Find More Articles
12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents™
 
Get the Ohio Legal Documents You Need in Only Minutes!
  • Written by expert Attorneys
  • Guaranteed for your State
  • Personalized for your situation
  • Finish and print in minutes!
 Personalize My Document 

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

Benefits of a Limited Liability Company (LLC) in Delaware, 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.

    •  
    Download & Print a Free OH Last Will Personalize This Document
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Page 6
    Page 7
    Page 8
    Page 9
    Page 10
     
    Download & Print a Free OH Living Will Personalize This Document
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Page 6
    Page 7
    Page 8
      Answer Easy
    Questions
    answer simple questions online step by step
    Easy Questions, Instant Documents
    • Finish in Minutes
    • Download Immediately
    • Written by Attorneys
    • 100% Guaranteed
      Get Instant Legal
        Documents™
    Print, save or email your finished legal document immediately!
    Last Will & Testament
    Related Legal Services near Delaware, OH
    Coburn David
    401 Oslow Ct
    Delaware, OH 43015
    (740) 417-9764
    General Practice Attorneys
    Clark Homas C Atty
    27 W Central Ave
    Delaware, OH 43015
    (740) 363-9412
    General Practice Attorneys, Attorneys, Legal Service Plans
    Clark & Boger Atty
    27 W Central Ave
    Delaware, OH 43015
    (740) 363-9412
    Divorce Attorneys,  Product Liability Law Attorneys,  Real Estate Attorneys,  General Practice Attor
    Kear Matthew F
    41 N Sandusky St # 410
    Delaware, OH 43015
    (740) 363-9232
    Attorneys, Legal Service Plans
    Total Attorneys - Divorce
    PO Box 273827
    Delaware, OH 43015
    (740) 963-9171
    Divorce Attorneys,  Attorneys,  Family Law Attorneys,  Legal Service Plans
    Gordon Linda M
    40 N Sandusky St # 300
    Delaware, OH 43015
    (740) 363-8988
    General Practice Attorneys, Attorneys
    Worly Donald G
    43 E Central Ave
    Delaware, OH 43015
    (740) 369-8671
    Juvenile Law Attorneys, Attorneys
    James F Mong
    800 Hills Miller Rd
    Delaware, OH 43015
    (614) 848-7812
    Bankruptcy Law Attorneys, Attorneys, Legal Service Plans
    Mills Luther
    61 N Sandusky St Ste 2
    Delaware, OH 43015
    (740) 363-7761
    Personal Injury Law Attorneys, Insurance Attorneys, Attorneys
    Myers Jennifer L.
    163 N Sandusky St # 103
    Delaware, OH 43015
    (740) 363-7182
    Personal Injury Law Attorneys, Attorneys
    Aemisegger, Christopher Thomas & Co
    163 N Sandusky St # 103
    Delaware, OH 43015
    (740) 363-7182
    Family Law Attorneys, Attorneys, Legal Service Plans
    Stranges Jodelle N
    163 N Sandusky St Ste 103
    Delaware, OH 43015
    (740) 363-7182
    Divorce Attorneys, Family Law Attorneys, Attorneys
    Stults L Kelly
    163 N Sandusky St # 103
    Delaware, OH 43015
    (740) 363-7182
    Attorneys
    Total Attorneys - Criminal Defense
    PO Box 273698
    Delaware, OH 43015
    (740) 263-7042
    Attorneys, Criminal Law Attorneys, Legal Service Plans
    Agee Clymer Mitchell & Laret
    20 E Central Ave
    Delaware, OH 43015
    (740) 363-6392
    Attorneys, Social Security & Disability Law Attorneys, Corporation & Partnership Law Attorneys, Lega
    Jack's Law Office
    305 S Sandusky St
    Delaware, OH 43015
    (888) 731-6152
    General Practice Attorneys, Attorneys, Legal Service Plans
    James Jeffrey Jackson Law Offices
    103 N Union St
    Delaware, OH 43015
    (888) 723-5596
    Attorneys, Civil Litigation & Trial Law Attorneys
    Probate Paralegal Svc
    145 Stratford Dr
    Delaware, OH 43015
    (740) 362-5439
    Paralegals
    Hoague Michael
    17 Carriage Dr
    Delaware, OH 43015
    (740) 369-5297
    Attorneys
    Donahey Law Firm Llp
    163 N Sandusky St
    Delaware, OH 43015
    (740) 363-4969
    Attorneys,  Accident & Property Damage Attorneys,  Personal Injury Law Attorneys,  Legal Service Pla
    Barbosky Pamella
    103 N Union St # B
    Delaware, OH 43015
    (740) 369-4808
    General Practice Attorneys, Attorneys
    Saia & Piatt Inc
    98 N Union St
    Delaware, OH 43015
    (740) 362-4772
    Attorneys, Criminal Law Attorneys, Family Law Attorneys, Divorce Attorneys, General Practice Attorne
    Kendrick Linda
    79 N Sandusky St
    Delaware, OH 43015
    (740) 417-4684
    General Practice Attorneys, Attorneys, Legal Service Plans
    Brown Blankenship Co Lpa
    163 N Sandusky St
    Delaware, OH 43015
    (740) 417-4544
    Bankruptcy Law Attorneys, Attorneys, Legal Service Plans
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US