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 Port Kent, NY

Benefits of a Limited Liability Company (LLC) in Port Kent, 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 Port Kent, NY
    Pedone Rose M
    57 Buffalo St
    Hamburg, NY 14075
    (716) 648-9974
    Attorneys, Legal Service Plans
    Jeffrey Freedman Attorneys
    3523 Abbott Rd
    Hamburg, NY 14075
    (716) 393-9907
    Social Security & Disability Law Attorneys,  Attorneys,  Accident & Property Damage Attorneys,  Gene
    Pasternack Tilker Ziegler
    11821 Queens Blvd
    Forest Hills, NY 11375
    (718) 222-9800
    Attorneys Referral & Information Service, Attorneys
    Gorman Gerald P
    180 Main St
    Hamburg, NY 14075
    (716) 648-9611
    Litigation & Tort Attorneys,  Attorneys,  General Practice Attorneys,  Personal Injury Law Attorneys
    Isaac Abraham
    11835 Queens Blvd Suite 1205
    Forest Hills, NY 11375
    (646) 397-9529
    Traffic Law Attorneys, Attorneys, Criminal Law Attorneys
    The Law Firm and Mediation Practice of Alla Roytberg, PC
    10818 Queens Blvd 5th Floor
    Forest Hills, NY 11375
    (718) 575-9479
    Mediation Services,  Divorce Attorneys,  Family Law Attorneys,  Arbitration & Mediation Attorneys,  
    Eric J. Shames, Esq., P.C.
    301 E 79th St
    New York, NY 10075
    (917) 740-9352
    Securities & Investment Law Attorneys, Attorneys
    Litigation Center
    11821 Queens Blvd
    Forest Hills, NY 11375
    (718) 261-9273
    General Practice Attorneys, Attorneys, Legal Service Plans
    Horn Frederick M
    10 E End Ave
    New York, NY 10075
    (212) 288-9236
    Attorneys
    Engel & Davis LLP
    521 5th Ave # 31
    New York, NY 10175
    (212) 262-9154
    Attorneys, Legal Service Plans
    Berkman Barry
    521 5th Ave # 31
    New York, NY 10175
    (212) 867-9123
    Family Law Attorneys, Attorneys
    Hamburg C Bruce
    21 Russell Pl
    Forest Hills, NY 11375
    (718) 544-9114
    General Practice Attorneys, Patent, Trademark & Copyright Law Attorneys, Attorneys
    Priest & Carson
    7158 Austin St
    Forest Hills, NY 11375
    (718) 268-9090
    General Practice Attorneys, Attorneys
    Roxbury Susanne M
    360 Montauk Hwy
    Wainscott, NY 11975
    (631) 537-8887
    General Practice Attorneys, Attorneys
    Levy Steven M
    521 5th Ave
    New York, NY 10175
    (212) 972-8844
    General Practice Attorneys, Attorneys, Real Estate Buyer Brokers
    Nathan Erlich P. C.
    10818 Queens Blvd 4th Floor
    Forest Hills, NY 11375
    (347) 741-8839
    Attorneys, Bankruptcy Law Attorneys, Real Estate Attorneys
    Shah Devang
    11655 Queens Blvd # 201
    Forest Hills, NY 11375
    (718) 261-8803
    Attorneys, General Practice Attorneys
    Gary E. Rosenberg, P.C.
    109-01 72nd Road, Ste. 1A
    Forest Hills, NY 11375
    (718) 520-8787
    Immigration Law Attorneys, Immigration & Naturalization Consultants, Attorneys
    Hecht Warren S
    11821 Queens Blvd # 518
    Forest Hills, NY 11375
    (718) 575-8721
    Attorneys, Legal Service Plans
    Lesh Michael D
    58 E 79th St # 3
    New York, NY 10075
    (212) 988-8653
    Attorneys
    Renfroe Christopher
    11835 Queens Blvd # 1420
    Forest Hills, NY 11375
    (718) 575-8552
    General Practice Attorneys, Attorneys, Legal Service Plans
    Townsend Stephen C
    1 Grimsby Dr
    Hamburg, NY 14075
    (716) 648-8220
    Attorneys
    Bloom Jane M
    95 Glen Wild Rd Ste 1
    Rock Hill, NY 12775
    (845) 791-8167
    Attorneys
    Donald Mastrodomenico, P.C.
    107-19 71st Avenue
    Forest Hills, NY 11375
    (718) 268-8111
    Legal Service Plans, Divorce Attorneys, Family Law Attorneys, General Practice Attorneys, Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US