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 64108

Structural Advantages of a Limited Liability Company (LLC) in Zip Code 64108


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 MO 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 MO 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 64108
Bristow Law Office, LLC
1656 Washington St, Suite 130
Kansas City, MO 64108
(816) 769-9978
Criminal Law Attorneys,  DUI & DWI Attorneys,  Personal Injury Law Attorneys,  Traffic Law Attorneys
Scudder Law Firm
1800 Baltimore Ave # 200
Kansas City, MO 64108
(816) 994-9940
Attorneys
Chronic George E
1600 Baltimore Ave # 200
Kansas City, MO 64108
(816) 221-9922
Attorneys, Legal Service Plans
Morgan Timothy R
1600 Baltimore Ave # 200
Kansas City, MO 64108
(816) 221-9922
Attorneys, Legal Service Plans
Sullivan Morgan & Chronic LLC
1600 Baltimore Ave
Kansas City, MO 64108
(816) 221-9922
Accident & Property Damage Attorneys, Personal Injury Law Attorneys, Attorneys
Martinez Law Firm
215 W 18th St # 100
Kansas City, MO 64108
(816) 415-9503
Attorneys
Martinez Madrigal Machicao
616 W 26th St
Kansas City, MO 64108
(816) 415-9503
Attorneys, Legal Service Plans
Levota Phil
2300 Main St # 900
Kansas City, MO 64108
(816) 889-9200
Attorneys
Gaddy & Geiger & Brown Pc
2345 Grand Blvd Ste 675
Kansas City, MO 64108
(816) 221-8989
Attorneys, Criminal Law Attorneys, Labor & Employment Law Attorneys, Business Law Attorneys, Discrim
Blake & Uhlig
2500 Holmes St
Kansas City, MO 64108
(816) 472-8883
Attorneys, Legal Service Plans, General Practice Attorneys
Horn Accident Injury Lawyer Kansas City
2300 Main Street
Kansas City, MO 64108
(816) 527-8686
Accident & Property Damage Attorneys,  Medical Malpractice Attorneys,  Personal Injury Law Attorneys
Warnick Mark R
2300 Main St
Kansas City, MO 64108
(816) 983-8209
Attorneys
Martin Patricia L
2300 Main St
Kansas City, MO 64108
(816) 983-8206
Attorneys
Welker Mark D
2300 Main St
Kansas City, MO 64108
(816) 983-8148
Attorneys
Harmon Stephen C
2300 Main St
Kansas City, MO 64108
(816) 983-8125
Attorneys
Wallace Saunders Austin Brown
2300 Main St # 900
Kansas City, MO 64108
(816) 942-8080
General Practice Attorneys, Attorneys, Legal Service Plans
Horn Law Firm
2300 Main, 9th Floor
Kansas City, MO 64108
(816) 795-7500
Personal Injury Law Attorneys, Attorneys
Berkowitz Oliver Williams Shaw & Eisenbrandt LLP
2600 Grand Blvd
Kansas City, MO 64108
(816) 561-7007
Attorneys, Legal Service Plans, Litigation & Tort Attorneys
Johnson Neil
2600 Grand Blvd # 1200
Kansas City, MO 64108
(816) 561-7007
Attorneys, Legal Service Plans
Jaques Timothy E
2500 Holmes St
Kansas City, MO 64108
(816) 474-6767
Attorneys, Legal Service Plans
Siro Smith Dickson PC
1621 Baltimore Ave
Kansas City, MO 64108
(816) 471-6666
Attorneys,  Labor & Employment Law Attorneys,  Social Security & Disability Law Attorneys,  Personal
All Metro Criminal Defense
2300 Main St Suite 900
Kansas City, MO 64108
(816) 589-6573
Attorneys
Carpenter Andrew D
2555 Grand Blvd
Kansas City, MO 64108
(816) 474-6550
Attorneys
Campbell Stacey A
2555 Grand Blvd
Kansas City, MO 64108
(816) 474-6550
Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US