12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents
 
Protect Your Family Today
with a Free Last Will & Testament
  • Finish and print in minutes!
  • Personalized for You
  • Written by expert Attorneys
  • Valid & Legal for North Carolina

Orientation to Limited Liability Companies (LLCs) in Fayetteville, NC

Orientation to Limited Liability Companies (LLCs) in Fayetteville, NC


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.

     
    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 Fayetteville, NC
    Washington & Associates PLLC
    117 Person St
    Fayetteville, NC 28301
    (910) 364-9966
    Accident & Property Damage Attorneys,  Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Civil
    Zuravel Crosby Ginger
    211 Woodrow St
    Fayetteville, NC 28303
    (910) 829-9600
    Attorneys, Legal Service Plans
    Paul M. Goodson, P.C.
    2018 Fort Bragg Rd Ste 108A
    Fayetteville, NC 28303
    (910) 987-9576
    Consumer Law Attorneys, Attorneys
    Goodson Paul M
    2224 Hope Mills Rd
    Fayetteville, NC 28304
    (910) 987-9576
    Attorneys,  Consumer Law Attorneys,  Accident & Property Damage Attorneys,  County & Parish Governme
    Paul F Herzog
    398 Hilliard Dr
    Fayetteville, NC 28311
    (910) 483-9500
    Criminal Law Attorneys, Attorneys
    Boose Law Office
    214 Dick St
    Fayetteville, NC 28301
    (910) 486-9292
    Criminal Law Attorneys,  General Practice Attorneys,  Personal Injury Law Attorneys,  Real Estate At
    Umerah Chuk E
    210 E Russell St # 106
    Fayetteville, NC 28301
    (910) 323-9272
    General Practice Attorneys, Attorneys
    Raper Jr, John E - Raper Law Firm P
    2543 Ravenhill Dr # C
    Fayetteville, NC 28303
    (910) 764-9200
    Attorneys, Corporation & Partnership Law Attorneys, Business Law Attorneys, General Practice Attorne
    Hogan - Kimrey LLP
    300 Dick St
    Fayetteville, NC 28301
    (877) 553-9128
    Medical Malpractice Attorneys, Legal Consultants-Medical
    Cotton Law Firm
    111 Lamon St Ste 116
    Fayetteville, NC 28301
    (910) 988-8920
    Criminal Law Attorneys, Traffic Law Attorneys, Attorneys
    Gilliam J Duane
    307 Person St
    Fayetteville, NC 28301
    (910) 485-8899
    General Practice Attorneys, Attorneys
    Hatley Angela
    6958 Nexus Ct
    Fayetteville, NC 28304
    (910) 485-8888
    Attorneys, Family Law Attorneys, Divorce Attorneys, Malpractice Law Attorneys, General Practice Atto
    Hatley Law Firm P
    6958 Nexus Ct # 101
    Fayetteville, NC 28304
    (910) 485-8888
    Administrative & Governmental Law Attorneys, Attorneys, Family Law Attorneys
    Conormon Todd C
    120 Westlake Rd # 6
    Fayetteville, NC 28314
    (910) 826-8855
    Military & Veterans Law Attorneys, Attorneys
    Noble & Quinn Attorneys
    5114 Yadkin Rd Ste 100
    Fayetteville, NC 28303
    (910) 321-8778
    Attorneys,  Accident & Property Damage Attorneys,  General Practice Attorneys,  Legal Service Plans,
    Noble & Quinn Attorneys-At-Law PC
    5114 Yadkin Rd
    Fayetteville, NC 28303
    (910) 321-8778
    Traffic Law Attorneys,  Attorneys,  Criminal Law Attorneys,  DUI & DWI Attorneys,  General Practice
    Brown & Moss PA
    109 Green St
    Fayetteville, NC 28301
    (910) 321-8640
    Traffic Law Attorneys, Attorneys, Criminal Law Attorneys, DUI & DWI Attorneys
    Miller, Clouse & Illikainen
    108 Hay St
    Fayetteville, NC 28301
    (910) 321-8596
    General Practice Attorneys, Traffic Law Attorneys, Attorneys, Criminal Law Attorneys, DUI & DWI Atto
    Miller, Clouse & Illikainen
    108 Hay St
    Fayetteville, NC 28301
    (910) 321-8596
    General Practice Attorneys, Traffic Law Attorneys, Attorneys, Criminal Law Attorneys, DUI & DWI Atto
    Anderson Johnson Lawrence & Butler LLP
    109 Green St
    Fayetteville, NC 28301
    (910) 672-8544
    General Practice Attorneys, Litigation & Tort Attorneys, Attorneys
    Anderson Johnson Lawrence & Butler LLP
    109 Green St
    Fayetteville, NC 28301
    (910) 672-8544
    Attorneys, Litigation & Tort Attorneys, General Practice Attorneys
    Imhoff & Associates, PC
    109 Green St
    Fayetteville, NC 28301
    (877) 417-8514
    General Practice Attorneys, Attorneys, Criminal Law Attorneys, Legal Service Plans
    Cliff Brisson, Jr.
    717 Hay St
    Fayetteville, NC 28301
    (910) 705-8368
    Litigation & Tort Attorneys,  Attorneys,  Accident & Property Damage Attorneys,  Personal Injury Law
    The Baker Law Firm
    2537 Raeford Rd
    Fayetteville, NC 28305
    (910) 705-8365
    Attorneys, Civil Litigation & Trial Law Attorneys, General Practice Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US