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!
 
 

Structural Advantages of a Limited Liability Company (LLC) in Zip Code 14766

Structural Advantages of a Limited Liability Company (LLC) in Zip Code 14766


Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do.
 
- Steve Jobs


A Limited Liability Company blends almost all the structure of business entities like a sole proprietorship, Partnership, and corporation without their respective drawbacks. New business start-ups often choose an LLC as the structure of their business.

An LLC offers several key advantages for new businesses:

1. Chart Your Own Course

As the owner of a business, you want to carve out your own place under the sun by running your own show. An LLC can be run by a single person, and most states recognize you as the sole owner of the business. Being on your own, you can make decisions without Consulting or needing the approval of other members of the company. Like a sole proprietorship, you own, manage, and operate your business without the liability issues of a sole proprietor. If you have a co-owner, you can enter into a mutual or operating agreement to point out the obligations and respective role you each play in order for the business to run smoothly.

2. Bypass Double Taxation

An LLC is treated as a "pass-through" entity that allows profits to be taxed only once on each member's individual income tax return. (You can also opt for declaring your LLC as an S corporation or Partnership in order to receive similar "pass-through" treatment from the IRS.)

3. Limit Personal Liability

One advantage of structuring your business as an LLC is that your personal assets will not be used to pay off the debts or legal liabilities of the LLC. The only thing that the owner or investor may lose is the capital contribution that is invested in the company. There are instances where the owner of the LLC may be personally liable, such as when he/she personally guarantees a business debt, fails to exercise due care resulting in harm to a third party, or breaches his/her duties as an owner.

4. Limit Administrative Hassles and Paperwork

Setting up and maintaining an LLC is less complicated when compared to other types of business structures. An LLC can be formed by filing articles of organization with the relevant state office, and paying the corresponding fees. The application will indicate the name and address of the company, the identity of its member(s), and other information relevant to the business. There are no mandatory meeting or reporting requirements by the member(s) or any annual directors' meeting that is usually required by a corporation.

5. Gain Flexibility in Sharing Profits

Most businesses share their profits (or losses) based on the percentage of investment they have in the company. In an LLC it can also be applied as a basis for distributing the profits, but there are other ways to distribute the profits as indicated in the LLC operating agreement. There is an IRS rule about so-called special allocations that come into play that require allocations not based on ownership interest to reflect a legitimate economic circumstance as opposed to merely trying to gain a tax advantage for the owners.
 
Personalize & Print a Free NY 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 NY 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 Zip Code 14766
Rosemary O. Nwawka P.C.
7197 E Genesee St
Fayetteville, NY 13066
(315) 849-9921
Divorce Attorneys, Attorneys, Immigration Law Attorneys, Real Estate Attorneys, Family Law Attorneys
Tynan Maureen
2174 Hewlett Ave # 107
Merrick, NY 11566
(516) 379-9806
General Practice Attorneys, Attorneys, Legal Service Plans
Quinn Thomas & Tara
85 Edie Rd
Saratoga Springs, NY 12866
(518) 581-9650
Attorneys, Legal Service Plans
Mannix Jr John C
198 Church St
Saratoga Springs, NY 12866
(518) 581-9615
Estate Planning Attorneys, Attorneys, Legal Service Plans
Newman William A
200 Park Ave
New York, NY 10166
(212) 801-9393
Attorneys
Goldberg Ellen
200 Park Ave
New York, NY 10166
(212) 801-9374
Attorneys, Legal Service Plans
Goldfaden Raymond I
200 Park Ave
New York, NY 10166
(212) 801-9363
Attorneys, Legal Service Plans
Kaufman Ross
200 Park Ave
New York, NY 10166
(212) 801-9322
Antitrust Law Attorneys, Attorneys, Business Law Attorneys
Sallaway Law Firm P
7030 E Genesee St
Fayetteville, NY 13066
(315) 256-9240
Legal Service Plans, Criminal Law Attorneys, DUI & DWI Attorneys, Traffic Law Attorneys, Attorneys
Briendel William D
200 Park Ave # 14
New York, NY 10166
(212) 801-9233
Attorneys, Legal Service Plans
Feldman, Spencer G - Greenberg Traurig
200 Park Ave # 14
New York, NY 10166
(212) 801-9221
Antitrust Law Attorneys, Attorneys, Business Law Attorneys
Ettinger Michael
340R Broadway
Saratoga Springs, NY 12866
(518) 581-9200
General Practice Attorneys, Attorneys
Caso George
2174 Hewlett Ave # 211
Merrick, NY 11566
(516) 379-9000
Attorneys, Legal Service Plans
Gelman Robert
18034 Union Tpke
Fresh Meadows, NY 11366
(718) 380-8980
Attorneys, Legal Service Plans
Three State Paralegal
1009 Park St
Peekskill, NY 10566
(914) 432-8854
Paralegals
Lemery Greisler
60 Railroad Pl Ste 502
Saratoga Springs, NY 12866
(518) 581-8800
Estate Planning Attorneys,  Attorneys,  Tax Attorneys,  Business Law Attorneys,  Real Estate Attorne
Jared P Turman
1980 Broadcast Plz
Merrick, NY 11566
(516) 208-8781
General Practice Attorneys, Attorneys
Kimberly B. Fischer Esq
376 Broadway
Saratoga Springs, NY 12866
(518) 290-8624
Attorneys, Family Law Attorneys, Divorce Attorneys
Regina A Lino
1 Broadcast Plz
Merrick, NY 11566
(516) 223-8042
General Practice Attorneys, Attorneys
Mullaney Law Offices
494 Broadway # 212
Saratoga Springs, NY 12866
(518) 584-8000
General Practice Attorneys, Attorneys
Katzman Law Firm
376 Broadway Ste 2
Saratoga Springs, NY 12866
(518) 290-7680
Attorneys,  Business Law Attorneys,  Real Estate Attorneys,  Personal Injury Law Attorneys,  Bankrup
Katzman Law Firm
125 High Rock Ave
Saratoga Springs, NY 12866
(518) 290-7680
Real Estate Attorneys, Personal Property Law Attorneys, Bankruptcy Law Attorneys, Automobile Acciden
Winokur Michael S
7581 183rd St
Fresh Meadows, NY 11366
(718) 264-7400
Attorneys, Legal Service Plans
Richard M Levy & Assoc
2448 Merrick Ave
Merrick, NY 11566
(516) 379-7334
Attorneys,  Probate Law Attorneys,  Accident & Property Damage Attorneys,  Wills, Trusts & Estate P
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US