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 Gulfport, MS

Orientation to Limited Liability Companies (LLCs) in Gulfport, MS


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 MS 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 MS 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 Gulfport, MS
    Clark Wynn E
    2510 16th St
    Gulfport, MS 39501
    (228) 575-9996
    Attorneys, Legal Service Plans
    Warren Jr G Martin
    1311 Spring St
    Gulfport, MS 39507
    (228) 897-9975
    Attorneys, Legal Service Plans
    Davis & Davis PLLC
    1229 31st Ave
    Gulfport, MS 39501
    (228) 864-9922
    Automobile Accident Attorneys,  Labor & Employment Law Attorneys,  Employee Benefits & Worker Compen
    Bailey Ann
    1310 25th Ave
    Gulfport, MS 39501
    (228) 864-9900
    Attorneys, Legal Service Plans
    Baca Gerald Atty
    1310 25th Ave
    Gulfport, MS 39501
    (228) 864-9900
    Attorneys
    Anderson Tom Attorney
    1310 25th Ave
    Gulfport, MS 39501
    (228) 864-9900
    Attorneys
    Carron Chris
    1310 25th Ave
    Gulfport, MS 39501
    (228) 864-9900
    Attorneys, Legal Service Plans
    Cox Ricky J
    1310 25th Ave
    Gulfport, MS 39501
    (228) 864-9900
    General Practice Attorneys, Attorneys
    Crawford Todd G
    1310 25th Ave
    Gulfport, MS 39501
    (228) 864-9900
    Attorneys, Legal Service Plans
    Manuel Leo
    1310 25th Ave
    Gulfport, MS 39501
    (228) 864-9900
    Attorneys, Legal Service Plans
    Pettis Brant
    1310 25th Ave
    Gulfport, MS 39501
    (228) 864-9900
    Attorneys, Legal Service Plans
    Scialdone John Atty
    1310 25th Ave
    Gulfport, MS 39501
    (228) 864-9900
    Attorneys, Legal Service Plans
    Signs Jennifer W
    1310 25th Ave
    Gulfport, MS 39501
    (228) 864-9900
    Attorneys, Legal Service Plans
    Stone Ben H
    1310 25th Ave
    Gulfport, MS 39501
    (228) 864-9900
    Attorneys
    Wilder H Rodger
    1310 25th Ave
    Gulfport, MS 39501
    (228) 864-9900
    Attorneys, Legal Service Plans
    Wyly Terese T
    1310 25th Ave
    Gulfport, MS 39501
    (228) 864-9900
    Attorneys
    P & W Barrett Lawyers PLLC
    2202 25th Ave
    Gulfport, MS 39501
    (228) 864-9885
    Attorneys, Criminal Law Attorneys
    Spyridon Palermo Dornan
    1714 22nd Ave
    Gulfport, MS 39501
    (228) 575-9882
    Attorneys, Legal Service Plans
    Chad P Farve
    2000 23rd Ave
    Gulfport, MS 39501
    (228) 467-9770
    Attorneys, Legal Service Plans
    Cuntz Warren A Jr
    10585 Three Rivers Rd
    Gulfport, MS 39503
    (228) 831-9531
    Attorneys, Wills, Trusts & Estate Planning Attorneys, Legal Service Plans
    Nicholson, Gail D
    2420 13th ST
    Gulfport, MS 39503
    (228) 864-9484
    Attorneys, Legal Clinics
    Fowler Rodrigues Valdez-Fauli Law Firm
    2505 14th St Ste 500
    Gulfport, MS 39501
    (228) 822-9340
    Attorneys, General Practice Attorneys, Legal Service Plans
    Mississippi Center for Legal Services Corporation
    520 E Pass Rd
    Gulfport, MS 39507
    (228) 896-9148
    Attorneys, General Practice Attorneys
    Maggio Law Firm, PC
    2201 24th Ave
    Gulfport, MS 39501
    (228) 863-9111
    Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Accident & Property Damage Attorneys,  L
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US