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!
 
 

Orientation to Limited Liability Companies (LLCs) in Coatsville, MO

Orientation to Limited Liability Companies (LLCs) in Coatsville, MO


I've missed more than 9,000 shots in my career. I've lost almost 300 games. 26 times I've been trusted to take the game winning shot and missed. I've failed over and over and over again in my life and that is why I succeed.
 
- Michael Jordan


A Limited Liability Company (LLC), just like a corporation, offers protection from personal liability for business debts. But, unlike a corporation, which pays its own taxes, an LLC is a pass-through tax entity in which the profits and losses pass-through its owners who report it on their personal tax returns.

How to Form an LLC

  • File "Articles of Organization" with your state government including the name, address, and phone number of the business, and the name of the person who is the "registered agent" of the company. Depending on the state, the names of all LLC members are sometimes requested.
  • Create a written LLC operating agreement. This is a crucial document because it includes the rights and responsibilities of the LLC members. It can also include the percentage interest and the shares of profits of the members.
  • Main Features of an LLC



    Limited Personal Liability

    All LLC members are spared from personal liability for business claims and debts. A creditor cannot go after them and demand payment from their personal assets. The assets of the LLC are used to pay off debts, and the only thing members stand to lose is their investment in the business.

    Exceptions to Limited Personal Liability

    Limited personal liability can be enjoyed by an LLC when doing business transactions, but this protection is not fixed. This particular downside also applies to corporations. An LLC owner can be held liable if he/she:

  • Intentionally does something fraudulent, illegal, or reckless that causes harm to the company or to someone else.
  • Fails to pay taxes withheld from employees' wages.
  • Personally and directly injures someone.
  • Personally guarantees a bank loan or a business debt on which the LLC defaults.
  • Treats the LLC as an extension of his/her personal affairs rather than as a separate legal entity.


  • Business Protection

    Your personal assets can be protected by a good liability insurance which is not possible with a limited liability protection. If you are practicing your craft and accidentally injure someone, your liability insurance policy will cover you. In the event of a court proceeding, your insurance can protect your personal assets if the limited liability status is disregarded by the court.

    LLC Taxes

    An LLC is a "pass-through" entity where the business income passes through the business to the LLC members who will report their share of profits or losses on their individual income tax returns. All LLC members make a quarterly estimated tax payment to the IRS.

    LLC Management

    Member management means participating equally in the management of business. Manager management refers to designating one or more owners, or even outsiders, to take responsibility for managing the LLC. In a manager-managed LLC, only those named "manager" can vote with regards to management decisions and act as an agent of the LLC.


    Ending an LLC

    Depending on the laws of your state, or as indicated in the operating agreement, when one member leaves, the LLC dissolves. The remaining members will be responsible for meeting the business obligations left behind, pay the debts, and divide the remaining assets and profits among themselves. The decision to create a new LLC with the remaining members can be discussed. In order to avoid this kind of abrupt ending, your LLC operating agreement can include a "buy-sell" or "buyout" clause with guidelines on what will happen if a member decides to leave to pursue other interests, retires, or dies.

     
    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 Coatsville, MO
    COUNTY COURTS PROCESS SERVICE LLC
    501 Airport Road
    Saint Louis, MO 63135
    (314) 532-9710
    Attorneys Support & Service Bureaus, State Government, Process Servers
    Heany Jason J
    1116 E Ohio St
    Clinton, MO 64735
    (660) 885-9600
    Family Law Attorneys, Attorneys, Legal Service Plans
    Lowe Matthew D
    1116 E Ohio St
    Clinton, MO 64735
    (660) 885-9600
    Marcus G Reed Law Office
    129 S Washington St
    Clinton, MO 64735
    (660) 885-8118
    Attorneys, Criminal Law Attorneys, Family Law Attorneys, Social Security & Disability Law Attorneys,
    Switzer James E Attorney LLC
    136 S Main St
    Clinton, MO 64735
    (877) 495-7131
    Litigation & Tort Attorneys,  Attorneys,  Accident & Property Damage Attorneys,  Personal Injury Law
    Cover & Weaver
    137 W Franklin St
    Clinton, MO 64735
    (660) 885-6914
    Accident & Property Damage Attorneys,  Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  G
    Johns Mitchell & Duncan LLC
    102 W Jefferson St
    Clinton, MO 64735
    (660) 885-6161
    Accident & Property Damage Attorneys
    Johns Lilleston & Mitchell LLC
    102 W Jefferson St
    Clinton, MO 64735
    (866) 958-6046
    Attorneys, Sexual Harassment Attorneys, Criminal Law Attorneys
    Kristi L. Kenney
    221 S 2nd St
    Clinton, MO 64735
    (877) 611-5951
    Probate Law Attorneys,  Attorneys,  Accident & Property Damage Attorneys,  Wills, Trusts & Estate P
    Boyd Shawn Law Office
    126 Washington St
    Doniphan, MO 63935
    (573) 996-5901
    Attorneys, Family Law Attorneys, General Practice Attorneys, Legal Service Plans
    Total Attorneys - Personal Injury
    PO Box 274289
    Doniphan, MO 63935
    (573) 203-5422
    Attorneys, Legal Service Plans
    Richard Nichols LLC
    123 W Franklin St
    Clinton, MO 64735
    (888) 614-5068
    Wills, Trusts & Estate Planning Attorneys,  Attorneys,  Criminal Law Attorneys,  Probate Law Attorn
    Nunnery Dale
    104 Washington St
    Doniphan, MO 63935
    (573) 996-5000
    Attorneys, General Practice Attorneys, Legal Service Plans
    Dull & Lowe LLC
    1116 E Ohio St
    Clinton, MO 64735
    (660) 383-4822
    Corporation & Partnership Law Attorneys, Attorneys, Criminal Law Attorneys, Family Law Attorneys, La
    Dull & Lowe
    1116 E Ohio St
    Clinton, MO 64735
    (660) 383-4822
    Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Business Law Attorne
    Cason William J
    608 E Ohio St
    Clinton, MO 64735
    (660) 383-4799
    Corporation & Partnership Law Attorneys,  Attorneys,  Accident & Property Damage Attorneys,  Legal S
    Cason Edgett Mahan & Lutjen LLC
    608 E Ohio St
    Clinton, MO 64735
    (660) 383-4799
    Corporation & Partnership Law Attorneys, Attorneys, Criminal Law Attorneys, Labor & Employment Law A
    Marcus G. Reed Law Office
    129 S Washington St
    Clinton, MO 64735
    (660) 383-4787
    Attorneys, Commercial Law Attorneys, Business Law Attorneys
    The Kirby Law Firm PC
    100 W Jefferson St
    Doniphan, MO 63935
    (573) 996-4747
    Attorneys
    Anderson Jeff L
    221 S 2nd St
    Clinton, MO 64735
    (660) 885-4164
    General Practice Attorneys, Attorneys
    Social Security Disability
    608 E Ohio St
    Clinton, MO 64735
    (660) 383-4131
    Social Security & Disability Law Attorneys, Attorneys, Social Security Services, Legal Service Plans
    Ripley County
    6 Oak Tree Vlg
    Doniphan, MO 63935
    (573) 996-4015
    Criminal Law Attorneys, Attorneys
    Social Security Law Claims Ctr
    128 Washington St
    Doniphan, MO 63935
    (573) 996-3838
    Social Security & Disability Law Attorneys, Attorneys, Legal Service Plans
    Maness & Maness
    118 Washington St
    Doniphan, MO 63935
    (573) 996-3814
    Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US