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 Jamaica, NY

Structural Advantages of a Limited Liability Company (LLC) in Jamaica, NY


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 Jamaica, NY
Sanchez J A
8900 Sutphin Blvd
Jamaica, NY 11435
(718) 658-9858
Attorneys, Legal Service Plans
Dechalus Henry
13935 Jamaica Ave
Jamaica, NY 11435
(718) 206-9595
Attorneys, Legal Service Plans
Lanoix Lesley J
8931 161st St # 901
Jamaica, NY 11432
(718) 276-9400
General Practice Attorneys, Attorneys
Finkelstein & Partners LLP
16110 Jamaica Ave
Jamaica, NY 11432
(845) 352-9240
Medical Malpractice Attorneys, Attorneys
Law Offices Nelson A Cstll
8625 Ava Pl
Jamaica, NY 11432
(718) 570-9171
General Practice Attorneys, Attorneys
CAPITAL RECOVERY LLC
153-25 Jamaica Ave
Jamaica, NY 11432
(718) 262-8905
Collection Systems, Law Enforcement Agencies-Government, Financial Services, Collection Law Attorney
Pershay Barbara Emmanuel
13002 Guy R Brewer Blvd
Jamaica, NY 11434
(718) 341-8769
Attorneys, Legal Service Plans
Flatt, Samuel Samuel D Flatt
14726 Hillside Ave 2nd Floor
Jamaica, NY 11435
(718) 532-8639
Attorneys
Atchison & Assoc Law Offices
9025 161st St
Jamaica, NY 11432
(718) 262-8032
Administrative & Governmental Law Attorneys, Attorneys, General Practice Attorneys
Stutz Toba Beth
9050 Parsons Blvd # 203
Jamaica, NY 11432
(718) 526-7976
Attorneys, Legal Service Plans
Paige A. Adams
15711 Rockaway Blvd
Jamaica, NY 11434
(877) 258-7914
Adoption Law Attorneys, Attorneys, Family Law Attorneys
Immigrant Liberty
13826 Farmers Blvd
Jamaica, NY 11434
(888) 973-7878
Immigration Law Attorneys, Attorneys
Joseph A Ledwidge
17026 Cedarcroft Rd
Jamaica, NY 11432
(855) 353-7720
Legal Service Plans,  Personal Injury Law Attorneys,  Attorneys,  General Practice Attorneys,  Famil
Brown Cedric
15049 Hillside Ave
Jamaica, NY 11432
(718) 297-7711
Attorneys, General Practice Attorneys
Shaevitz & Shaevitz
14855 Hillside Ave
Jamaica, NY 11435
(718) 285-7458
Personal Injury Law Attorneys,  Wrongful Death Attorneys,  Accident & Property Damage Attorneys,  Cr
Devian Daniels
9004 161st St
Jamaica, NY 11432
(718) 523-7121
Attorneys, General Practice Attorneys
Dandridge Lance
15301 Jamaica Ave # 201
Jamaica, NY 11432
(718) 658-6770
Attorneys Referral & Information Service, Legal Service Plans, Attorneys
Immigrant Solution
8900 Sutphin Blvd. Ste 308C
Jamaica, NY 11435
(718) 607-6627
Divorce Attorneys,  Criminal Law Attorneys,  Accident & Property Damage Attorneys,  Legal Document A
Malik & Associates, P.C.
13802 Queens Blvd
Jamaica, NY 11435
(718) 657-5755
Immigration Law Attorneys,  Civil Litigation & Trial Law Attorneys,  Bankruptcy Law Attorneys,  Crim
Extreme Attorney Svc Inc
8818 Sutphin Blvd
Jamaica, NY 11435
(718) 291-5544
General Practice Attorneys, Attorneys
Disponzio Lawyer Svc
8527 152nd St
Jamaica, NY 11432
(718) 657-5144
General Practice Attorneys, Attorneys
Centro Hispano Cuzcatlan Inc
14813 Hillside Ave
Jamaica, NY 11435
(718) 298-5083
Immigration Law Attorneys, Immigration & Naturalization Consultants, Attorneys
Queens County Bar Assn
9035 148th St
Jamaica, NY 11435
(718) 291-4500
Attorneys Referral & Information Service, Legal Service Plans, Attorneys
Gruenspecht Robert
9050 Parsons Blvd # 411
Jamaica, NY 11432
(718) 558-4411
Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US