12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents
 
 
FINANCIAL & MARITAL

Cohabitation Agreement coming soon!
Separation Agreement coming soon!
No-Fault Divorce coming soon!
Bankruptcy coming soon!
 
 

Structural Advantages of a Limited Liability Company (LLC) in Zip Code 48762

Structural Advantages of a Limited Liability Company (LLC) in Zip Code 48762


Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do.
 
- Steve Jobs


A Limited Liability Company blends almost all the structure of business entities like a sole proprietorship, Partnership, and corporation without their respective drawbacks. New business start-ups often choose an LLC as the structure of their business.

An LLC offers several key advantages for new businesses:

1. Chart Your Own Course

As the owner of a business, you want to carve out your own place under the sun by running your own show. An LLC can be run by a single person, and most states recognize you as the sole owner of the business. Being on your own, you can make decisions without Consulting or needing the approval of other members of the company. Like a sole proprietorship, you own, manage, and operate your business without the liability issues of a sole proprietor. If you have a co-owner, you can enter into a mutual or operating agreement to point out the obligations and respective role you each play in order for the business to run smoothly.

2. Bypass Double Taxation

An LLC is treated as a "pass-through" entity that allows profits to be taxed only once on each member's individual income tax return. (You can also opt for declaring your LLC as an S corporation or Partnership in order to receive similar "pass-through" treatment from the IRS.)

3. Limit Personal Liability

One advantage of structuring your business as an LLC is that your personal assets will not be used to pay off the debts or legal liabilities of the LLC. The only thing that the owner or investor may lose is the capital contribution that is invested in the company. There are instances where the owner of the LLC may be personally liable, such as when he/she personally guarantees a business debt, fails to exercise due care resulting in harm to a third party, or breaches his/her duties as an owner.

4. Limit Administrative Hassles and Paperwork

Setting up and maintaining an LLC is less complicated when compared to other types of business structures. An LLC can be formed by filing articles of organization with the relevant state office, and paying the corresponding fees. The application will indicate the name and address of the company, the identity of its member(s), and other information relevant to the business. There are no mandatory meeting or reporting requirements by the member(s) or any annual directors' meeting that is usually required by a corporation.

5. Gain Flexibility in Sharing Profits

Most businesses share their profits (or losses) based on the percentage of investment they have in the company. In an LLC it can also be applied as a basis for distributing the profits, but there are other ways to distribute the profits as indicated in the LLC operating agreement. There is an IRS rule about so-called special allocations that come into play that require allocations not based on ownership interest to reflect a legitimate economic circumstance as opposed to merely trying to gain a tax advantage for the owners.
 
Personalize & Print a Free MI 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 MI 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 Zip Code 48762
Gaynier John A
328 Bates Ln
Monroe, MI 48162
(734) 241-9288
General Practice Attorneys
Wolf Law Firm
436 S Broadway St
Lake Orion, MI 48362
(248) 804-8578
Attorneys Referral & Information Service,  Accident & Property Damage Attorneys,  Automobile Acciden
Smith Mark D Atty
419 N Monroe St
Monroe, MI 48162
(734) 241-8405
Attorneys
Ross L Wilber PLLC
189 W Clarkston Suite 2 Rd
Lake Orion, MI 48362
(248) 814-8141
Attorneys,  Social Security & Disability Law Attorneys,  Immigration Law Attorneys,  Labor & Employm
Drakos Steven
334 S Broadway St
Lake Orion, MI 48362
(248) 814-7711
Criminal Law Attorneys, Attorneys, Legal Service Plans
Porritt James
436 S Broadway St # E
Lake Orion, MI 48362
(248) 814-6664
Attorneys
Rich Strenger PLLC
22 W Flint St
Lake Orion, MI 48362
(248) 693-6618
Criminal Law Attorneys, Juvenile Law Attorneys, Business Law Attorneys, Attorneys, General Practice
James PorrittJr
436 S Broadway St
Lake Orion, MI 48362
(248) 693-6245
Attorneys
Skinner Michael
27 E Flint St
Lake Orion, MI 48362
(248) 693-5144
Attorneys, General Practice Attorneys
De Marco John A
236 S Broadway St
Lake Orion, MI 48362
(248) 693-3500
General Practice Attorneys, Attorneys
Weller Cella & West Attys
69267 N Main St
Richmond, MI 48062
(586) 727-3045
Attorneys, General Practice Attorneys
The Frank Law Firm PC
69267 N Main St
Richmond, MI 48062
(586) 727-3045
General Practice Attorneys, Attorneys
Szalka Robert
68364 S Main St
Richmond, MI 48062
(586) 727-2517
Attorneys, Legal Service Plans
Dubay James V
68650 S Main Street
Richmond, MI 48062
(586) 727-2455
Attorneys, Attorneys Referral & Information Service, General Practice Attorneys
Leh John Michael
436 S Broadway St
Lake Orion, MI 48362
(248) 391-2292
Attorneys,  Legal Service Plans,  Business Law Attorneys,  Insurance Attorneys,  Malpractice Law Att
Nebel Charles C
100 E Superior St # 2
Munising, MI 49862
(906) 387-2022
General Practice Attorneys, Attorneys
Frank Law Firm the PC
35641 Monroe St
Richmond, MI 48062
(586) 727-1900
General Practice Attorneys, Attorneys, Legal Service Plans
Family Practice and Wellness Ctr Burlen
529 N Monroe St
Monroe, MI 48162
(734) 240-1206
Attorneys Referral & Information Service, Legal Consultants-Medical
Sheiko Robert J
236 S Broadway St
Lake Orion, MI 48362
(248) 693-0265
Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US