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 Sharpsburg, OH

Benefits of a Limited Liability Company (LLC) in Sharpsburg, 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 Sharpsburg, OH
    Wright & Schulte LLC
    812 E National Rd
    Vandalia, OH 45377
    (937) 435-9999
    Personal Injury Law Attorneys,  Product Liability Law Attorneys,  Attorneys,  Medical Malpractice At
    Wright & Schulte LLC
    812 East National Road, Suite
    Vandalia, OH 45377
    (937) 435-9999
    Personal Injury Law Attorneys,  Product Liability Law Attorneys,  Attorneys,  Medical Malpractice At
    Earl Ghaster
    100 S Park Pl
    Painesville, OH 44077
    (440) 352-9696
    General Practice Attorneys, Attorneys
    Dyer Garofalo Mann & Schultz
    2855 Progress Way # A
    Wilmington, OH 45177
    (937) 283-9300
    Attorneys,  Personal Injury Law Attorneys,  Accident & Property Damage Attorneys,  Legal Service Pla
    Sweeney Maureen
    11805 Girdled Rd
    Painesville, OH 44077
    (440) 350-9273
    General Practice Attorneys, Attorneys
    Adrienne S. Foster, LLC
    P.O. Box 996
    Painesville, OH 44077
    (440) 221-9157
    Bankruptcy Law Attorneys,  Divorce Attorneys,  Family Law Attorneys,  Landlord & Tenant Attorneys,  
    Talikka Leo J
    10 W Erie St # 106
    Painesville, OH 44077
    (440) 352-8000
    Attorneys,  Criminal Law Attorneys,  Accident & Property Damage Attorneys,  General Practice Attorne
    Bryant Law Office
    21 N South St
    Wilmington, OH 45177
    (937) 382-7777
    Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Attorneys Referral &
    Hacking Timothy J
    1701 Mentor Ave
    Painesville, OH 44077
    (440) 354-7734
    Collection Law Attorneys, Attorneys
    Cahill Kenneth J
    60 S Park Pl
    Painesville, OH 44077
    (440) 946-7656
    Litigation & Tort Attorneys,  Family Law Attorneys,  Juvenile Law Attorneys,  Adoption Law Attorneys
    Gray Justin T
    97 N South St
    Wilmington, OH 45177
    (937) 584-7043
    Attorneys, Legal Service Plans
    Moore Joseph P & Associates
    400 Corporate Center Dr
    Vandalia, OH 45377
    (937) 222-6667
    Real Estate Attorneys, Attorneys, Legal Service Plans
    Cooper & Forbes CO LPA
    166 Main St
    Painesville, OH 44077
    (440) 357-6211
    Attorneys, Family Law Attorneys, Legal Service Plans, Bankruptcy Law Attorneys, Foreclosure Services
    Cooper & Forbes
    166 Main St
    Painesville, OH 44077
    (440) 357-6211
    Attorneys,  Family Law Attorneys,  Legal Service Plans,  Bankruptcy Law Attorneys,  Foreclosure Serv
    Gilson Gregory M
    6949 Morley Rd
    Painesville, OH 44077
    (440) 357-6129
    Criminal Law Attorneys,  Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Personal Injury Law
    Smith Gary W
    71119 Morristown Flushing Rd
    Flushing, OH 43977
    (740) 968-6088
    Attorneys,  Malpractice Law Attorneys,  General Practice Attorneys,  Legal Service Plans,  Accident
    Buss Ralph C
    168 E High St
    Painesville, OH 44077
    (440) 357-5577
    Attorneys, Legal Service Plans
    Nelson Sweet & Hurley
    8 N State St
    Painesville, OH 44077
    (440) 357-5558
    General Practice Attorneys, Attorneys, Legal Service Plans
    Slyman Law Offices
    575 S Dixie Dr
    Vandalia, OH 45377
    (937) 454-5544
    Attorneys, Criminal Law Attorneys, DUI & DWI Attorneys, Civil Litigation & Trial Law Attorneys, Gene
    Cannon Aveni & Malchesky Co LPA
    41 E Erie St
    Painesville, OH 44077
    (440) 357-5537
    Attorneys, Probate Law Attorneys, Wills, Trusts & Estate Planning Attorneys
    Klein Stephen E
    240 James Bohanan Dr
    Vandalia, OH 45377
    (937) 890-5515
    General Practice Attorneys, Attorneys, Legal Service Plans
    Cope Law Offices, LLC
    575 South Dixie Drive
    Vandalia, OH 45377
    (937) 401-5000
    Attorneys,  Foreclosure Services,  Business Bankruptcy Law Attorneys,  Bankruptcy Services,  Legal S
    Duffy Jr Edward J
    32 N Dixie Dr
    Vandalia, OH 45377
    (937) 898-4941
    General Practice Attorneys, Attorneys
    Stein Sheldon
    166 Main St
    Painesville, OH 44077
    (440) 352-4687
    Business Bankruptcy Law Attorneys,  Attorneys,  General Practice Attorneys,  Bankruptcy Law Attorney
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US