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 Glasser, NJ

Benefits of a Limited Liability Company (LLC) in Glasser, 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 Glasser, NJ
    Leitner Stephen
    244 Fernwood Ave
    Edison, NJ 08837
    (732) 417-9700
    Attorneys, Legal Service Plans
    Antao & Chuang
    46 Parsonage Rd
    Edison, NJ 08837
    (201) 816-9498
    Attorneys, General Practice Attorneys, Legal Service Plans
    Howell & Bertman Law Offices
    231 Bellevue Ave
    Hammonton, NJ 08037
    (609) 567-9300
    Attorneys,  General Practice Attorneys,  Legal Service Plans,  Criminal Law Attorneys,  Labor & Empl
    Just Chester A
    868 Amboy Ave
    Edison, NJ 08837
    (732) 738-9300
    Attorneys
    Rodio William A
    256 S White Horse Pike
    Hammonton, NJ 08037
    (609) 567-6060
    General Practice Attorneys, Attorneys
    Buchman Law Firm LLP
    510 Thornall St
    Edison, NJ 08837
    (732) 632-6060
    General Practice Attorneys, Attorneys, Legal Service Plans
    Behr Office
    325 Pierson Ave
    Edison, NJ 08837
    (732) 603-6006
    Attorneys, Legal Service Plans
    Jones Iv, Charles H - Charles H Jones Iv Pc
    253 N White Horse Pike
    Hammonton, NJ 08037
    (609) 567-5400
    Attorneys,  Criminal Law Attorneys,  Personal Injury Law Attorneys,  Insurance Attorneys,  Legal Ser
    Kline & Gast
    1381 US Highway 1 # 2
    Edison, NJ 08837
    (732) 321-5288
    Attorneys, General Practice Attorneys, Legal Service Plans, Criminal Law Attorneys
    Mattioli Clarence J
    18 S 2nd St # 2
    Hammonton, NJ 08037
    (609) 561-5151
    General Practice Attorneys, Attorneys, Legal Service Plans
    Casci Mauro C
    739 Leonardville Rd
    Leonardo, NJ 07737
    (732) 291-4200
    General Practice Attorneys, Attorneys
    Curcio James
    430 French St
    Hammonton, NJ 08037
    (609) 567-4135
    Attorneys
    Mctiernan Barry
    1024 Amboy Ave
    Edison, NJ 08837
    (732) 225-3510
    Attorneys, Legal Service Plans
    Hoagland Longo Moran Dunst
    701 Wiltseys Mill Rd Ste B-202
    Hammonton, NJ 08037
    (609) 561-2426
    Administrative & Governmental Law Attorneys, Attorneys
    Timothy Mcilwain
    215 12th St
    Hammonton, NJ 08037
    (609) 567-2234
    General Practice Attorneys, Attorneys, Legal Service Plans
    Sarno Anthony
    10 Parsonage Rd Ste 316
    Edison, NJ 08837
    (732) 603-2030
    Attorneys, Legal Service Plans
    Littlefield Allen, Esquire - Fishman, Littlefield & Fishman LLC
    245 S. White Horse Pike
    Hammonton, NJ 08037
    (609) 567-2009
    Insurance Attorneys,  Attorneys,  Personal Injury Law Attorneys,  Legal Service Plans
    Burbage James
    379 Thornall St
    Edison, NJ 08837
    (732) 549-1818
    Attorneys, General Practice Attorneys, Legal Service Plans
    Gillman & Gillman
    770 Amboy Ave
    Edison, NJ 08837
    (732) 661-1664
    Bankruptcy Law Attorneys,  Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Real Estate Attorn
    Curcio & Curcio
    325 Bellevue Ave
    Hammonton, NJ 08037
    (609) 561-1244
    Estate Planning Attorneys,  Attorneys,  Legal Service Plans,  Criminal Law Attorneys,  Family Law At
    Bear Steans
    379 Thornall St
    Edison, NJ 08837
    (732) 906-0658
    Attorneys, Legal Service Plans
    Stathis & Leonardis
    32 Main St
    Edison, NJ 08837
    (732) 494-0600
    Civil Litigation & Trial Law Attorneys,  Attorneys,  Criminal Law Attorneys,  Personal Injury Law At
    The Cody Law Firm
    651 S White Horse Pike
    Hammonton, NJ 08037
    (609) 561-0529
    Military & Veterans Law Attorneys, Attorneys
    Colasurdo-Cody Kerri
    651 S White Horse Pike
    Hammonton, NJ 08037
    (609) 561-0529
    Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US