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 Aberdeen Proving Ground, MD

Benefits of a Limited Liability Company (LLC) in Aberdeen Proving Ground, MD


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 MD 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 MD 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 Aberdeen Proving Ground, MD
    Armstrong III William J
    1804 Briggs Chaney Rd
    Silver Spring, MD 20905
    (301) 384-9233
    Attorneys, Legal Service Plans
    Fidelity Law Firm
    5010 Sunnyside Ave # 303
    Beltsville, MD 20705
    (240) 297-9143
    General Practice Attorneys, Attorneys
    Glenmore Law Firm
    5010 Sunnyside Ave Ste 303
    Beltsville, MD 20705
    (301) 474-7600
    General Practice Attorneys, Attorneys, Real Estate Buyer Brokers, Legal Service Plans
    Issac H Marks Sr Law Office
    11785 Beltsville Dr
    Beltsville, MD 20705
    (301) 572-7391
    General Practice Attorneys, Attorneys
    FIDELITY LAW FIRM, LLC
    5020 Sunnyside Avenue, Suite 222
    Beltsville, MD 20705
    (866) 576-6567
    Criminal Law Attorneys,  Family Law Attorneys,  Immigration Law Attorneys,  Business Law Attorneys,
    Imlay Christopher
    2140 Edgeware St
    Silver Spring, MD 20905
    (301) 236-5629
    Attorneys
    Total Attorneys - Personal Injury
    274306 Astoria Ln
    Silver Spring, MD 20905
    (301) 679-5404
    Attorneys, Legal Service Plans
    Total Attorneys - DUI
    274100 Astoria Ln
    Silver Spring, MD 20905
    (301) 679-5395
    Attorneys, Legal Service Plans
    Nadel Jeffrey
    4041 Powder Mill Rd Ste 415
    Beltsville, MD 20705
    (240) 473-5000
    General Practice Attorneys, Attorneys
    Clark and Steinhorn PC
    11720 Beltsville Dr Ste 1001
    Beltsville, MD 20705
    (301) 572-5000
    Attorneys, Legal Service Plans
    Wolk Peter
    13 Redgate Ct
    Silver Spring, MD 20905
    (301) 879-4936
    Attorneys
    Bergman Melvin G
    5000 Sunnyside Ave
    Beltsville, MD 20705
    (301) 595-3880
    Attorneys
    Adele L Abrams Law Office
    4740 Corridor Pl # D
    Beltsville, MD 20705
    (301) 595-3520
    General Practice Attorneys, Attorneys
    Carlotta P Jarvis PC
    14616 Silverstone Dr
    Silver Spring, MD 20905
    (301) 384-3406
    General Practice Attorneys, Attorneys
    Messenger & Assoc
    4743 Sellman Rd
    Beltsville, MD 20705
    (301) 937-3300
    Attorneys, Legal Service Plans, General Practice Attorneys
    Albright Associates Inc Complex
    5020 Sunnyside Ave Ste 211
    Beltsville, MD 20705
    (301) 441-2880
    Insurance,  Homeowners Insurance,  Auto Insurance,  Surety & Fidelity Bonds,  Renters Insurance,  Li
    Finch & Associates, LLC
    424 Carona Pl
    Silver Spring, MD 20905
    (301) 388-2252
    Attorneys, Patent, Trademark & Copyright Law Attorneys, Trademark Agents & Consultants
    Abrams Adele Attorney
    4061 Powder Mill Rd
    Beltsville, MD 20705
    (301) 273-2125
    Attorneys
    Baer B
    3118 E Monument St
    Baltimore, MD 21205
    (410) 327-2120
    Attorneys, Legal Service Plans
    Bosek Ruth
    11201 Odell Farms Ct
    Beltsville, MD 20705
    (301) 595-2078
    Attorneys, Legal Service Plans
    Lopez Edward L Jr
    10762 Rhode Island Ave
    Beltsville, MD 20705
    (301) 931-1350
    Attorneys
    Lapp David Atty
    14501 Sturtevant Rd
    Silver Spring, MD 20905
    (301) 384-1221
    Attorneys
    Hartel Kane Desantis MacDonald & Howie
    11720 Beltsville Dr Ste 500
    Beltsville, MD 20705
    (301) 486-1200
    Accident & Property Damage Attorneys, Legal Service Plans, Attorneys
    Callihan Herbert A ESQ
    5000 Sunnyside Ave
    Beltsville, MD 20705
    (301) 931-0700
    Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US