Find More Articles
12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents™
 
Protect Your Family & Assets Today
with a Free Last Will & Testament
  • Finish and print in minutes!
  • Personalized for You
  • Written by expert Attorneys
  • Valid & Legal for New Hampshire
 Start My Free Document 

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

Benefits of a Limited Liability Company (LLC) in North Sutton, 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.

    •  
    Download & Print a Free NH Last Will Personalize This Document
    Page 1
     
    Download & Print a Free NH Living Will Personalize This Document
    Page 1
      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 North Sutton, NH
    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
    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
    Mc Burney Law Offices
    115 Kearsarge Rd
    North Conway, NH 03860
    (603) 356-9097
    Insurance Attorneys,  Attorneys,  Business Law Attorneys,  Personal Injury Law Attorneys
    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
    Small & Lyons
    193 Kinsley St Ste 3
    Nashua, NH 03060
    (603) 598-8818
    Divorce Attorneys, Attorneys, Family Law Attorneys, Bankruptcy Law Attorneys, General Practice Attor
    Anne Galenberg
    142 Main St., Suite 209
    Nashua, NH 03060
    (603) 233-8777
    General Practice Attorneys, Family Law Attorneys, Estate Planning Attorneys, Divorce Attorneys, Will
    Daniels Robert G
    127 Main St # 1
    Nashua, NH 03060
    (603) 598-8655
    Attorneys, General Practice Attorneys
    Randall E Wilbert
    221 Main St
    Nashua, NH 03060
    (603) 883-8443
    Attorneys, General Practice Attorneys, Legal Service Plans
    Murphy Mary Lynn Atty
    30 Temple St
    Nashua, NH 03060
    (603) 889-8443
    Attorneys
    Randall E Wilbert Law Offices
    1 Indian Head Plz # 510
    Nashua, NH 03060
    (603) 889-8443
    Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Business Law Attorneys,  Real Estate Attorney
    Wilbert Jody S
    1 Indian Head Plz # 510
    Nashua, NH 03060
    (603) 889-8443
    Attorneys
    Wilbert Randall E
    30 Temple St
    Nashua, NH 03060
    (603) 889-8443
    Attorneys, General Practice Attorneys, Legal Service Plans
    Accident Law
    131 W Hollis St
    Nashua, NH 03060
    (603) 882-8424
    Attorneys, Legal Service Plans
    Rufo Mark
    131 W Hollis St
    Nashua, NH 03060
    (603) 882-8424
    Attorneys, Legal Service Plans
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US