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 Oaks Corners, NY

Benefits of a Limited Liability Company (LLC) in Oaks Corners, 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 Oaks Corners, NY
    Trandafirescu Adriana
    350 5th Ave # 4400
    New York, NY 10118
    (212) 967-9998
    General Practice Attorneys, Attorneys
    Kerker Susan J
    350 5th Ave # 7720
    New York, NY 10118
    (917) 439-9920
    Attorneys
    Logiudice Michael LLP
    57 W 38th St
    New York, NY 10018
    (212) 768-9911
    Malpractice Law Attorneys, Attorneys, Legal Service Plans
    Tashjian & Padian
    15 W 36th St # 15
    New York, NY 10018
    (212) 319-9800
    Attorneys
    Clement Daniel
    104 W 40th St # 20
    New York, NY 10018
    (212) 683-9551
    Attorneys, Family Law Attorneys, Legal Service Plans, Divorce Attorneys
    Limpert Jr Philip A
    130 Orinoco Dr
    Brightwaters, NY 11718
    (631) 665-9547
    Attorneys, Legal Service Plans
    SHARED SOLUTIONS
    469 7th Ave, 3rd Floor
    Manhattan, NY 10018
    (212) 359-9522
    Immigration & Naturalization Consultants,  Disability Services,  Bankruptcy Services,  Divorce Assis
    Marks and Marks
    350 5th Ave Ste 2029
    New York, NY 10118
    (212) 564-9515
    Corporation & Partnership Law Attorneys, Attorneys, Business Law Attorneys
    Einbinder & Dunn Llp
    104 W 40th Stfl 20
    New York, NY 10018
    (212) 391-9500
    Attorneys, Business Law Attorneys, Real Estate Attorneys, Litigation & Tort Attorneys, Wills, Trusts
    SK Immigration Solutions
    131 Westminster Road
    Brooklyn, NY 11218
    (347) 866-9487
    Immigration Law Attorneys
    Hedayati Law Group, P.C.
    350 Fifth Avenue, 59th Floor
    New York, NY 10118
    (212) 537-9424
    Criminal Law Attorneys,  Divorce Attorneys,  Real Estate Attorneys,  Personal Injury Law Attorneys,
    A BC Recruitment Service
    505 8th Ave
    New York, NY 10018
    (212) 760-9330
    Family Law Attorneys, Attorneys
    Aliens Evaluation Svc Inc
    505 8th Ave Ste 12A3
    New York, NY 10018
    (212) 760-9330
    Attorneys, Family Law Attorneys, Divorce Attorneys, Legal Service Plans
    Harold Schwartz Co Inc
    1071 Avenue Of The Americas #9
    New York, NY 10018
    (212) 465-9090
    Administrative & Governmental Law Attorneys, Attorneys
    Sullivan & Graber
    500 Fashion Ave
    New York, NY 10018
    (646) 312-8956
    Attorneys
    Fiandach Edward L
    100 Allens Creek Rd Fiandc
    Rochester, NY 14618
    (585) 244-8910
    Attorneys, Criminal Law Attorneys, DUI & DWI Attorneys
    Rath Timothy C
    100 Allens Creek Rd Ste 100
    Rochester, NY 14618
    (585) 244-8910
    Strazzeri Francis A
    100 Allens Creek Rd Ste 100
    Rochester, NY 14618
    (585) 244-8910
    Dewan & Burke Assoc
    350 5th Ave
    New York, NY 10118
    (212) 629-8899
    Immigration Law Attorneys, Attorneys, Immigration & Naturalization Consultants, General Practice Att
    Parker & Carmody LLP
    65 W 36th St Fl 9
    New York, NY 10018
    (212) 239-8899
    Attorneys, General Practice Attorneys, Legal Service Plans
    Mark Miller & Assoc
    1407 Broadway
    New York, NY 10018
    (212) 730-8850
    Administrative & Governmental Law Attorneys, Attorneys
    Relkin David H
    575 8th Ave # 1706
    New York, NY 10018
    (212) 244-8722
    Attorneys, Mediation Services, Arbitration Services
    Orange County Ny Criminal Law
    318 Main St
    Cornwall, NY 12518
    (845) 534-8700
    Attorneys
    Teitelbaum Robert J
    462 Fashion Ave # 12
    New York, NY 10018
    (212) 697-8500
    General Practice Attorneys, Attorneys, Legal Service Plans
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US