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 Highland Lakes, NJ

Benefits of a Limited Liability Company (LLC) in Highland Lakes, 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 Highland Lakes, NJ
    Thomas A Battaglia
    430 Springfield Ave
    Berkeley Heights, NJ 07922
    (908) 665-9800
    Attorneys, Legal Service Plans
    John L. Schettino
    151 Anderson Ave
    Fairview, NJ 07022
    (201) 498-9768
    Corporation & Partnership Law Attorneys,  Attorneys,  Labor & Employment Law Attorneys,  Business Ba
    Hirsch, Guliet D - Archer & Greiner Pc
    1 State Route 12 # 201
    Flemington, NJ 08822
    (908) 788-9700
    Estate Planning Attorneys,  Attorneys,  Legal Service Plans,  Family Law Attorneys,  Divorce Attorne
    Lochetta Ii, Nicholas J - Archer & Greiner Pc
    1 State Route 12 Suite 201
    Flemington, NJ 08822
    (908) 788-9700
    Estate Planning Attorneys, Attorneys, Family Law Attorneys, Divorce Attorneys, Business Law Attorney
    Palakow, Gregory J - Archer & Greiner Pc
    1 State Route 12 Suite 201
    Flemington, NJ 08822
    (908) 788-9700
    Estate Planning Attorneys, Attorneys, Family Law Attorneys, Divorce Attorneys, Business Law Attorney
    Parker John R
    260 US Highway 202/31 # 1100
    Flemington, NJ 08822
    (908) 782-9458
    Attorneys, Legal Service Plans
    Wolfson William S
    260 US Highway 202/31
    Flemington, NJ 08822
    (908) 782-9333
    Attorneys, Legal Service Plans
    William G. Tauriello
    63 Main St
    Flemington, NJ 08822
    (908) 968-9261
    Bankruptcy Law Attorneys, Business Litigation Attorneys, Attorneys, Probate Law Attorneys, Wills, Tr
    Levinson Axelrod
    124 US Highway 202/31
    Flemington, NJ 08822
    (908) 968-9215
    Social Security & Disability Law Attorneys,  Attorneys,  Criminal Law Attorneys,  Malpractice Law At
    Mattera Nicholas
    470 Chamberlain Ave
    Paterson, NJ 07522
    (973) 595-9123
    General Practice Attorneys, Attorneys, Legal Service Plans
    Kuchinsky & Rotunno PC
    5 E Main St
    Flemington, NJ 08822
    (908) 968-9064
    Attorneys, Criminal Law Attorneys, Juvenile Law Attorneys, Social Security & Disability Law Attorney
    Kaplan & Carlin
    5 Professional Cir
    Colts Neck, NJ 07722
    (732) 845-9010
    Family Law Attorneys, Attorneys, Divorce Attorneys
    Peterson Erik Attorney
    6 Darts Mill Rd
    Flemington, NJ 08822
    (888) 497-8846
    Attorneys, Civil Litigation & Trial Law Attorneys, General Practice Attorneys
    Waxman Marvin
    96 Main St # 2
    Flemington, NJ 08822
    (908) 788-8803
    General Practice Attorneys, Attorneys, Legal Service Plans
    Byrnes Jo Anne
    4 Walter E Foran Blvd # 301
    Flemington, NJ 08822
    (908) 806-8458
    Arbitration Services,  Attorneys,  Family Law Attorneys,  Mediation Services,  General Practice Atto
    Deutchman & Drews
    260 US Highway 202/31
    Flemington, NJ 08822
    (908) 782-8292
    Family Law Attorneys, Litigation & Tort Attorneys, Attorneys, Insurance, Business Law Attorneys
    Dilts & Koester
    167 Main St
    Flemington, NJ 08822
    (908) 782-8200
    Attorneys,  Labor & Employment Law Attorneys,  Business Law Attorneys,  Personal Injury Law Attorney
    Koester, Anthony E - Dilts & Koester
    167 Main St
    Flemington, NJ 08822
    (908) 782-8200
    Attorneys, Labor & Employment Law Attorneys, Business Law Attorneys, Personal Injury Law Attorneys,
    Chung Soyong
    378 Bergen Blvd # 2
    Fairview, NJ 07022
    (201) 840-8133
    General Practice Attorneys, Attorneys, Legal Service Plans
    Santore Jr August N
    143 Summit Ave
    Berkeley Heights, NJ 07922
    (908) 665-8004
    General Practice Attorneys, Attorneys, Legal Service Plans
    Winget R Dale
    84 Park Ave
    Flemington, NJ 08822
    (908) 782-7777
    Attorneys, Real Estate Attorneys, General Practice Attorneys, Legal Service Plans, Commercial Law At
    Coviello & Legg, LLP
    311 Fairview Ave., 2nd Fl.
    Fairview, NJ 07022
    (201) 943-7575
    General Practice Attorneys, Divorce Attorneys, Personal Injury Law Attorneys
    Apuzzo Mario
    7 Clover Hill Rd
    Colts Neck, NJ 07722
    (732) 526-7355
    General Practice Attorneys, Attorneys
    Schutz Matthew R
    40 Coppermine Vlg
    Flemington, NJ 08822
    (908) 806-7165
    General Practice Attorneys, Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US