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 Indian Springs, NV

Benefits of a Limited Liability Company (LLC) in Indian Springs, NV


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 NV 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 NV 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 Indian Springs, NV
    Madden Corp
    3350 W Ali Baba Ln # K
    Las Vegas, NV 89118
    (702) 597-9985
    Attorneys, Legal Service Plans
    Refe Al
    5353 S Jones Blvd
    Las Vegas, NV 89118
    (702) 227-9827
    Attorneys, Legal Service Plans
    Justin Lohrman
    3525 W Russell Rd
    Las Vegas, NV 89118
    (702) 735-9097
    Attorneys
    Chung Susana
    5940 S Rainbow Blvd # 1000
    Las Vegas, NV 89118
    (702) 252-8831
    Attorneys
    Michael R Balabon Law Office
    6260 S Rainbow Blvd # 110
    Las Vegas, NV 89118
    (702) 472-8098
    Attorneys, Legal Service Plans
    Chattah Sigal
    5875 S Rainbow Blvd # 204
    Las Vegas, NV 89118
    (702) 360-6200
    Attorneys, General Practice Attorneys, Legal Service Plans
    Michael Reynolds
    4974 S Rainbow Blvd Ste 110
    Las Vegas, NV 89118
    (702) 362-5754
    Attorneys, General Practice Attorneys, Legal Service Plans
    Jeffrey M Verdon Law Group LLP
    5915 Edmond St Ste 102
    Las Vegas, NV 89118
    (702) 998-5317
    Attorneys, Legal Service Plans
    State of Nevada District Court Eighth Judicial
    3955 W Russell Rd
    Las Vegas, NV 89118
    (702) 671-4606
    Attorneys, Justice Courts, State Government
    Abrams Law Firm
    6252 S Rainbow Blvd
    Las Vegas, NV 89118
    (702) 222-4021
    Attorneys,  Family Law Attorneys,  Divorce Attorneys,  General Practice Attorneys,  Legal Service Pl
    Anthony & Anthony Enterprises
    7285 Dean Martin Dr # 100
    Las Vegas, NV 89118
    (702) 227-3778
    Attorneys, Legal Service Plans
    Dilbeck Scott
    5495 S Rainbow Blvd # 202
    Las Vegas, NV 89118
    (702) 823-3333
    Attorneys, Legal Service Plans
    Wayne's Paralegal Svc
    5141 Lindell Rd
    Las Vegas, NV 89118
    (702) 220-3045
    Paralegals
    Riley Grant K
    4534 W Hacienda Ave # A
    Las Vegas, NV 89118
    (702) 436-1688
    Attorneys, Legal Service Plans
    Amick Law Office
    6030 S Rainbow Blvd # D1
    Las Vegas, NV 89118
    (702) 320-1616
    General Practice Attorneys, Attorneys
    Divorce Attorneys in Las Vegas Unltd
    6253 South Rainbow Blvd
    Las Vegas, NV 89118
    (702) 608-1441
    Divorce Attorneys
    Pinnacle Tax & Business Services
    4974 S Rainbow Blvd # 110
    Las Vegas, NV 89118
    (702) 365-1321
    Tax Return Preparation,  Attorneys,  Bookkeeping,  Financial Planning Consultants,  Taxes-Consultant
    Kent James S LTD
    6280 S Valley View Blvd
    Las Vegas, NV 89118
    (702) 385-1100
    Attorneys
    Zvenia & Associates
    5940 South Rainbow blvd suite 1000
    Las Vegas, NV 89118
    (702) 384-0991
    Attorneys, Legal Service Plans
    T Period Nicklos Co
    3870 W Ali Baba Ln
    Las Vegas, NV 89118
    (702) 795-0180
    General Practice Attorneys
    Michael Hagemeyer Law Offices
    6351 Hinson St # F
    Las Vegas, NV 89118
    (702) 891-0022
    Attorneys, General Practice Attorneys, Legal Service Plans
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US