Mount Auburn St
    Cambridge, MA 02138
    (617) 576-5852
    General Practice Attorneys
    Pine Wood Jane
    956 Main St
    Dennis, MA 02638
    (508) 385-5227
    Attorneys, Legal Service Plans
    Considine Michael J
    49 Main St
    Lee, MA 01238
    (413) 243-4900
    Attorneys, Legal Service Plans
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US