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 Juliustown, NJ

Benefits of a Limited Liability Company (LLC) in Juliustown, 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 Juliustown, NJ
    Robert F Brogan Law Office
    3728 River Rd
    Point Pleasant Boro, NJ 08742
    (732) 701-9999
    Attorneys, General Practice Attorneys, Legal Service Plans, Estate Planning Attorneys
    De Warren
    229 Nassau St
    Princeton, NJ 08542
    (609) 279-9696
    General Practice Attorneys, Attorneys, Legal Service Plans
    Parsonnet Lissa
    311 Claremont Ave # 3
    Montclair, NJ 07042
    (973) 921-9629
    General Practice Attorneys
    Dickson Peter D
    194 Nassau St # 32
    Princeton, NJ 08542
    (609) 921-9555
    Attorneys, Legal Service Plans
    Brennan Christopher
    3728 River Rd
    Point Pleasant Boro, NJ 08742
    (732) 701-9500
    Attorneys
    Harlam Tenenbaum
    55 Spruce St
    Princeton, NJ 08542
    (609) 497-9393
    General Practice Attorneys, Attorneys, Legal Service Plans
    Kellington Jeanette C
    516 Bay Ave
    Point Pleasant Beach, NJ 08742
    (732) 892-9330
    General Practice Attorneys, Attorneys
    Tykulsker David
    161 Walnut St
    Montclair, NJ 07042
    (973) 509-9292
    Attorneys,  Legal Service Plans,  Attorneys Referral & Information Service,  General Practice Attorn
    Badenhausen Thomas M Attorney
    34 Chambers St
    Princeton, NJ 08542
    (609) 924-9155
    Attorneys, Legal Service Plans
    Soy Rosa H
    45 Park St # 1
    Montclair, NJ 07042
    (973) 783-9004
    Attorneys, Legal Service Plans
    Kiernan & Campbell
    206 Claremont Ave
    Montclair, NJ 07042
    (973) 509-8900
    Attorneys, General Practice Attorneys
    Saccente Nancy E
    442 Broadway
    Hillsdale, NJ 07642
    (201) 358-8898
    General Practice Attorneys, Attorneys
    Soltis August R
    530 Ramapo Ave
    Pompton Lakes, NJ 07442
    (973) 616-8820
    Attorneys,  Business Bankruptcy Law Attorneys,  Legal Service Plans,  Bankruptcy Law Attorneys
    Krause Geni S
    205 Nassau St
    Princeton, NJ 08542
    (609) 587-8577
    Attorneys
    Ty Hyderally & Assoc Law Ofc
    33 Plymouth St
    Montclair, NJ 07042
    (973) 509-8500
    General Practice Attorneys, Attorneys, Legal Service Plans
    Kearns Peter D
    1100 Arnold Ave
    Point Pleasant Boro, NJ 08742
    (732) 892-8440
    Attorneys, Legal Service Plans
    Harter Simon
    20 Nassau St # 10
    Princeton, NJ 08542
    (609) 688-8330
    General Practice Attorneys, Attorneys, Legal Service Plans
    Istivan Ronald D
    303 Claremont Ave
    Montclair, NJ 07042
    (973) 746-7480
    Attorneys, Legal Service Plans
    Kaplan Steven
    303 Claremont Ave
    Montclair, NJ 07042
    (973) 746-7480
    Attorneys
    Mulick Mark
    50 Church St
    Montclair, NJ 07042
    (973) 746-7400
    Attorneys, General Practice Attorneys, Legal Service Plans
    Bleimaier John Kuhn
    15 Witherspoon St
    Princeton, NJ 08542
    (609) 924-7273
    Attorneys, Immigration Law Attorneys, Immigration & Naturalization Consultants, General Practice Att
    Sarcone C Robert Lawyer
    66 Park St
    Montclair, NJ 07042
    (973) 751-7222
    Attorneys
    Shamy Jason
    2400 Route 88
    Point Pleasant Boro, NJ 08742
    (732) 202-7206
    General Practice Attorneys, Attorneys, Legal Service Plans
    Treichler Peter B
    219 Nassau St
    Princeton, NJ 08542
    (609) 924-7100
    General Practice Attorneys, Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US