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 Jerry City, OH

Benefits of a Limited Liability Company (LLC) in Jerry City, 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 Jerry City, OH
    Donald A Cox Attorney
    7419 State Route 104
    Lockbourne, OH 43137
    (614) 875-9812
    Attorneys,  Wills, Trusts & Estate Planning Attorneys,  Attorneys Referral & Information Service,  
    Donald A Cox Attorney
    7419 State Route 104
    Lockbourne, OH 43137
    (614) 875-9812
    Personal Injury Law Attorneys, Attorneys, Wills, Trusts & Estate Planning Attorneys
    Cox Probate Services
    7419 State Route 104
    Lockbourne, OH 43137
    (614) 875-9812
    Probate Law Attorneys, Attorneys
    Judicial Alternatives of Ohio
    7419 State Route 104
    Lockbourne, OH 43137
    (614) 224-9187
    Mediation Services,  Attorneys,  Family Law Attorneys,  Wills, Trusts & Estate Planning Attorneys,
    David C McCullery
    1446 Reynolds Rd
    Maumee, OH 43537
    (419) 865-9020
    Attorneys, Legal Service Plans
    Loving Trust Attorneys
    1925 Indian Wood Cir
    Maumee, OH 43537
    (419) 891-8884
    General Practice Attorneys, Attorneys
    Bayer Papay & Steiner Co LPA
    1925 Indian Wood Cir
    Maumee, OH 43537
    (419) 891-8884
    Probate Law Attorneys, Attorneys, Wills, Trusts & Estate Planning Attorneys, Real Estate Attorneys,
    David J Borell
    6450 Weatherfield Ct., Suite 1B
    Maumee, OH 43537
    (419) 482-8529
    Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Bankruptcy Law Attor
    Robey & Robey
    14402 Granger Rd
    Maple Heights, OH 44137
    (216) 581-8200
    Criminal Law Attorneys, Attorneys, Legal Service Plans, General Practice Attorneys
    Miller Hoch & Carr
    1446 Reynolds Rd
    Maumee, OH 43537
    (419) 865-8021
    Accident & Property Damage Attorneys, Attorneys, Legal Service Plans
    Linda Lark
    128 E. Dudley St.Ste. F & G
    Maumee, OH 43537
    (419) 740-7587
    Family Law Attorneys,  Probate Law Attorneys,  Wills, Trusts & Estate Planning Attorneys,  General
    Williams Dennis P
    1721 Indian Wood Cir # 1
    Maumee, OH 43537
    (419) 893-7207
    Attorneys
    Bentley Law Offices
    123 E William St
    Maumee, OH 43537
    (419) 891-6901
    General Practice Attorneys, Attorneys
    eMerge
    1700 Woodlands Dr
    Maumee, OH 43537
    (419) 887-6840
    Paralegals, Legal Document Assistance
    Stevens Fred A
    15950 Libby Rd
    Maple Heights, OH 44137
    (216) 469-6716
    Attorneys
    Torda Joseph R
    1701 Woodlands Dr
    Maumee, OH 43537
    (419) 897-6500
    Attorneys, Legal Service Plans
    Mylander Hank D
    1701 Woodlands Dr # 100
    Maumee, OH 43537
    (419) 897-6500
    General Practice Attorneys, Attorneys
    Clair Estate Planning Law Film
    1700 Woodlands Dr Ste 100
    Maumee, OH 43537
    (419) 517-6022
    General Practice Attorneys, Attorneys
    Nagy Ronald L
    1683 Woodlands Dr # D
    Maumee, OH 43537
    (419) 887-5818
    Wills, Trusts & Estate Planning Attorneys, Attorneys, Real Estate Attorneys, Legal Service Plans
    Amon Kathy J LLC
    1745 Indian Wood Cir
    Maumee, OH 43537
    (419) 897-5777
    Probate Law Attorneys,  Attorneys,  Elder Law Attorneys,  Wills, Trusts & Estate Planning Attorneys
    Boss Charles
    111 W Dudley St
    Maumee, OH 43537
    (419) 893-5555
    Accident & Property Damage Attorneys,  Attorneys,  General Practice Attorneys,  Legal Service Plans
    Rambo Glenn L
    110 E Dudley St
    Maumee, OH 43537
    (419) 893-4880
    Probate Law Attorneys, Attorneys, Wills, Trusts & Estate Planning Attorneys
    Szozda, Veronica L
    110 E Dudley St
    Maumee, OH 43537
    (419) 893-4880
    Bankruptcy Law Attorneys, Business Bankruptcy Law Attorneys, Attorneys
    Brogan Allan J
    110 E Dudley St
    Maumee, OH 43537
    (419) 893-4880
    Attorneys, Wills, Trusts & Estate Planning Attorneys, General Practice Attorneys, Estate Planning At
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US