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 Dayton, OH

Benefits of a Limited Liability Company (LLC) in Dayton, 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 Dayton, OH
    Keller Law Office
    5336 Tucson Dr
    Dayton, OH 45417
    (opt) ed -out
    Child Custody Attorneys, Criminal Law Attorneys, Drug Charges Attorneys, DUI & DWI Attorneys, Family
    Ambrose James T
    130 W 2nd St # 999
    Dayton, OH 45402
    (937) 229-9999
    Attorneys,  Attorneys Referral & Information Service,  General Practice Attorneys,  Legal Service Pl
    Hemenway Jim
    73 Rhoads Center Dr
    Dayton, OH 45458
    (937) 438-9800
    General Practice Attorneys, Attorneys, Legal Service Plans
    McDonald & McDonald
    200 E Spring Valley Pike Ste A
    Dayton, OH 45458
    (937) 428-9800
    Social Security & Disability Law Attorneys, Attorneys
    McDonald & McDonald
    683 Miamisburg Centerville Rd Ste 210
    Dayton, OH 45459
    (937) 428-9800
    Attorneys,  Social Security & Disability Law Attorneys,  Personal Injury Law Attorneys,  Insurance A
    L. Patrick Mulligan
    28 N Wilkinson St
    Dayton, OH 45402
    (937) 228-9790
    Divorce Attorneys, Attorneys, Criminal Law Attorneys, Divorce Assistance, Family Law Attorneys, Lega
    John T. Nicholson
    5540 Far Hills Ave.
    Dayton, OH 45429
    (937) 432-9775
    Bankruptcy Law Attorneys,  Personal Injury Law Attorneys,  Social Security & Disability Law Attorney
    Poley John D
    46 Rogge St
    Dayton, OH 45409
    (937) 223-9702
    General Practice Attorneys, Attorneys, Legal Service Plans
    Deddens Law Offices
    55 Park Ave
    Dayton, OH 45419
    (937) 293-9696
    Attorneys, Wills, Trusts & Estate Planning Attorneys, Family Law Attorneys
    Slone Ruth A
    1535 E 5th St
    Dayton, OH 45403
    (937) 222-9687
    Bankruptcy Law Attorneys, Attorneys, Legal Service Plans
    McNamee Law Office
    42 Woodcroft Trl
    Dayton, OH 45430
    (937) 427-9650
    Attorneys, Juvenile Law Attorneys, Criminal Law Attorneys
    Greenberg Marc
    580 Lincoln Park Blvd
    Dayton, OH 45429
    (937) 299-9607
    Bankruptcy Law Attorneys, Legal Service Plans, Attorneys
    Sherrets Law Offices
    580 Lincoln Park Blvd
    Dayton, OH 45429
    (937) 299-9607
    Attorneys,  General Practice Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Business Law Att
    Horwitz Jonathan A
    6927 N Main St # 202
    Dayton, OH 45415
    (937) 879-9500
    General Practice Attorneys,  Corporation & Partnership Law Attorneys,  Administrative & Governmental
    Horwitz Jonathan A Law Offices
    6927 N Main St Ste 202
    Dayton, OH 45415
    (937) 879-9500
    General Practice Attorneys, Corporation & Partnership Law Attorneys, Administrative & Governmental L
    Burdge Law Office
    2299 Miamisburg Centerville Rd
    Dayton, OH 45459
    (937) 432-9500
    Lemon Law Attorneys, Attorneys
    Stamps, Eric A - Stamps & Stamps
    3814 Little York Rd
    Dayton, OH 45414
    (937) 898-9440
    Attorneys,  Bankruptcy Law Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Bankruptcy Service
    Stamps & Stamps,
    2233 Miamisburg Centerville Rd
    Dayton, OH 45459
    (937) 898-9440
    Bankruptcy Law Attorneys, Collection Law Attorneys, Attorneys
    Craig T. Matthews & Associates, L.P.A.
    320 Regency Ridge Dr.
    Dayton, OH 45459
    (937) 434-9393
    General Practice Attorneys, Attorneys, Legal Service Plans
    Thomas D. Berry
    4630 Salem Ave
    Dayton, OH 45416
    (937) 278-9333
    Attorneys
    Beck Jonathon L Attorney
    130 W 2nd St # 2000
    Dayton, OH 45402
    (937) 224-9291
    General Practice Attorneys, Attorneys
    Dean Steven O
    130 W 2nd St # 1500
    Dayton, OH 45402
    (937) 224-9291
    General Practice Attorneys, Attorneys
    Young & Alexander Co Lpa
    130 W 2nd St Ste 2000
    Dayton, OH 45402
    (937) 224-9291
    General Practice Attorneys, Attorneys, Legal Service Plans
    Roderer Law Office
    4 E Schantz Ave
    Dayton, OH 45409
    (937) 293-9189
    General Practice Attorneys, Attorneys, Legal Service Plans
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US