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 Nashua, NH

Benefits of a Limited Liability Company (LLC) in Nashua, NH


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 NH 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 NH 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 Nashua, NH
    Howard Lee Schiff Law Offices
    154 Broad St
    Nashua, NH 03063
    (603) 598-9991
    Attorneys, General Practice Attorneys
    Ann McLane Kuster
    20 Trafalgar Sq
    Nashua, NH 03063
    (603) 889-9952
    Attorneys
    Pignatelli Michael A
    20 Trafalgar Sq # 307
    Nashua, NH 03063
    (603) 889-9952
    Attorneys
    Rath Young and Pignatelli Pl
    20 Trafalgar Sq Ste 307
    Nashua, NH 03063
    (603) 889-9952
    Attorneys
    Edward F. Wallace
    76 Northeastern Blvd Suite 29a
    Nashua, NH 03062
    (603) 595-9900
    Malpractice Law Attorneys,  Personal Injury Law Attorneys,  Automobile Accident Attorneys,  Accident
    Mayer III Fred K
    41 E Pearl St
    Nashua, NH 03060
    (603) 881-9876
    Attorneys
    Mayer Law Offices
    41 E Pearl St
    Nashua, NH 03060
    (603) 881-9876
    Attorneys, General Practice Attorneys, Legal Service Plans
    Brown Kenneth M
    187 Main St
    Nashua, NH 03060
    (603) 882-9716
    Attorneys, Legal Service Plans
    Sullivan & Gregg
    187 Main St
    Nashua, NH 03060
    (603) 882-9716
    Attorneys, Legal Service Plans
    Shanelaris & Schirch PLLC
    35 E Pearl St
    Nashua, NH 03060
    (603) 821-9617
    Child Custody Attorneys,  Attorneys,  Divorce Attorneys,  Family Law Attorneys,  Mediation Services,
    Shanelaris & Schirch Pllc
    35 E Pearl St Ste 2
    Nashua, NH 03060
    (603) 821-9617
    Arbitration Services, Attorneys, Family Law Attorneys, Divorce Attorneys, Mediation Services, Legal
    HANN Barbara J Law Offices
    142 Main St
    Nashua, NH 03060
    (603) 821-9605
    Attorneys,  Estate Planning, Probate, & Living Trusts,  Elder Law Attorneys,  Estate Planning Atto
    Connors Law Offices
    16 Broad St
    Nashua, NH 03064
    (603) 821-9573
    Employee Benefits & Worker Compensation Attorneys,  General Practice Attorneys,  Legal Service Plans
    Connors Mark G
    16 Broad St
    Nashua, NH 03064
    (603) 821-9573
    Attorneys, General Practice Attorneys, Legal Service Plans, Employee Benefits & Worker Compensation
    Garner, Christopher J
    7 Auburn St
    Nashua, NH 03064
    (603) 821-9565
    Attorneys, Bankruptcy Law Attorneys, Criminal Law Attorneys, Divorce Attorneys
    Mc Laughlin Shane A
    89 Perimeter Rd
    Nashua, NH 03063
    (603) 883-9290
    Attorneys, General Practice Attorneys, Legal Service Plans
    Barry & Honorow
    161 Kinsley St
    Nashua, NH 03060
    (603) 821-9247
    Attorneys,  Personal Injury Law Attorneys,  Child Custody Attorneys,  Family Law Attorneys,  Divorce
    Annutto Law Office
    369 Main Street
    Nashua, NH 03060
    (603) 881-9161
    Bankruptcy Law Attorneys,  Criminal Law Attorneys,  Divorce Attorneys,  Family Law Attorneys,  Perso
    Prunier Gerald R
    20 Trafalgar Sq # 626
    Nashua, NH 03063
    (603) 883-8900
    Attorneys, Legal Service Plans
    Borofsky Amodeo-Vickery
    24A Broad St
    Nashua, NH 03064
    (603) 889-8857
    Attorneys,  Legal Service Plans,  Criminal Law Attorneys,  Labor & Employment Law Attorneys,  Person
    Abba Title Co
    47 Factory St
    Nashua, NH 03060
    (603) 883-8842
    Attorneys, Title Companies
    Goldsmith Russell J
    124 W Pearl St
    Nashua, NH 03060
    (603) 882-8822
    Attorneys
    Lustenberger Daniel
    193 Kinsley St
    Nashua, NH 03060
    (603) 598-8818
    Attorneys
    Small & Lyons
    193 Kinsley St # 3
    Nashua, NH 03060
    (603) 598-8818
    Divorce Attorneys,  Attorneys,  Family Law Attorneys,  Bankruptcy Law Attorneys,  General Practice A
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US