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 Monclova, OH

Benefits of a Limited Liability Company (LLC) in Monclova, 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 Monclova, OH
    COMBS SCHAEFER ATKIN & LITTLE
    1081 N University Blvd
    Middletown, OH 45042
    (513) 217-9672
    Bankruptcy Services, Bankruptcy Law Attorneys, Probate Law Attorneys, Real Estate Attorneys, Attorne
    Combs Schaefer Atkins & Little
    1081 N University Blvd
    Middletown, OH 45042
    (513) 217-9672
    Bankruptcy Services,  Bankruptcy Law Attorneys,  Probate Law Attorneys,  Real Estate Attorneys,  Att
    Baver & Bookwalter Co
    202 E Central Ave
    Miamisburg, OH 45342
    (937) 660-9075
    Attorneys,  Family Law Attorneys,  Accident & Property Damage Attorneys,  Wills, Trusts & Estate Pl
    Field Eileen K
    1004 N University Blvd
    Middletown, OH 45042
    (513) 420-9009
    Social Security & Disability Law Attorneys,  Attorneys,  General Practice Attorneys,  Legal Service
    The Pratt Law Practice
    301 N Breiel Blvd
    Middletown, OH 45042
    (513) 705-9000
    Labor & Employment Law Attorneys,  Attorneys,  Business Law Attorneys,  Corporation & Partnership La
    Monte K. Snyder, Attorney
    6501 Germantown Road, Lot 41
    Middletown, OH 45042
    (513) 423-8912
    Attorneys, Family Law Attorneys, Divorce Attorneys, Probate Law Attorneys, Juvenile Law Attorneys
    Terence J. Southard Co LPA
    10999 Reed Hartman Hwy
    Blue Ash, OH 45242
    (513) 421-8686
    Bankruptcy Law Attorneys, Business Bankruptcy Law Attorneys, Attorneys
    Terence J. Southard Co LPA
    10999 Reed Hartman Hwy
    Blue Ash, OH 45242
    (513) 421-8686
    Business Bankruptcy Law Attorneys, Attorneys, Bankruptcy Law Attorneys
    M. Todd Marsh
    110 E Central Ave
    Miamisburg, OH 45342
    (937) 866-8454
    Personal Injury Law Attorneys,  Attorneys,  Family Law Attorneys,  Divorce Attorneys,  DUI & DWI Att
    Marsh M Todd
    110 E Central Ave
    Miamisburg, OH 45342
    (937) 866-8454
    DUI & DWI Attorneys, Attorneys, Family Law Attorneys, Legal Service Plans
    Tibbs Daryle
    10921 Reed Hartman Hwy Ste 213
    Blue Ash, OH 45242
    (513) 793-7544
    General Practice Attorneys, Attorneys
    Richard H Glazer Co LPA
    8180 Corporate Park Dr
    Cincinnati, OH 45242
    (513) 489-7200
    Attorneys,  Litigation & Tort Attorneys,  Accident & Property Damage Attorneys,  Wrongful Death Atto
    Donnellon Donnellon & Miller A Legal Professional Association
    9079 Montgomery Rd
    Cincinnati, OH 45242
    (513) 891-7087
    Family Law Attorneys,  Attorneys,  Tax Attorneys,  Wills, Trusts & Estate Planning Attorneys,  Traf
    Dumes Robert M
    1058 N University Blvd
    Middletown, OH 45042
    (513) 425-7012
    Accident & Property Damage Attorneys, Adoption Law Attorneys, Attorneys
    Total Attorneys - DUI
    PO Box 274006
    Brookpark, OH 44142
    (440) 305-6932
    Attorneys, Legal Service Plans
    Goulder, Richard A
    15887 Snow Rd
    Brookpark, OH 44142
    (216) 676-6800
    Personal Injury Law Attorneys, Probate Law Attorneys, Attorneys
    National Loan Closers
    9891 Montgomery Rd Ste #236
    Cincinnati, OH 45242
    (877) 925-6737
    Real Estate Attorneys, Notaries Public, Title Companies
    Dusterberg Richard B
    9157 Montgomery Rd Ste 203
    Cincinnati, OH 45242
    (513) 791-6500
    Attorneys
    Kaup Gary H.
    1054 N University Blvd
    Middletown, OH 45042
    (513) 422-6378
    General Practice Attorneys, Attorneys
    Jacoby & Meyers Law
    301 N Breiel Blvd
    Middletown, OH 45042
    (513) 275-5458
    Bankruptcy Law Attorneys
    Milbauer Law Firm
    1058 N University Blvd
    Middletown, OH 45042
    (513) 422-5456
    General Practice Attorneys, Attorneys
    Yonas & Rink, Attorneys - Loan Modifications
    4460 Carver Woods, Suite 110B
    Cincinnati, OH 45242
    (866) 236-5040
    Real Estate Attorneys
    Harrison Brian
    16 N Main St
    Middletown, OH 45042
    (513) 422-4861
    Bankruptcy Law Attorneys, Attorneys, Legal Service Plans
    Shew & Associates
    16 N Main St
    Middletown, OH 45042
    (513) 422-4861
    Attorneys,  Probate Law Attorneys,  Bankruptcy Law Attorneys,  Employment Discrimination Attorneys,
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US