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 Seven Springs, NC

Benefits of a Limited Liability Company (LLC) in Seven Springs, 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.

    •  
    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 Seven Springs, NC
    Garlock Victor
    132 Halcyon Hill Rd
    Swannanoa, NC 28778
    (828) 299-8707
    Attorneys
    Judith K Guibert
    100 N Churton St
    Hillsborough, NC 27278
    (919) 241-8598
    Divorce Attorneys,  Attorneys,  Family Law Attorneys,  Adoption Law Attorneys,  Child Custody Attorn
    Dickerson Law Firm
    106 N Churton St
    Hillsborough, NC 27278
    (888) 994-7298
    Attorneys, Commercial Law Attorneys
    Loftin John D
    117 N Churton St
    Hillsborough, NC 27278
    (919) 241-7084
    Accident & Property Damage Attorneys,  Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  C
    Loftin & Loftin PA Attorneys
    117 N Churton St
    Hillsborough, NC 27278
    (919) 241-7084
    Automobile Accident Attorneys,  Litigation & Tort Attorneys,  Administrative & Governmental Law Atto
    Armor
    32 Rock Mason Rd
    Swannanoa, NC 28778
    (828) 298-6920
    Attorneys, General Practice Attorneys
    Collier Law Firm Pc
    8015 W Kenton Cir
    Huntersville, NC 28078
    (704) 997-6211
    Attorneys,  Real Estate Attorneys,  Bankruptcy Services,  Bankruptcy Law Attorneys,  General Practic
    Zellers Law Firm P
    14115 Grand Traverse Dr
    Charlotte, NC 28278
    (704) 588-6133
    General Practice Attorneys, Attorneys, Real Estate Attorneys
    Steffan & Associates PC
    2411 Old Nc Highway 86
    Hillsborough, NC 27278
    (919) 241-5382
    Attorneys, Civil Litigation & Trial Law Attorneys
    H Russell Vick & Associates P
    132 E King St
    Hillsborough, NC 27278
    (919) 732-5008
    Securities & Investment Law Attorneys, Attorneys
    Martin Harold H
    16810 Kenton Dr # 160
    Huntersville, NC 28078
    (704) 237-4508
    Securities & Investment Law Attorneys, Attorneys
    Elliott Law Firm
    13420 Reese Blvd W
    Huntersville, NC 28078
    (704) 947-3838
    Attorneys,  Bankruptcy Law Attorneys,  Real Estate Attorneys,  Wills, Trusts & Estate Planning Atto
    McGill Law Office PC
    960 Corporate Dr Ste 309
    Hillsborough, NC 27278
    (919) 644-3278
    General Practice Attorneys,  Attorneys,  Legal Service Plans,  Bankruptcy Law Attorneys
    Terres, Samantha H
    16501 Northcross Dr
    Huntersville, NC 28078
    (704) 897-3072
    Corporation & Partnership Law Attorneys, Attorneys, Wills, Trusts & Estate Planning Attorneys, Real
    Brent King, P
    9525 Birkdale Crossing Dr
    Huntersville, NC 28078
    (704) 896-3070
    Bankruptcy Law Attorneys, Real Estate Attorneys, Attorneys
    Brent F King P
    16415 Northcross Dr
    Huntersville, NC 28078
    (704) 896-3070
    Real Estate Attorneys
    Cornish Law, PLLC
    16501-D Northcross Drive
    Huntersville, NC 28078
    (704) 897-3061
    Administrative & Governmental Law Attorneys, Attorneys
    Vereckey Michelle L
    9911 Rose Commons Dr
    Huntersville, NC 28078
    (704) 458-2553
    Attorneys
    Regenia M. Hubbard, P
    433 Patriots Pointe Dr
    Hillsborough, NC 27278
    (866) 528-2304
    Divorce Attorneys, Family Law Attorneys, Attorneys
    Bell & Bell Law Firm PC
    200 S Old Statesville Rd
    Huntersville, NC 28078
    (704) 992-1590
    Attorneys, General Practice Attorneys, Criminal Law Attorneys, Family Law Attorneys, Accident & Prop
    Bell & Bell Law Firm Pc
    13420 Reese Blvd W
    Huntersville, NC 28078
    (704) 992-1590
    Divorce Attorneys, Attorneys, Criminal Law Attorneys, Family Law Attorneys, Legal Service Plans
    Mark Mangiarelli P
    14316 Reese Blvd W
    Huntersville, NC 28078
    (704) 494-0882
    Real Estate Attorneys, Attorneys
    Judith K. Guibert
    100 N Churton St
    Hillsborough, NC 27278
    (919) 644-0201
    Family Law Attorneys, Attorneys, Legal Service Plans
    Hill Jr Ralph
    241 Saint Marys Rd
    Hillsborough, NC 27278
    (919) 732-0011
    Attorneys Referral & Information Service, Attorneys, General Practice Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US