12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents
 
Get the Michigan Legal Documents You Need in Only Minutes!
  • Written by expert Attorneys
  • Guaranteed for your State
  • Personalized for your situation
  • Finish and print in minutes!

Benefits of a Limited Liability Company (LLC) in Zip Code 48093

Benefits of a Limited Liability Company (LLC) in Zip Code 48093


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.

  •  
    Download & Print a Free MI Last Will Personalize This Document
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Page 6
    Page 7
    Page 8
    Page 9
    Page 10
     
    Download & Print a Free MI Living Will Personalize This Document
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Page 6
    Page 7
    Page 8
      Answer Easy
    Questions
    answer simple questions online step by step
    Easy Questions, Instant Documents
    • Finish in Minutes
    • Download Immediately
    • Written by Attorneys
    • 100% Guaranteed
      Get Instant Legal
        Documents

    Print, save or email your finished legal document immediately!
    Last Will & Testament
    Related Legal Services near Zip Code 48093
    Frego & Assoc
    30800 Van Dyke Ave
    Warren, MI 48093
    (586) 619-9432
    Bankruptcy Law Attorneys, Attorneys
    Hammel Dave
    11662 Martin Rd Ste D
    Warren, MI 48093
    (586) 755-9300
    Attorneys, General Practice Attorneys, Legal Service Plans
    Russi & Penna Law Firm
    11662 Martin Rd
    Warren, MI 48093
    (586) 757-8330
    General Practice Attorneys, Attorneys
    Acclaim Legal Services
    8900 Thirteen Mile Road
    Warren, MI 48093
    (866) 261-8282
    Bankruptcy Law Attorneys, Credit Repair Service, Foreclosure Services
    Bernstein & Bernstein
    30500 Van Dyke Ave Ste 101
    Warren, MI 48093
    (586) 573-7766
    General Practice Attorneys,  Attorneys,  Malpractice Law Attorneys,  Social Security & Disability La
    Kostopoulos & Associates P
    30800 Van Dyke Ave
    Warren, MI 48093
    (866) 969-7482
    Bankruptcy Law Attorneys, Attorneys, Legal Service Plans
    Met Legal
    8593 Estate Plaza Dr
    Warren, MI 48093
    (586) 751-7380
    Paralegals
    Modelski Sophie
    8326 E 12 Mile Rd
    Warren, MI 48093
    (586) 486-7202
    Attorneys,  Legal Service Plans,  Bankruptcy Law Attorneys,  Bankruptcy Services,  Financial Service
    Cusmano Frank G
    30500 Van Dyke Ave # 101
    Warren, MI 48093
    (586) 573-6700
    Attorneys, Legal Service Plans
    Josephine R Sbrocca
    29204 Hoover Rd
    Warren, MI 48093
    (586) 751-4421
    Attorneys,  Divorce Attorneys,  Bankruptcy Law Attorneys,  Family Law Attorneys,  Legal Service Plan
    Taylor Sean M
    27007 Hoover Rd
    Warren, MI 48093
    (586) 756-3880
    Insurance Attorneys, Attorneys, Criminal Law Attorneys, Legal Service Plans
    Harrington John F
    30500 Van Dyke Ave # M200
    Warren, MI 48093
    (586) 751-3610
    General Practice Attorneys, Attorneys, Legal Service Plans
    Kostopoulos and Associates
    30500 Van Dyke Ave
    Warren, MI 48093
    (586) 920-2269
    Bankruptcy Law Attorneys, Attorneys
    Financial Law Group PC
    29405 Hoover Rd
    Warren, MI 48093
    (586) 693-2000
    Bankruptcy Law Attorneys
    Kistner Troyanovich & Brady
    27007 Hoover Rd
    Warren, MI 48093
    (586) 756-0900
    Personal Injury Law Attorneys, Social Security & Disability Law Attorneys, Probate Law Attorneys
    Stearns and Coppins
    12434 E 12 Mile Rd
    Warren, MI 48093
    (586) 751-0700
    Attorneys,  Criminal Law Attorneys,  Business Law Attorneys,  Bankruptcy Services,  Legal Service Pl
    Balcon Steven J
    11843 E 13 Mile Rd
    Warren, MI 48093
    (586) 558-0055
    Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US