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 Hicksville, NY

Benefits of a Limited Liability Company (LLC) in Hicksville, 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 Hicksville, NY
    Russo & Pedranghelu
    16 E Old Country Rd
    Hicksville, NY 11801
    (516) 781-8787
    General Practice Attorneys,  Criminal Law Attorneys,  Accident & Property Damage Attorneys,  Attorne
    A A G Incorporated Attys
    16 E Old Country Rd
    Hicksville, NY 11801
    (516) 781-8787
    Attorneys, General Practice Attorneys
    Copeland Richard M Atty
    20 W Marie St
    Hicksville, NY 11801
    (516) 822-7162
    Attorneys
    P Law Office
    76 N Broadway # 4006
    Hicksville, NY 11801
    (516) 833-6282
    General Practice Attorneys, Attorneys, Legal Service Plans
    Taylor Robert J
    160 W Old Country Rd Ste 2
    Hicksville, NY 11801
    (516) 935-5911
    Attorneys, Legal Service Plans
    Top Bankruptcy Law Clinic
    117 Broadway
    Hicksville, NY 11801
    (866) 354-5393
    Bankruptcy Law Attorneys, Bankruptcy Services
    Futterman L Lawrence
    82 N Broadway
    Hicksville, NY 11801
    (516) 681-4488
    Attorneys
    Roy A. List
    109 Newbridge Rd
    Hicksville, NY 11801
    (516) 822-4100
    Probate Law Attorneys, Attorneys, General Practice Attorneys
    Ahmed Shamim
    76 N Broadway
    Hicksville, NY 11801
    (516) 433-3394
    Attorneys, Legal Service Plans
    Hussein Waiel
    960 S Broadway # 120
    Hicksville, NY 11801
    (516) 342-1696
    General Practice Attorneys, Attorneys
    Rivers Edge Land Svc
    77 Newbridge Rd
    Hicksville, NY 11801
    (516) 931-1590
    Attorneys, Legal Service Plans
    Scott R. Schneider
    117 Broadway
    Hicksville, NY 11801
    (516) 433-1555
    Attorneys, Bankruptcy Law Attorneys
    Darren Aronow
    8B Commercial Street
    Hicksville, NY 11801
    (516) 663-0970
    Bankruptcy Law Attorneys, Real Estate Attorneys, Wills, Trusts & Estate Planning Attorneys
    Stefanie Devery Law Offices
    41 E Barclay St
    Hicksville, NY 11801
    (516) 433-0480
    General Practice Attorneys, Attorneys
    Pearlman, Apat, Futterman, Sirotkin & Seinfeld, LLP
    99 Woodbury Rd Ste 222
    Hicksville, NY 11801
    (516) 681-0250
    Accident & Property Damage Attorneys,  Attorneys,  Corporation & Partnership Law Attorneys,  Persona
    Assad Bhatti, P.C.
    183 Broadway Ste 210
    Hicksville, NY 11801
    (516) 522-0243
    Corporation & Partnership Law Attorneys, Attorneys, Labor & Employment Law Attorneys
    Kingsley Kingsley & Calkins
    91 W Cherry St
    Hicksville, NY 11801
    (516) 931-0064
    Admiralty & Maritime Law Attorneys, Wills, Trusts & Estate Planning Attorneys
    Goldstein Steven J
    77 Newbridge Rd
    Hicksville, NY 11801
    (516) 681-0022
    Attorneys, Legal Service Plans
    Pasternack Tilker Ziegler
    25 Newbridge Rd
    Hicksville, NY 11801
    Attorneys, Personal Injury Law Attorneys, Legal Clinics
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US