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 Zip Code 28627

Orientation to Limited Liability Companies (LLCs) in Zip Code 28627


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 NC 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 NC 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 Zip Code 28627
    Matthew Rothbeind
    105 McNeill St
    Carthage, NC 28327
    (910) 722-9198
    Civil Litigation & Trial Law Attorneys,  Attorneys,  Criminal Law Attorneys,  Immigration Law Attorn
    Mc Naughton Edward J
    2101-208 Sardis Rd N
    Charlotte, NC 28227
    (704) 841-8772
    Construction Law Attorneys, Attorneys
    Thompson Hurley E Jr
    208 Monroe St
    Carthage, NC 28327
    (877) 514-8558
    Traffic Law Attorneys,  Litigation & Tort Attorneys,  Administrative & Governmental Law Attorneys,  
    Johnson, Tony C
    7900 Matthews Mint Hill Rd
    Mint Hill, NC 28227
    (704) 545-8085
    Real Estate Attorneys,  Attorneys,  Business Law Attorneys,  Corporation & Partnership Law Attorneys
    Cox Ben A Attorney
    4838 Turnridge Ct
    Concord, NC 28027
    (704) 786-7878
    Attorneys,  Criminal Law Attorneys,  Attorneys Referral & Information Service,  General Practice Att
    Maury Deborah F
    802 Birch St
    Winston Salem, NC 27127
    (336) 917-6017
    Attorneys
    Frank W Porter Law Offices
    8625 Crown Crescent Ct
    Charlotte, NC 28227
    (704) 708-5176
    Litigation & Tort Attorneys, Attorneys, Legal Service Plans
    Bibey Stephen A
    528 Pond Branch Rd
    Carthage, NC 28327
    (910) 949-2644
    Attorneys
    Rowland & Yauger
    107 Monroe Pl
    Carthage, NC 28327
    (910) 947-2280
    Attorneys,  Family Law Attorneys,  Accident & Property Damage Attorneys,  Personal Injury Law Attorn
    Slagle Craig A
    107 Monroe Pl
    Carthage, NC 28327
    (910) 947-2280
    Attorneys, Family Law Attorneys, Accident & Property Damage Attorneys, Personal Injury Law Attorneys
    Bennett Jennifer S Atty
    107 Monroe Pl
    Carthage, NC 28327
    (910) 947-2280
    Attorneys
    State of North Carolina
    102 Monroe Pl
    Carthage, NC 28327
    (910) 947-2237
    Criminal Law Attorneys, Attorneys
    Arthur M Blue Law Office PA
    406 Monroe St
    Carthage, NC 28327
    (866) 936-2067
    Commercial Law Attorneys,  Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce Attor
    Shelton-Yow Kathleen PLLC
    201 Barrett St
    Carthage, NC 28327
    (910) 947-1529
    Divorce Attorneys, Attorneys, Criminal Law Attorneys, Family Law Attorneys, Civil Litigation & Trial
    Blue & Donadio PA
    406 Monroe St
    Carthage, NC 28327
    (910) 947-1500
    Attorneys, General Practice Attorneys
    Lancaster and St. Louis, PLLC -
    891 Central Dr NW
    Concord, NC 28027
    (704) 792-1277
    Attorneys, Family Law Attorneys, Divorce Attorneys, Real Estate Attorneys, Legal Service Plans
    Hall Katie M.
    200 Fair Oaks Ln
    Winston Salem, NC 27127
    (336) 775-1063
    Civil Litigation & Trial Law Attorneys, Attorneys
    Berg Jeffrey
    200 Fair Oaks Ln
    Winston Salem, NC 27127
    (336) 775-1063
    Real Estate Attorneys, Attorneys, Legal Service Plans
    Van Laningham & Assoc P
    303 Dowd Rd
    Carthage, NC 28327
    (910) 947-1040
    Personal Injury Law Attorneys, Attorneys, Insurance Attorneys
    Dunn Landon A
    7540 Matthews Mint Hill Rd
    Mint Hill, NC 28227
    (704) 844-0906
    Attorneys, Legal Service Plans
    Sorrell Law Firm
    6573 Derby Ln NW
    Concord, NC 28027
    (704) 784-0846
    Attorneys
    Rhoades Law Office
    103 Monroe Street
    Carthage, NC 28327
    (855) 775-0356
    Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Personal Injury Law Attorneys,  Employee
    Edsall & Epp PC
    500 Hunt Club Dr
    Corolla, NC 27927
    (252) 457-0010
    General Practice Attorneys, Attorneys
    Sloan Norman L
    3540 W Clemmonsville Rd Ste 110
    Winston Salem, NC 27127
    (336) 748-0008
    Attorneys,  General Practice Attorneys,  Corporation & Partnership Law Attorneys,  Franchise Law Att
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US