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 Joplin, MO

Benefits of a Limited Liability Company (LLC) in Joplin, 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 Joplin, MO
    Coleman Nathan
    1030 SE Murphy Blvd
    Joplin, MO 64801
    (417) 659-9968
    General Practice Attorneys, Attorneys, Legal Service Plans
    Meek & Coleman
    1030 SE Murphy Blvd
    Joplin, MO 64801
    (417) 659-9968
    Attorneys
    Bishop & Hayes PC
    630 S Northpark Ln
    Joplin, MO 64801
    (417) 659-9888
    Automobile Accident Attorneys, Attorneys
    Riesenmy David J
    1515 E 32nd St # A
    Joplin, MO 64804
    (417) 626-9888
    Attorneys, Divorce Assistance, Family Law Attorneys
    Sticklen & Crosthwait
    411 E 7th St
    Joplin, MO 64801
    (417) 626-9880
    Personal Injury Law Attorneys, Attorneys
    David Meyer, Esq.
    2802 E 25th St
    Joplin, MO 64804
    (417) 208-9533
    Family Law Attorneys, Traffic Law Attorneys, Attorneys
    Mc Pherson Judd
    626 Byers Ave
    Joplin, MO 64801
    (417) 206-8881
    Attorneys, General Practice Attorneys
    Whitworth & McPherson
    626 Byers Ave
    Joplin, MO 64801
    (417) 206-8881
    Attorneys
    Glenn R. Gulick JR. PC.
    1515 E 32nd St
    Joplin, MO 64804
    (417) 626-8579
    Attorneys,  Legal Service Plans,  Personal Injury Law Attorneys,  Insurance Attorneys,  Product Liab
    Oakes Anita K
    1120 SE Murphy Blvd
    Joplin, MO 64801
    (417) 781-8530
    Attorneys, Legal Service Plans
    The Glades Law Firm PC
    1120 SE Murphy Blvd
    Joplin, MO 64801
    (417) 781-8530
    Divorce Attorneys,  Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Personal Injury Law
    Buchanan, Williams & Stilley, PC
    1105 E 32nd St
    Joplin, MO 64804
    (417) 781-8280
    Personal Injury Law Attorneys
    Carlton, Nicole M Buchanan Williams & Stilley PC
    1105 E 32nd St # 5
    Joplin, MO 64804
    (417) 781-8280
    Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Legal Service Plans
    Dominguez Aldo
    320 W 4th St
    Joplin, MO 64801
    (417) 782-8222
    Attorneys
    Buchanan Williams & Stilley PC
    1105 E 32nd St
    Joplin, MO 64804
    (417) 623-8220
    Divorce Assistance,  Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce Attorneys,
    Deryl Edwards
    606 S Pearl Ave
    Joplin, MO 64801
    (417) 624-8099
    Attorneys, General Practice Attorneys, Legal Service Plans
    Spellman P Roberston Atty
    209 W 6S
    Joplin, MO 64804
    (417) 782-7877
    Attorneys
    Hays Steven
    622 S Main St
    Joplin, MO 64801
    (417) 782-7600
    Attorneys, Legal Service Plans
    Copeland & Brown
    614 S Pearl Ave
    Joplin, MO 64801
    (417) 623-7200
    Attorneys,  General Practice Attorneys,  Wills, Trusts & Estate Planning Attorneys,  Estate Plannin
    Brown, Jeremy K Copeland & Brown
    614 S Pearl Ave
    Joplin, MO 64801
    (417) 623-7200
    Attorneys
    Campbell Cynthia J
    2811 E 15th St
    Joplin, MO 64804
    (417) 782-6855
    Attorneys, Legal Service Plans
    Wilson Law Firm
    610 S Pearl Ave
    Joplin, MO 64801
    (417) 781-6770
    Attorneys,  Legal Clinics,  Legal Service Plans,  Divorce Assistance
    Talley Michael D
    211 S Main St
    Joplin, MO 64801
    (417) 781-6550
    Attorneys, General Practice Attorneys
    Gross Robert L
    402 S Main St # 600
    Joplin, MO 64801
    (417) 623-6211
    Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US