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 Coal Run, OH

Benefits of a Limited Liability Company (LLC) in Coal Run, OH


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 OH 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 OH 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 Coal Run, OH
    Saker Law Offices
    2935 Kenny Rd
    Columbus, OH 43221
    (614) 488-9900
    General Practice Attorneys, Attorneys
    Mazza & Associates
    941 Chatham Ln # 201
    Columbus, OH 43221
    (614) 457-9731
    Attorneys, Legal Service Plans
    Kolligian Scott M
    2020 Front St
    Cuyahoga Falls, OH 44221
    (330) 929-9700
    Social Security & Disability Law Attorneys, Attorneys, Legal Service Plans
    Malyuk Michael A
    2020 Front St
    Cuyahoga Falls, OH 44221
    (330) 929-9700
    Accident & Property Damage Attorneys, Personal Injury Law Attorneys, Automobile Accident Attorneys
    Julie M Pfenning Inc
    4568 Mayfield Rd Ste 112
    Cleveland, OH 44121
    (216) 297-9061
    Paralegals
    Julie M Pfenning Inc
    1536 Sheffield Rd
    Cleveland, OH 44121
    (216) 297-9061
    Paralegals
    Weinberger, Mark
    234 Portage Trl
    Cuyahoga Falls, OH 44221
    (330) 929-8833
    Accident & Property Damage Attorneys, Personal Injury Law Attorneys, Attorneys
    Cocirteu Law Firm
    4040 Mayfield Rd
    Cleveland, OH 44121
    (216) 381-8800
    Bankruptcy Services,  Bankruptcy Law Attorneys,  General Practice Attorneys,  Attorneys
    Clayton D Hall
    2041 Riverside Dr
    Columbus, OH 43221
    (614) 481-8662
    General Practice Attorneys, Attorneys, Legal Service Plans
    Robert E Soles Jr Law Office
    6545 Market Ave N
    Canton, OH 44721
    (330) 244-8000
    Construction Law Attorneys, Attorneys
    Attorney Ronald J. Schafer
    741 Arcadia Avenue
    Cuyahoga Falls, OH 44221
    (216) 990-7951
    Workers Compensation Assistance,  Personal Injury Law Attorneys,  Wills, Trusts & Estate Planning A
    Colasurd & Colasurd
    941 Chatham Ln
    Columbus, OH 43221
    (614) 451-7711
    Social Security & Disability Law Attorneys, Attorneys, Wills, Trusts & Estate Planning Attorneys, Le
    Colasurd & Colasurd
    2929 Kenny Rd Ste 255
    Columbus, OH 43221
    (614) 451-7711
    Wills, Trusts & Estate Planning Attorneys,  Legal Service Plans,  Administrative & Governmental Law
    Phillip A. Helon, LLC
    1267 Spafford Drive
    Copley, OH 44321
    (216) 978-7463
    Corporation & Partnership Law Attorneys, General Practice Attorneys, Landlord & Tenant Attorneys, Re
    Pirtle Tim
    2935 Kenny Rd Ste 225
    Columbus, OH 43221
    (614) 340-7323
    General Practice Attorneys, Attorneys
    Landamerica Lawyers Title
    2251 Front St # 105
    Cuyahoga Falls, OH 44221
    (330) 929-7321
    General Practice Attorneys, Title Companies, Attorneys
    Seiber Marie E
    431 Center St
    Dennison, OH 44621
    (740) 229-7232
    Attorneys, Legal Service Plans
    Kincaid, Randall & Craine
    2201 Riverside Dr
    Columbus, OH 43221
    (614) 224-7193
    Probate Law Attorneys, Attorneys
    Hoover Heydorn & Herrnstein Co LPAs
    527 Portage Trl
    Cuyahoga Falls, OH 44221
    (330) 267-7021
    Probate Law Attorneys,  Attorneys,  Wills, Trusts & Estate Planning Attorneys,  Bankruptcy Law Atto
    Nagel Tom H
    1570 Fishinger Rd
    Columbus, OH 43221
    (614) 442-6830
    General Practice Attorneys, Attorneys
    Purdy & Ring
    735 E State St
    Georgetown, OH 45121
    (937) 378-6336
    General Practice Attorneys, Attorneys
    Mc Conn-Pirman, Julie A Mc Conn & Cutrell
    118 S Main St
    Georgetown, OH 45121
    (937) 378-6165
    Attorneys,  Accident & Property Damage Attorneys,  DUI & DWI Attorneys,  Legal Service Plans
    Brendon J Kohrs ESQ
    2101 Front St Frnt
    Cuyahoga Falls, OH 44221
    (330) 923-6103
    General Practice Attorneys, Attorneys
    Delibera Lyons & Bibbo
    3363 Tremont Rd
    Columbus, OH 43221
    (614) 228-5856
    General Practice Attorneys, Attorneys, Legal Service Plans
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US