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 Mountain City, NV

Benefits of a Limited Liability Company (LLC) in Mountain City, 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 Mountain City, NV
    Copy Express & Graphic Design
    445 Pyramid Way
    Sparks, NV 89431
    (775) 358-9300
    Copying & Duplicating Service, Printing Services-Commercial, Graphic Designers, Printing Services, A
    Schechtman Morrisa
    7824 White Grass Ave
    Las Vegas, NV 89131
    (702) 636-9200
    Attorneys, Family Law Attorneys, General Practice Attorneys
    A General Practice
    7824 White Grass Ave
    Las Vegas, NV 89131
    (702) 636-9200
    Attorneys, Legal Service Plans
    Ragan S
    615 E Lincoln Way
    Sparks, NV 89431
    (775) 358-9071
    Attorneys, Legal Service Plans
    Cox H Bruce
    6511 Deer Springs Way
    Las Vegas, NV 89131
    (702) 877-8856
    Attorneys, Legal Service Plans
    Ells Melanie
    8509 Normandy Shores St
    Las Vegas, NV 89131
    (702) 362-8500
    Attorneys, General Practice Attorneys, Legal Service Plans
    Nevada Disability Advocacy & Law Center
    1311 N McCarran Blvd Ste 106
    Sparks, NV 89431
    (775) 333-7878
    Attorneys, General Practice Attorneys
    AKC Paralegal Service
    5848 Outraker Ct
    North Las Vegas, NV 89031
    (702) 463-7637
    Paralegals
    Pitegoff Jeffrey
    5135 Camino Al Norte
    North Las Vegas, NV 89031
    (702) 853-7030
    Attorneys
    Friedman Terry A Ltd.
    518 Pyramid Way
    Sparks, NV 89431
    (775) 322-6500
    Insurance Attorneys,  Personal Injury Law Attorneys,  Attorneys,  Accident & Property Damage Attorne
    Nevada Legal Forms & Postal Services
    6512 N Decatur Blvd # 130
    Las Vegas, NV 89131
    (702) 454-5411
    Estate Planning, Probate, & Living Trusts, Paralegals, Mail & Shipping Services, Corporation Supplie
    A Low Cost Divorce & Paralegal Service
    4900 Cascade Pools Ave
    Las Vegas, NV 89131
    (702) 399-4800
    Paralegals
    Ballard Law Offices, Ltd.
    6440 Sky Pointe Dr Ste 140-43
    Las Vegas, NV 89131
    (702) 989-4680
    Attorneys, Attorneys Referral & Information Service
    Richard C Blower Law Office
    2235 Green Vista Dr
    Sparks, NV 89431
    (775) 297-4634
    Attorneys, Legal Clinics, General Practice Attorneys, Legal Service Plans
    Liens U
    722 Azure Banks Ave
    North Las Vegas, NV 89031
    (702) 642-4210
    Collection Law Attorneys, Collection Agencies
    Liens 4U Inc
    5546 Camino Al Norte # 2-453
    North Las Vegas, NV 89031
    (702) 642-4210
    Collection Law Attorneys
    Barron & Pruitt Llp
    3890 W Ann Rd
    North Las Vegas, NV 89031
    (702) 870-3940
    Attorneys, Insurance Attorneys
    Davenport Richard L Gen Cnsl
    1100 Nugget Ave
    Sparks, NV 89431
    (775) 356-3423
    Attorneys, Legal Service Plans
    Blower Richard C
    2235 Green Vista Dr Suite 309
    Sparks, NV 89431
    (775) 674-3363
    Attorneys, General Practice Attorneys
    Richard Blower
    2235 Green Vista Dr
    Sparks, NV 89431
    (775) 674-3363
    Attorneys, General Practice Attorneys, Legal Service Plans
    Sparks City Finance Dept
    431 Prater Way
    Sparks, NV 89431
    (775) 353-2360
    Attorneys, Government Offices
    Mulligan James
    3230 Wedekind Rd
    Sparks, NV 89431
    (775) 359-1960
    Attorneys
    Frederick D. Williams Law Office
    5515 Wedekind Rd
    Sparks, NV 89431
    (775) 358-1958
    Real Estate Attorneys,  Personal Injury Law Attorneys,  Business Law Attorneys,  Estate Planning, P
    Accident Md
    7225 Fairwind Acres Pl
    Las Vegas, NV 89131
    (702) 664-1225
    Accident & Property Damage Attorneys, Automobile Accident Attorneys, Physicians & Surgeons
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US