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 Saint Joseph, MO

Benefits of a Limited Liability Company (LLC) in Saint Joseph, 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 Saint Joseph, MO
    Davis Lance
    9400 Private Drive 3903
    Saint Joseph, MO 64505
    (816) 232-9999
    Attorneys
    Smith Law Office LLC
    400 Jules St
    Saint Joseph, MO 64501
    (816) 901-9909
    Legal Service Plans,  Automobile Accident Attorneys,  Criminal Law Attorneys,  Divorce Attorneys,  F
    Graves James T Atty
    12518 Lakeland Dr
    Saint Joseph, MO 64506
    (816) 279-9835
    Attorneys, Legal Service Plans
    John L Wood
    3120 Karnes Rd
    Saint Joseph, MO 64506
    (816) 671-9596
    Financial Services,  Estate Planning, Probate, & Living Trusts,  Bankruptcy Law Attorneys,  Estate
    Williams Dawn
    510 N 4th St
    Saint Joseph, MO 64501
    (816) 279-8898
    Attorneys,  Family Law Attorneys,  General Practice Attorneys,  Divorce Assistance,  Legal Service P
    Bird Law Firm PC
    1212 Frederick Ave
    Saint Joseph, MO 64501
    (816) 279-8800
    Financial Services,  Bankruptcy Services,  Bankruptcy Law Attorneys,  Divorce Attorneys,  Family Law
    Ferguson & Schieber
    1009D W Saint Maartens Dr
    Saint Joseph, MO 64506
    (816) 390-8800
    Arbitration Services,  Automobile Accident Attorneys,  Personal Injury Law Attorneys,  Employee Bene
    Cluck Tara J
    504 N 4th St
    Saint Joseph, MO 64501
    (816) 387-8714
    Attorneys, Divorce Assistance, Family Law Attorneys, General Practice Attorneys, Legal Service Plans
    Duty Thomas L
    106 S 7th St # 301
    Saint Joseph, MO 64501
    (816) 232-8488
    Attorneys, Legal Service Plans
    Morton Reed Counts Briggs & Robb LLC
    400 Jules St
    Saint Joseph, MO 64501
    (816) 232-8411
    Estate Planning, Probate, & Living Trusts,  Attorneys,  Probate Law Attorneys,  Real Estate Attorn
    Robb Nicholas K
    400 Jules St # 320
    Saint Joseph, MO 64501
    (816) 232-8411
    Attorneys, Legal Service Plans
    Hook Diane K
    400 Jules St # 320
    Saint Joseph, MO 64501
    (816) 232-8411
    Attorneys
    Briggs Stephen J
    400 Jules St # 320
    Saint Joseph, MO 64501
    (816) 232-8411
    Attorneys, Legal Service Plans
    Craig D. Ritchie
    1018 W Saint Maartens Dr Ste 100
    Saint Joseph, MO 64506
    (816) 387-8200
    Attorneys
    Ritchie & Soper PC
    1018 W Saint Maartens Dr
    Saint Joseph, MO 64506
    (816) 387-8200
    Attorneys,  Family Law Attorneys,  General Practice Attorneys,  Legal Service Plans
    Barnes Candace J
    918 Francis St
    Saint Joseph, MO 64501
    (816) 232-7788
    Attorneys
    Jason Soper, C. P.C.
    3801 Oakland Ave Suite 103 A
    Saint Joseph, MO 64506
    (816) 233-7775
    Legal Service Plans, Divorce Assistance, Criminal Law Attorneys, Divorce Attorneys, Family Law Attor
    Jason C Soper
    3801 Oakland Avenue, 103-A
    Saint Joseph, MO 64506
    (816) 233-7775
    Legal Service Plans,  Divorce Assistance,  Criminal Law Attorneys,  Divorce Attorneys,  Family Law A
    Warren, John
    3805 Oakland Ave
    Saint Joseph, MO 64506
    (816) 232-7702
    Bankruptcy Services,  Attorneys,  Debt Adjusters,  Credit & Debt Counseling,  Legal Service Plans,  
    Montee James Atty
    422 N 7th St
    Saint Joseph, MO 64501
    (660) 582-6688
    Attorneys,  Accident & Property Damage Attorneys,  General Practice Attorneys,  Legal Service Plans
    Elliott Joeseph W
    3007 Frederick Ave
    Saint Joseph, MO 64506
    (816) 364-6677
    Attorneys
    Murphy Ed
    3007 Frederick Ave
    Saint Joseph, MO 64506
    (816) 364-6677
    Attorneys
    Murphy Taylor Siemens Elliott PC
    3007 Frederick Ave
    Saint Joseph, MO 64506
    (816) 364-6677
    Personal Injury Law Attorneys, Divorce Assistance, Attorneys
    Briles Noah J
    918 Francis St
    Saint Joseph, MO 64501
    (816) 232-6265
    Attorneys,  Personal Injury Law Attorneys,  Bankruptcy Law Attorneys,  Traffic Law Attorneys,  DUI &
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US