Find More Articles
12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents™
 
Get the North Carolina Legal Documents You Need in Only Minutes!
  • Written by expert Attorneys
  • Guaranteed for your State
  • Personalized for your situation
  • Finish and print in minutes!
 Personalize My Document 

Benefits of a Limited Liability Company (LLC) in Crumpler, NC

Benefits of a Limited Liability Company (LLC) in Crumpler, NC


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.

    •  
    Download & Print a Free NC Last Will Personalize This Document
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Page 6
    Page 7
    Page 8
    Page 9
    Page 10
     
    Download & Print a Free NC Living Will Personalize This Document
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Page 6
    Page 7
    Page 8
      Answer Easy
    Questions
    answer simple questions online step by step
    Easy Questions, Instant Documents
    • Finish in Minutes
    • Download Immediately
    • Written by Attorneys
    • 100% Guaranteed
      Get Instant Legal
        Documents™
    Print, save or email your finished legal document immediately!
    Last Will & Testament
    Related Legal Services near Crumpler, NC
    Mills Hugh C
    121 W Atkins St
    Dobson, NC 27017
    (336) 386-9990
    Criminal Law Attorneys, Attorneys, Legal Service Plans
    Cordell & Cordell - Chapel Hill
    1340 Environ Way
    Chapel Hill, NC 27517
    (919) 334-9900
    Family Law Attorneys, Divorce Attorneys, Divorce Assistance, Child Custody Attorneys
    Likens & Blomquist
    4421 Stuart Andrew Blvd
    Charlotte, NC 28217
    (704) 944-9640
    Real Estate Attorneys
    Rogers Townsend & Thomas, PC
    2550 W Tyvola Rd
    Charlotte, NC 28217
    (704) 442-9500
    Attorneys, Business Law Attorneys, Real Estate Attorneys, Environment & Natural Resources Law Attorn
    Enhanced Data
    6216 Angus Dr
    Raleigh, NC 27617
    (919) 782-9334
    Attorneys Support & Service Bureaus, Attorneys
    Nathaniel E Clement & Assoc
    1414 Raleigh Rd Ste 290
    Chapel Hill, NC 27517
    (919) 929-9298
    Estate Planning Attorneys, Attorneys
    Clawson & Staubes LLC
    756 Tyvola Rd
    Charlotte, NC 28217
    (704) 940-9128
    Construction Law Attorneys,  Attorneys,  Personal Injury Law Attorneys,  Real Estate Attorneys,  Adm
    Honnold Law Firm
    6000-1200 Fairview Rd
    Charlotte, NC 28217
    (704) 552-9119
    Family Law Attorneys, Attorneys
    Chun, Jennifer - Jennifer Chun P
    9104 Glenwood Ave
    Raleigh, NC 27617
    (919) 783-8999
    Immigration Law Attorneys,  Attorneys,  General Practice Attorneys,  Administrative & Governmental L
    Bridgman & Serbin
    5550 77 Center Dr
    Charlotte, NC 28217
    (704) 280-8514
    Social Security & Disability Law Attorneys, Attorneys, Legal Service Plans
    Wagner Law Firm
    100 Europa Dr # 569
    Chapel Hill, NC 27517
    (919) 537-8348
    Family Law Attorneys,  Attorneys,  Divorce Attorneys,  Arbitration Services,  Arbitration & Mediatio
    Mc Intyre III D Baker
    200 E Woodlawn Rd
    Charlotte, NC 28217
    (704) 522-8001
    Employee Benefits & Worker Compensation Attorneys, Attorneys, Legal Service Plans
    Regina R Gillespie
    208 A. E Atkins St
    Dobson, NC 27017
    (866) 724-7956
    Attorneys, Criminal Law Attorneys, Family Law Attorneys, DUI & DWI Attorneys, Civil Litigation & Tri
    Rooth & Assoc
    25 Burns St
    Cashiers, NC 28717
    (828) 506-7705
    Attorneys
    Clarissa Halks
    P.O. Box 2914
    Durham, NC 27717
    (919) 638-7538
    Legal Service Plans,  Estate Planning Attorneys,  Personal Injury Law Attorneys,  Criminal Law Attor
    The Lake Law Office
    311 Williamson Rd Ste 103
    Mooresville, NC 28117
    (704) 799-7210
    Traffic Law Attorneys, Attorneys, Real Estate Attorneys, Criminal Law Attorneys
    Tate John B III
    685 Nc Highway 33 W
    Chocowinity, NC 27817
    (252) 495-7188
    Attorneys, Litigation & Tort Attorneys
    Gourley & Griffin Pa Atty
    219 Williamson Rd Ste 1101
    Mooresville, NC 28117
    (704) 663-7122
    Bankruptcy Law Attorneys, Attorneys
    Pardo Law Firm, Pllc.
    200 E. Woodlawn Rd. Suite 123
    Charlotte, NC 28217
    (704) 644-7065
    Immigration Law Attorneys, Immigration & Naturalization Consultants, Attorneys
    Goodrich Corporation
    2730 W Tyvola Rd Ste 400
    Charlotte, NC 28217
    (704) 423-7000
    General Practice Attorneys, Attorneys
    Jorge Rivera
    6047 Tyvola Glen Cir Ste 133-34
    Charlotte, NC 28217
    (704) 414-6785
    Immigration Law Attorneys, Attorneys
    Oakes John II
    6047 Tyvola Glen Cir
    Charlotte, NC 28217
    (704) 414-6696
    Attorneys
    Shangler Dean A
    1340 Environ Way
    Chapel Hill, NC 27517
    (919) 636-6689
    Personal Injury Law Attorneys, Attorneys
    Morris Bradley C
    122 Gateway Blvd # 200
    Mooresville, NC 28117
    (704) 799-6662
    Litigation & Tort Attorneys, Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US