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 White Horse Beach, MA

Benefits of a Limited Liability Company (LLC) in White Horse Beach, 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 White Horse Beach, MA
    Goodman Alan R
    60 Walnut St # 400
    Wellesley Hills, MA 02481
    (781) 431-9966
    Attorneys, General Practice Attorneys
    Ahmed Siraj
    95 E Main St
    Westborough, MA 01581
    (508) 836-9925
    General Practice Attorneys, Attorneys
    Feigenbaum & Uddo
    386 Washington St Ste 6
    Wellesley Hills, MA 02481
    (781) 237-9900
    Estate Planning Attorneys, Attorneys, Tax Attorneys, Elder Law Attorneys, Wills, Trusts & Estate Pla
    Rickel Shuster Esquire
    20 Walnut St
    Wellesley Hills, MA 02481
    (781) 235-9900
    Attorneys
    Uddo Eleanor M
    386 Washington St # 6
    Wellesley Hills, MA 02481
    (781) 237-9900
    Attorneys
    Sager & Schaffer Attys At Law
    182 Turnpike Rd
    Westborough, MA 01581
    (508) 898-9900
    General Practice Attorneys, Attorneys, Legal Service Plans
    Newburg & Co LLP
    57 River St Ste 102
    Wellesley Hills, MA 02481
    (781) 239-9837
    Attorneys, Legal Service Plans
    Massachusetts Family Law Group
    1900 W Park Dr Ste 281
    Westborough, MA 01581
    (781) 461-9800
    Family Law Attorneys, Attorneys, Legal Service Plans
    Morrill, Robert J - Gilmore Rees & Carlson
    70 Walnut St # 4
    Wellesley Hills, MA 02481
    (781) 431-9788
    Estate Planning Attorneys, Attorneys
    Litwak Lawrence
    20 William St # 320
    Wellesley Hills, MA 02481
    (617) 723-9770
    Attorneys, Legal Service Plans
    Johannsen Peter G
    37 Glen Rd
    Wellesley Hills, MA 02481
    (781) 237-9651
    Attorneys
    Monac Clifford A
    420 Main St # 22
    Walpole, MA 02081
    (508) 668-9400
    General Practice Attorneys, Attorneys, Legal Service Plans
    Attorney's Title Service
    62 Walnut St
    Wellesley Hills, MA 02481
    (781) 431-9300
    General Practice Attorneys, Attorneys
    Carty Sabina T
    7 West St # 1
    Walpole, MA 02081
    (508) 850-9088
    Attorneys, General Practice Attorneys
    Ruggieri Lisa
    27 Mica Ln # 101
    Wellesley Hills, MA 02481
    (781) 239-8984
    Attorneys, Family Law Attorneys, Legal Service Plans
    Grumbach James
    65 William St
    Wellesley Hills, MA 02481
    (781) 237-8777
    Attorneys, Legal Service Plans
    Killeen Law Office
    27 Mica Ln
    Wellesley Hills, MA 02481
    (781) 431-8776
    General Practice Attorneys, Attorneys, Legal Service Plans
    Davis Scott R
    14 South St
    Westborough, MA 01581
    (508) 366-8707
    Attorneys, Legal Service Plans
    Liebert W Scott
    37 Walnut St # 200
    Wellesley Hills, MA 02481
    (781) 237-8400
    General Practice Attorneys, Attorneys
    R D Johnson & Assoc
    70 Walnut St
    Wellesley Hills, MA 02481
    (781) 239-8131
    Attorneys
    Peter T Damore Jr
    969 Main St
    Walpole, MA 02081
    (508) 668-8110
    General Practice Attorneys, Attorneys
    O'Rourke Christopher
    57 River St # 106
    Wellesley Hills, MA 02481
    (781) 235-8022
    Attorneys, General Practice Attorneys, Legal Service Plans
    Sokolove Law
    93 Worcester ST
    Wellesley Hills, MA 02481
    (781) 489-7800
    General Practice Attorneys, Attorneys, Legal Service Plans
    Trehub Ann
    177 Worcester St # 101
    Wellesley Hills, MA 02481
    (781) 235-7744
    Attorneys, General Practice Attorneys, Legal Service Plans
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US