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 Fremont, OH

Benefits of a Limited Liability Company (LLC) in Fremont, 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 Fremont, OH
    Albrechta & Coble
    2228 Hayes Ave
    Fremont, OH 43420
    (419) 332-9999
    Divorce Attorneys,  Estate Planning Attorneys,  General Practice Attorneys,  Personal Injury Law Att
    Snyder Lisa M
    714 Court St
    Fremont, OH 43420
    (419) 333-9918
    Attorneys, Family Law Attorneys, Divorce Attorneys, Real Estate Attorneys, General Practice Attorney
    Wingard William A
    414 Croghan St
    Fremont, OH 43420
    (419) 334-9501
    Estate Planning Attorneys, Attorneys, Wills, Trusts & Estate Planning Attorneys
    Mayle, Ray & Mayle LLC
    210 S Front St
    Fremont, OH 43420
    (419) 334-8377
    Attorneys,  Personal Injury Law Attorneys,  Legal Service Plans,  Criminal Law Attorneys,  Family La
    The Bowlus Law Firm
    207 N Park Ave
    Fremont, OH 43420
    (419) 332-8260
    Attorneys,  Probate Law Attorneys,  Wills, Trusts & Estate Planning Attorneys,  Real Estate Attorne
    Bowlus & Murrell
    207 N Park Ave
    Fremont, OH 43420
    (419) 332-8260
    Estate Planning Attorneys, Attorneys, Real Estate Attorneys
    Kuhlman & Beck
    200 S Arch St
    Fremont, OH 43420
    (419) 332-5587
    General Practice Attorneys, Attorneys, Legal Service Plans
    Zinkand, John L
    211 S Park Ave
    Fremont, OH 43420
    (419) 332-5579
    Attorneys,  Title Companies,  Business Law Attorneys,  Probate Law Attorneys,  Real Estate Attorneys
    Gallon Takacs Boissoneault
    409 S Front St
    Fremont, OH 43420
    (419) 332-4967
    Attorneys,  Labor & Employment Law Attorneys,  Social Security & Disability Law Attorneys,  Accident
    Bolotin Sam
    1207 W State St
    Fremont, OH 43420
    (419) 334-4811
    Attorneys,  General Practice Attorneys,  Attorneys Referral & Information Service,  Accident & Prope
    Exton Matthew
    204 Justice St
    Fremont, OH 43420
    (567) 201-4732
    Family Law Attorneys, Attorneys, Legal Service Plans
    Ellis III James H
    212 S Park Ave
    Fremont, OH 43420
    (419) 332-4722
    General Practice Attorneys, Attorneys, Legal Service Plans
    Ickes Jon M
    114 N Wood St
    Fremont, OH 43420
    (419) 332-4463
    Civil Litigation & Trial Law Attorneys,  Attorneys,  Criminal Law Attorneys,  Personal Injury Law At
    Fiegl, Christopher P
    113 S Clover St
    Fremont, OH 43420
    (419) 333-4345
    Family Law Attorneys,  Attorneys,  Personal Injury Law Attorneys,  Criminal Law Attorneys,  DUI & DW
    Hall & Wylkan Certified Elder Law Attorneys
    1430 Oak Harbor Rd
    Fremont, OH 43420
    (419) 332-3800
    Insurance Attorneys, Attorneys, Wills, Trusts & Estate Planning Attorneys, Elder Law Attorneys, Busi
    Sparks & Ebel
    208 Justice St
    Fremont, OH 43420
    (567) 201-2435
    General Practice Attorneys, Attorneys
    Hafford, Roger W
    621 Croghan St
    Fremont, OH 43420
    (419) 332-1670
    Accident & Property Damage Attorneys, Personal Injury Law Attorneys, Attorneys
    Doss Cynthia
    1525 Port Clinton Rd
    Fremont, OH 43420
    (419) 355-1436
    Accident & Property Damage Attorneys, Attorneys, Divorce Attorneys
    Tinisha R Ollom
    802 Court St
    Fremont, OH 43420
    (419) 355-1372
    Bankruptcy Law Attorneys
    Adams Herbert E
    714 Court St
    Fremont, OH 43420
    (419) 355-1372
    Bankruptcy Law Attorneys, Attorneys, Legal Service Plans
    Jennings Nancy
    113 S Clover St
    Fremont, OH 43420
    (419) 332-0870
    Attorneys, Criminal Law Attorneys, Family Law Attorneys, Juvenile Law Attorneys, General Practice At
    Robinson Rebecca Law Office
    410 S Front St Apt B
    Fremont, OH 43420
    (567) 342-0690
    Employee Benefits & Worker Compensation Attorneys,  Attorneys,  Labor & Employment Law Attorneys,  C
    Reinheimer And Reinheimer
    204 Justice St
    Fremont, OH 43420
    (419) 355-0108
    Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Accident & Property Damage Attorneys,  W
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US