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 East Meadow, NY

Benefits of a Limited Liability Company (LLC) in East Meadow, NY


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 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 East Meadow, NY
    Saphirstein Arnold
    155 Bellmore Rd
    East Meadow, NY 11554
    (718) 444-9718
    General Practice Attorneys, Attorneys
    Weit Victor
    2460 Dogwood Ave
    East Meadow, NY 11554
    (516) 826-9665
    Attorneys, Legal Service Plans
    Bradley L. Siegel P.C.
    90 Merrick Ave
    East Meadow, NY 11554
    (516) 340-9521
    Real Estate Attorneys,  Bankruptcy Services,  Legal Clinics,  Attorneys,  Bankruptcy Law Attorneys
    Jacoby Melvyn Owner-Jacoby
    2545 Hempstead Tpke # 304
    East Meadow, NY 11554
    (516) 396-9318
    General Practice Attorneys, Attorneys, Legal Service Plans
    Dekajlo Oleh N
    1900 Hempstead Tpke # 201
    East Meadow, NY 11554
    (516) 542-9300
    General Practice Attorneys, Attorneys
    Marnell Russell I
    90 Merrick Ave # 520
    East Meadow, NY 11554
    (516) 542-9000
    General Practice Attorneys, Attorneys
    Martin Clearwater & Bell
    90 Merrick Ave Ste 401
    East Meadow, NY 11554
    (516) 222-8500
    General Practice Attorneys, Attorneys
    Fager & Amsler
    90 Merrick Ave Ste 701
    East Meadow, NY 11554
    (516) 794-7340
    By appointment
    O'Boyle Eileen
    90 Merrick Ave # 9
    East Meadow, NY 11554
    (516) 296-7151
    General Practice Attorneys, Attorneys
    Certilman Balin Adler & Hyman
    90 Merrick Ave
    East Meadow, NY 11554
    (516) 296-7000
    Legal Service Plans, Employee Benefits & Worker Compensation Attorneys, Attorneys, Criminal Law Atto
    Edwards Wayne
    90 Merrick Ave
    East Meadow, NY 11554
    (516) 296-7000
    General Practice Attorneys, Legal Service Plans, Attorneys
    Narendran Jothy
    90 Merrick Ave Fl 9
    East Meadow, NY 11554
    (516) 296-7000
    Real Estate Attorneys, Attorneys
    Jeffrey Shaw
    382 Newbridge Rd
    East Meadow, NY 11554
    (212) 349-5506
    Attorneys,  Real Estate Attorneys,  Family Law Attorneys,  Wills, Trusts & Estate Planning Attorney
    Liberty Relief
    2545 Hempstead TPKE
    East Meadow, NY 11554
    (516) 806-5103
    Bankruptcy Law Attorneys
    Goldstein And Bashner
    1778 Hempstead TPKE
    East Meadow, NY 11554
    (516) 222-4000
    Attorneys Referral & Information Service, Attorneys
    Richard Coryat
    2160 Hempstead Tpke
    East Meadow, NY 11554
    (516) 280-3409
    General Practice Attorneys, Attorneys
    Pam Jeffrey F
    529 May Ln
    East Meadow, NY 11554
    (516) 292-1817
    Attorneys, General Practice Attorneys
    Spring & Davis
    1975 Hempstead Tpke # 406
    East Meadow, NY 11554
    (516) 794-1428
    Attorneys, Real Estate Management
    Darnell Glen
    1975 Hempstead Tpke
    East Meadow, NY 11554
    (516) 794-1100
    General Practice Attorneys, Attorneys
    Newfeld & Fallon, PLLC
    1900 Hempstead Tpke Suite 304
    East Meadow, NY 11554
    (516) 314-0291
    Real Estate Attorneys,  General Practice Attorneys,  Bankruptcy Law Attorneys,  Corporation & Partne
    Umans Jay D
    90 Merrick Ave # 500
    East Meadow, NY 11554
    (516) 542-0200
    Personal Injury Law Attorneys, Attorneys, General Practice Attorneys
    Rindenow Michael Z
    1576 Front St
    East Meadow, NY 11554
    (516) 485-0200
    General Practice Attorneys, Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US