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 Alloway, NJ

Benefits of a Limited Liability Company (LLC) in Alloway, NJ


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 NJ 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 NJ 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 Alloway, NJ
    Rocco Maria F
    31 Leroy Pl
    Red Bank, NJ 07701
    (732) 450-9999
    Attorneys, Legal Service Plans
    Law Office-Valerie Hemhauser
    125 Half Mile Rd # 200
    Red Bank, NJ 07701
    (732) 842-9993
    General Practice Attorneys, Family Law Attorneys, Attorneys, Divorce Attorneys
    Applebey Gary D
    367 Livingston Ave
    New Brunswick, NJ 08901
    (732) 247-9988
    Attorneys
    Zavaglia Jr Joseph
    728 Nutswamp Rd
    Red Bank, NJ 07701
    (732) 933-9963
    Attorneys, Legal Service Plans
    Morrell Eric B
    191 Livingston Ave
    New Brunswick, NJ 08901
    (732) 249-9933
    Attorneys, General Practice Attorneys
    Gasiorowski Cathy
    54 Broad St # 302
    Red Bank, NJ 07701
    (732) 212-9930
    Attorneys
    Gold, Albanese & Barletti
    58 Maple Ave
    Red Bank, NJ 07701
    (732) 936-9901
    Corporation & Partnership Law Attorneys, Attorneys, Accident & Property Damage Attorneys, Personal I
    Ofeck Ron
    85 Main St
    Hackensack, NJ 07601
    (201) 488-9900
    Attorneys, Legal Service Plans
    Nita Kundanmal, P.C.
    238 Main Street, Suite 111
    Hackensack, NJ 07601
    (201) 883-9800
    Immigration Law Attorneys
    Immigrat World
    100 Jefferson Ave
    Elizabeth, NJ 07201
    (908) 659-9779
    Attorneys, Immigration & Naturalization Consultants, Legal Service Plans
    John L Schettino
    2 University Plz Ste 311
    Hackensack, NJ 07601
    (201) 498-9768
    Attorneys, General Practice Attorneys, Legal Service Plans
    Schettino John
    800 Main St # 1
    Hackensack, NJ 07601
    (201) 498-9768
    Attorneys,  Labor & Employment Law Attorneys,  Corporation & Partnership Law Attorneys,  Business Ba
    Castner Jane D
    93 Sidney School Rd
    Annandale, NJ 08801
    (908) 713-9723
    Attorneys, Tax Attorneys, Wills, Trusts & Estate Planning Attorneys
    Jenkins & Clayman
    1125 Atlantic Ave # 536
    Atlantic City, NJ 08401
    (856) 546-9696
    Attorneys,  General Practice Attorneys,  Legal Service Plans,  Bankruptcy Law Attorneys
    Samperi Frank D
    45 Essex St # 101
    Hackensack, NJ 07601
    (201) 487-9669
    Attorneys, General Practice Attorneys
    Savy Grant & Assoc
    39 Hudson St
    Hackensack, NJ 07601
    (201) 646-9600
    Estate Planning Attorneys, Attorneys, Criminal Law Attorneys, Family Law Attorneys, Divorce Attorney
    Anish A. Joshi, Esq.
    53 Paterson St
    New Brunswick, NJ 08901
    (732) 545-9600
    Business Bankruptcy Law Attorneys,  Attorneys,  Legal Service Plans,  Family Law Attorneys,  Divorce
    Bitterman Lawrence Y
    247 Livingston Ave # 2
    New Brunswick, NJ 08901
    (732) 249-9600
    General Practice Attorneys, Attorneys
    Avelino Law Firm
    121 Summit Ave
    Summit, NJ 07901
    (908) 918-9600
    Attorneys
    Singer Melinda
    3 University Plaza Dr
    Hackensack, NJ 07601
    (201) 678-9595
    General Practice Attorneys, Attorneys
    Wilson Jeffrey R
    706 N Ohio Ave
    Atlantic City, NJ 08401
    (609) 348-9560
    Attorneys, General Practice Attorneys
    Blair Hugh M
    48 Maple St
    Summit, NJ 07901
    (908) 522-9550
    Attorneys, Legal Service Plans
    Vort Robert A
    2 University Plz # 200
    Hackensack, NJ 07601
    (201) 342-9501
    Attorneys, Legal Service Plans
    Cohen I Mark
    1 Executive Dr # 6
    Tinton Falls, NJ 07701
    (732) 741-9500
    Legal Service Plans,  Bankruptcy Law Attorneys,  Attorneys,  Bankruptcy Services
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US