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 Avoca, NE

Benefits of a Limited Liability Company (LLC) in Avoca, NE


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 NE 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 NE 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 Avoca, NE
    Curley Mark J
    2411 O St # 1
    Omaha, NE 68107
    (402) 733-8989
    Administrative & Governmental Law Attorneys, Attorneys
    Carney Vincent L
    3041 N 70th St
    Lincoln, NE 68507
    (402) 465-8808
    Attorneys
    Leary Law
    6005 S 19th St
    Omaha, NE 68107
    (402) 551-8735
    Attorneys, Legal Service Plans
    Ramirez Joseph S
    5002 S 24th St # 200
    Omaha, NE 68107
    (402) 932-8300
    Attorneys
    Tina Ray Law
    2421 O St
    Omaha, NE 68107
    (402) 884-7720
    Attorneys,  Criminal Law Attorneys,  Divorce Attorneys,  Immigration Law Attorneys,  Small Business
    Lopez-Wilson Joseph
    6311 S 36th St
    Omaha, NE 68107
    (402) 991-6644
    Attorneys
    Lopez-Wilso Joseph ESQ Atty
    4822 S 24th St
    Omaha, NE 68107
    (402) 991-6644
    Attorneys, Legal Service Plans
    Castrejon Law Office
    4018 L St Ste 4
    Omaha, NE 68107
    (402) 509-6069
    Attorneys, Criminal Law Attorneys, Immigration Law Attorneys
    Simon Nick A
    4939 S 24th St
    Omaha, NE 68107
    (402) 932-5590
    Attorneys
    Nick A Simon PC Llo
    4939 S 24th St
    Omaha, NE 68107
    (402) 932-5590
    Attorneys, Legal Service Plans
    Kerns Douglas L
    6120 Havelock Ave # B
    Lincoln, NE 68507
    (402) 464-5529
    Attorneys, Legal Service Plans
    Witte Glen D
    6120 Havelock Ave # B
    Lincoln, NE 68507
    (402) 467-5082
    Attorneys
    Witte Law Office
    6120 Havelock Ave
    Lincoln, NE 68507
    (402) 467-5080
    Probate Law Attorneys, Criminal Law Attorneys, Wills, Trusts & Estate Planning Attorneys, Personal I
    Glen D. Witte , PC , LLO
    6120 Havelock Ave Ste B
    Lincoln, NE 68507
    (402) 467-5080
    Attorneys,  Criminal Law Attorneys,  Probate Law Attorneys,  Bankruptcy Law Attorneys,  Estate Plann
    Steenson Charles T Atty
    6120 Havelock Ave Suite-B
    Lincoln, NE 68507
    (402) 467-5080
    Estate Planning Attorneys,  Criminal Law Attorneys,  Probate Law Attorneys,  Wills, Trusts & Estate
    Heaston Law
    2314 M St
    Omaha, NE 68107
    (402) 934-4417
    Attorneys
    Linscott Martin V PC
    5700 Seward Ave
    Lincoln, NE 68507
    (402) 477-4357
    Accident & Property Damage Attorneys,  Personal Injury Law Attorneys,  Employee Benefits & Worker Co
    Inkelaar Thomas T II
    5002 S 24th St #101
    Omaha, NE 68107
    (402) 345-4155
    Civil Litigation & Trial Law Attorneys,  Attorneys,  Criminal Law Attorneys,  Personal Property Law
    Peck Law Firm LLC
    5002 S 24th St Ste 100
    Omaha, NE 68107
    (402) 885-4121
    Immigration Law Attorneys,  Attorneys,  General Practice Attorneys,  Legal Service Plans
    Guinan & Scott
    209 S Stark St
    Bennington, NE 68007
    (402) 238-2222
    Attorneys
    Guinan & Scott
    12616 N 156th St
    Bennington, NE 68007
    (402) 238-2222
    Attorneys, General Practice Attorneys
    Mc Hugh Lynn D
    333 Nebraska St
    Murdock, NE 68407
    (402) 867-2141
    Attorneys, Insurance, Legal Service Plans
    Walsh Christopher & Barbara
    29111 Bluff Rd
    Murdock, NE 68407
    (402) 867-2103
    Attorneys
    Melgares Rita L
    3927 S 24th St
    Omaha, NE 68107
    (402) 738-1033
    General Practice Attorneys, Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US