12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents
 
 
FINANCIAL & MARITAL

Cohabitation Agreement coming soon!
Separation Agreement coming soon!
No-Fault Divorce coming soon!
Bankruptcy coming soon!
 
 

Benefits of a Limited Liability Company (LLC) in Chama, NM

Benefits of a Limited Liability Company (LLC) in Chama, NM


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 NM 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 NM 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 Chama, NM
    Barthelemy Michael J
    5101 Coors Blvd NW # G
    Albuquerque, NM 87120
    (505) 452-9937
    General Practice Attorneys, Attorneys
    Susan Boswell Paralegal
    6708 Mayhill Ct NW
    Albuquerque, NM 87120
    (505) 839-9411
    Paralegals
    Gallegos Frank J
    201 N Alameda St
    Carlsbad, NM 88220
    (575) 234-9199
    Attorneys, General Practice Attorneys, Legal Service Plans
    Slomenhaft & Cannata LLP
    6309 Whiteman Dr NW
    Albuquerque, NM 87120
    (505) 890-9167
    Attorneys
    Atencio Law Office
    3809 Atrisco Dr NW Ste B
    Albuquerque, NM 87120
    (505) 839-9111
    Attorneys,  Family Law Attorneys,  Labor & Employment Law Attorneys,  Divorce Attorneys,  Estate Pla
    Caplan Michael J
    827 E Santa Fe Ave
    Grants, NM 87020
    (505) 287-8891
    Attorneys, Legal Service Plans
    James Sokolove
    323 W Mermod St
    Carlsbad, NM 88220
    (575) 628-8363
    General Practice Attorneys, Attorneys, Legal Service Plans
    Prossnitz Eric R
    2705 Rio Orilla Ln NW
    Albuquerque, NM 87120
    (505) 899-8314
    General Practice Attorneys
    A Accident Advice
    4801 All Saints Rd NW
    Albuquerque, NM 87120
    (505) 454-8150
    Legal Service Plans,  Accident & Property Damage Attorneys,  Personal Injury Law Attorneys,  Automob
    De Leon Translation Services, LLC
    2929 Coors Blvd NW Ste 310-D
    Albuquerque, NM 87120
    (505) 314-7016
    Paralegals, Translators & Interpreters
    Litigation Support Svc
    4829 Los Serranos Ct NW
    Albuquerque, NM 87120
    (505) 301-6711
    Paralegals
    Zamzok Lawrence P
    6001 Whiteman Dr NW
    Albuquerque, NM 87120
    (505) 898-6311
    Attorneys, Legal Service Plans
    Ellis Law Office
    107 S Main St
    Carlsbad, NM 88220
    (575) 885-6077
    General Practice Attorneys, Attorneys
    Allen Mila L
    901 W U S Highway 66
    Grants, NM 87020
    (505) 287-5679
    Attorneys, Legal Service Plans
    All Workplace Problems
    4928 Wellsburg Ave NW
    Albuquerque, NM 87120
    (505) 903-5575
    Social Security & Disability Law Attorneys, Attorneys, Labor & Employment Law Attorneys
    Shine Richard S
    3835 Oxbow Village Ln NW
    Albuquerque, NM 87120
    (505) 831-5402
    Attorneys, Legal Service Plans
    Griffith Harry G W
    2929 Coors Blvd NW # 102G
    Albuquerque, NM 87120
    (505) 385-5102
    Attorneys,  Bankruptcy Services,  Bankruptcy Law Attorneys,  Legal Service Plans
    Fernandez Gary
    216 W High St
    Grants, NM 87020
    (505) 287-4409
    Attorneys, Legal Service Plans
    Byers Matthew T
    112 N Canyon St
    Carlsbad, NM 88220
    (575) 885-4171
    Attorneys, Legal Service Plans
    Gant Joseph E
    211 W Mermod St
    Carlsbad, NM 88220
    (575) 887-3956
    Attorneys, Legal Service Plans
    Martin Dugan and Martin Law Firm
    509 W Pierce St
    Carlsbad, NM 88220
    (575) 887-3528
    Admiralty & Maritime Law Attorneys, Attorneys, Malpractice Law Attorneys
    Diamond Jeffrey
    323 W Mermod St
    Carlsbad, NM 88220
    (575) 885-3500
    Attorneys, Social Security & Disability Law Attorneys, Labor & Employment Law Attorneys
    Fisk John W
    323 W Mermod St
    Carlsbad, NM 88220
    (575) 885-3500
    Attorneys
    Jeff Diamond Law Firm
    323 W Mermod St
    Carlsbad, NM 88220
    (575) 885-3500
    Attorneys, Social Security Services
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US