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 Arbyrd, MO

Benefits of a Limited Liability Company (LLC) in Arbyrd, MO


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 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 Arbyrd, MO
    Touchstone
    5608 N 13th Ave
    Ozark, MO 65721
    (417) 581-6911
    Counseling Services,  Counselors-Licensed Professional,  Marriage, Family, Child & Individual Coun
    Souder Tate
    103 N 2nd St
    Ozark, MO 65721
    (417) 581-5299
    Attorneys, Legal Service Plans
    Swatosh Christopher
    100 N 2nd Ave
    Ozark, MO 65721
    (417) 582-5297
    Attorneys,  Accident & Property Damage Attorneys,  General Practice Attorneys,  Legal Service Plans,
    Lee Ann Walker PC
    103 E Hall St
    Ozark, MO 65721
    (417) 581-5297
    Attorneys, Wills, Trusts & Estate Planning Attorneys, Divorce Attorneys
    Billingsley Joanna V
    127 E Church St
    Ozark, MO 65721
    (417) 581-4949
    Attorneys, Legal Service Plans
    Wedick Rebekah
    5505 N Farmer Branch Rd
    Ozark, MO 65721
    (417) 551-4836
    General Practice Attorneys, Attorneys
    Hocking David M
    8509 Natural Bridge Rd
    Saint Louis, MO 63121
    (314) 423-4529
    Mon-Fri 8am-5pm, Sat 8am-Noon, Sun Closed, Appointments Available
    Anissa Bluebaum, LLC
    106 S. 3rd Street
    Ozark, MO 65721
    (417) 581-4529
    Real Estate Attorneys,  Wills, Trusts & Estate Planning Attorneys,  Criminal Law Attorneys,  Family
    Nathan Cary LLC
    120 N 2nd Ave
    Ozark, MO 65721
    (417) 283-4054
    Bankruptcy Law Attorneys,  Attorneys,  Bankruptcy Services,  Legal Clinics,  Social Security & Disab
    Styron, Harry
    302 E Church St
    Ozark, MO 65721
    (417) 581-3646
    Attorneys, Real Estate Attorneys, Legal Service Plans
    Clinton Jared S
    101 E Brick St
    Ozark, MO 65721
    (417) 425-3523
    Attorneys
    Cleek Ron Attorney & Counselor At Law
    202 E Elm St
    Ozark, MO 65721
    (417) 485-3436
    Collection Law Attorneys,  Attorneys,  Personal Injury Law Attorneys,  Criminal Law Attorneys,  Fami
    Marie Lipowicz
    1511 Glenn Brooke Woods Cir
    Ballwin, MO 63021
    (314) 718-3252
    Traffic Law Attorneys, Attorneys
    Galloway Bruce
    107 N 2nd St
    Ozark, MO 65721
    (417) 582-2690
    Attorneys, Legal Service Plans
    Owen, Matthew B.
    1411 W. State HWY J
    Ozark, MO 65721
    (417) 582-2445
    Appleby, David N - David N Appleby Pc
    119 N 2nd St
    Ozark, MO 65721
    (417) 581-2411
    Estate Planning Attorneys,  Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce Atto
    Hinote Law Office
    204 W Elm St
    Ozark, MO 65721
    (417) 582-2022
    Divorce Attorneys, Attorneys, Criminal Law Attorneys, Family Law Attorneys, Legal Service Plans, Gen
    Prepaid Legal Services Independent Associate
    931 Harris Blvd
    Ozark, MO 65721
    (417) 724-1999
    Attorneys Referral & Information Service
    Harriss Alan G Atty
    300 Oak Hill Dr
    Arcadia, MO 63621
    (573) 546-1900
    Attorneys,  Family Law Attorneys,  Probate Law Attorneys,  Wills, Trusts & Estate Planning Attorney
    Case Joel
    1190 Meramec Station Rd Ste 203
    Ballwin, MO 63021
    (636) 861-1111
    Attorneys,  Divorce Assistance,  Family Law Attorneys,  Probate Law Attorneys,  Personal Injury Law
    Hazelrigg Roberts & Easley PC
    120 N 2nd Ave
    Ozark, MO 65721
    (417) 581-0800
    Attorneys, Legal Service Plans
    Divorce Lawyers in St Louis Group
    251 Glandore Dr. Suite - 201
    Ballwin, MO 63021
    (314) 403-0625
    Family Law Attorneys, Divorce Attorneys, Divorce Assistance, Child Custody Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US