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!
 
 

Advantages and Disadvantages of a Limited Liability Company (LLC) in White Plains, NY

Advantages and Disadvantages of a Limited Liability Company (LLC) in White Plains, NY


Grit is often the single-most predictor of success.
 
- Jonah Lehrer


A Limited Liability Company (LLC) is a legal business entity that combines the liability protection of a corporation, the operating flexibility of a Partnership, and the tax benefits of a sole proprietorship. Though the rules for forming an LLC vary by state, it is a popular option for many start-up businesses.

Advantages:

Limited Personal Liability and Exposure

One advantage of an LLC is the limited liability shield, which protects the personal assets of its members. Creditors, typically, cannot hold members personally responsible for the debts and liabilities of the business. Members can only be liable to the extent of their business investment.

Pass-through Taxation

Though there are an array of tax options for a Limited Liability Company; an LLC is generally treated as a "pass-through" entity. Profits and losses pass through the business to the members and are taxed at the personal level. The business itself is not taxed. Reporting is done on members' individual income tax returns. No double taxation with both the company and the owner(s) paying taxes on the earnings of the business.

Operational Flexibility & Simplicity

An LLC is much less formal than a corporation. Record keeping and administrative procedures are not as onerous. There are no quarterly and annual meetings, or tax filings. Neither is there a board of directors.

Legitimacy

Registering a company as an LLC adds credibility to a business, and can help in brand building and marketing to potential clients and suppliers. In addition, the company can enter into contracts on its own, and also acquire property.

Disadvantages:

Higher Fees

An LLC typically pays higher filing fees compared to some other business entities or sole proprietorships. Additionally, some states require annual renewal fees or franchise taxes. It is difficult for an LLC to attract additional investment because the company does not have the ability to issue stocks and bonds. Members have to finance its business activities, or take in private investors. Getting a loan can be tough, especially for small and start-up companies. The company may have to use its business, or personal, assets to guarantee business loans.

Fewer fringe benefits

Employees of an LLC who receive fringe benefits, for example, medical insurance and parking, must treat these benefits as taxable income. This is also true for employees who own more than 2% of an S-corporation. However, employees of a C-corporation do not have to report fringe benefits as taxable income.
 
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 White Plains, NY
Santoro & Santoro
199 Main St
White Plains, NY 10601
(914) 948-9898
General Practice Attorneys, Attorneys, Legal Service Plans
Older Jack Atty
1 N Broadway
White Plains, NY 10601
(914) 285-9801
Attorneys
Kurtz Sandra Koss
81 Main St
White Plains, NY 10601
(914) 328-9797
Attorneys, Legal Service Plans
Kitson Kevin J
50 Main St # 960
White Plains, NY 10606
(914) 285-9797
Attorneys, Legal Service Plans, Family Law Attorneys, Corporation & Partnership Law Attorneys
Anthony C Saline
1 N Lexington Ave
White Plains, NY 10601
(914) 422-9700
Attorneys, General Practice Attorneys, Legal Service Plans
William D. London
222 Bloomingdale Rd
White Plains, NY 10605
(914) 288-9600
Divorce Attorneys, Family Law Attorneys, Attorneys
Beck Liebman Petrone PC
399 Knollwood Rd Ste 311
White Plains, NY 10603
(914) 285-9500
General Practice Attorneys, Attorneys, Legal Service Plans
Harold J. Johnson
175 Main Street
White Plains, NY 10601
(914) 997-9488
Bankruptcy Law Attorneys,  Divorce Attorneys,  Wills, Trusts & Estate Planning Attorneys,  Attorney
Messina and Assocs PC
81 Main St
White Plains, NY 10601
(914) 949-9440
Attorneys, Legal Service Plans
Pappalardo John A
200 E Post Rd Ste 202
White Plains, NY 10601
(914) 761-9400
General Practice Attorneys, Attorneys, Legal Service Plans
Andrew W. Szczesniak
202 Mamaroneck Ave
White Plains, NY 10601
(914) 682-9282
Estate Planning Attorneys, Attorneys, Criminal Law Attorneys, Family Law Attorneys, Divorce Attorney
Richard Abbate
297 Knollwood Rd Ste 212
White Plains, NY 10607
(914) 358-9222
Bankruptcy Law Attorneys, Attorneys, Legal Service Plans
Mancuso Rubin & Fufidio
1 N Broadway # 1200
White Plains, NY 10601
(914) 761-9200
General Practice Attorneys, Attorneys, Legal Service Plans
Lever & Stolzenberg, LLP
303 Old Tarrytown Rd
White Plains, NY 10603
(877) 288-9191
Personal Injury Law Attorneys,  Attorneys,  Labor & Employment Law Attorneys,  Insurance Attorneys,
Carol W. Most & Associates, P.C.
222 Bloomingdale Rd Ste 302
White Plains, NY 10605
(914) 997-9181
Family Law Attorneys,  Attorneys,  Mediation Services,  Legal Service Plans
We the People
37 Mamaroneck Ave
White Plains, NY 10601
(914) 358-9111
Attorneys,  Legal Document Assistance,  Bankruptcy Services,  Divorce Assistance,  Financial Service
Fredman Neil A
250 North Rd
White Plains, NY 10603
(914) 997-9070
General Practice Attorneys, Attorneys, Legal Service Plans
Elizabeth A. Douglas
300 Hamilton Ave., Ste 304
White Plains, NY 10601
(914) 615-9058
Family Law Attorneys, Wills, Trusts & Estate Planning Attorneys
D'aloise Jr, Lawrence T - Clark Gagliardi & Miller
99 Court St
White Plains, NY 10601
(914) 946-8900
Attorneys,  Appellate Practice Attorneys,  Personal Injury Law Attorneys,  Environment & Natural Res
Bunting-Smith Eve
125 Dobbs Ferry Rd
White Plains, NY 10607
(914) 682-8837
Attorneys, Legal Service Plans
Pasternack Tilker Ziegler
1 N Broadway # 412
White Plains, NY 10601
(914) 328-8749
Attorneys Referral & Information Service, Attorneys
Attorney General
101 E Post Rd
White Plains, NY 10601
(914) 422-8700
Attorneys
Milber Makris Plousdis & Seidin
3 Barker Ave
White Plains, NY 10601
(914) 681-8700
General Practice Attorneys, Attorneys, Legal Service Plans
Schorsch Walter B
6 Chester Ave
White Plains, NY 10601
(914) 328-8610
Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US