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 Pilot Rock, OR

Benefits of a Limited Liability Company (LLC) in Pilot Rock, OR


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 OR 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 OR 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 Pilot Rock, OR
    Bankruptcy Clinic of Oregon
    1579 Burns St
    West Linn, OR 97068
    (503) 650-9662
    Legal Service Plans,  Attorneys,  Business Bankruptcy Law Attorneys,  Bankruptcy Law Attorneys
    Ackerman Peter
    2875 Marylhurst Dr
    West Linn, OR 97068
    (503) 697-9633
    Attorneys
    Bradly J Lenhart PC
    1579 Burns St
    West Linn, OR 97068
    (503) 557-8978
    Attorneys
    Lovejoy Stephen A
    3132 NE Loop Dr
    Otis, OR 97368
    (541) 994-8150
    Attorneys
    Robert E Repp
    2875 Marylhurst Dr
    West Linn, OR 97068
    (503) 722-7771
    Attorneys, Legal Service Plans
    Bankruptcy Clinic Of Oregon
    5400 Windsor Ter
    West Linn, OR 97068
    (503) 345-7678
    Attorneys,  Business Bankruptcy Law Attorneys,  Bankruptcy Services,  Legal Service Plans,  Bankrupt
    Stangell & Stangell Attys
    1800 Blankenship Rd.
    West Linn, OR 97068
    (503) 655-7659
    General Practice Attorneys, Legal Service Plans, Attorneys
    Stangell & Stangell, Attorneys
    1800 Blankenship Rd., Ste. 200
    West Linn, OR 97068
    (503) 655-7659
    Probate Law Attorneys, Attorneys
    Jeffrey D Munns PC
    4891 Willamette Falls Dr # 5
    West Linn, OR 97068
    (971) 279-7535
    Insurance Attorneys, Attorneys, Personal Injury Law Attorneys, Legal Service Plans
    David W. Schermer Attorney
    21790 Willamette Dr
    West Linn, OR 97068
    (503) 342-7401
    Attorneys,  Accident & Property Damage Attorneys,  Bankruptcy Law Attorneys,  Wills, Trusts & Estat
    Blair & Vestigo PC
    1800 Blankenship Rd # 475
    West Linn, OR 97068
    (503) 655-7199
    Attorneys
    Diane L Gruber Attorney
    1579 Burns St
    West Linn, OR 97068
    (503) 722-7136
    Attorneys, Bankruptcy Law Attorneys, Bankruptcy Services
    Ferrell-French, Patricia
    2075 Willamette Falls Dr
    West Linn, OR 97068
    (503) 925-6939
    Probate Law Attorneys,  Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Wills, Trusts & Esta
    The Smith Firm, PC
    1754 Willamette Falls Dr
    West Linn, OR 97068
    (503) 657-6550
    Attorneys, Corporation & Partnership Law Attorneys, Real Estate Attorneys, Legal Service Plans
    Dusek Ron
    2875 Marylhurst Dr
    West Linn, OR 97068
    (503) 635-6236
    Attorneys, Legal Service Plans
    Oregon Legal Center
    2875 Marylhurst Dr.
    West Linn, OR 97068
    (503) 635-6235
    Attorneys, Family Law Attorneys, Probate Law Attorneys, Elder Law Attorneys, Wills, Trusts & Estate
    Smith Melissa
    21235 Serango Dr
    West Linn, OR 97068
    (503) 650-6167
    Bankruptcy Law Attorneys,  Litigation & Tort Attorneys,  Probate Law Attorneys,  Attorneys,  Family
    Lohman Edward F
    1579 Burns St
    West Linn, OR 97068
    (503) 656-5915
    General Practice Attorneys, Attorneys, Legal Service Plans
    Cole Tait
    1919 Willamette Falls Dr
    West Linn, OR 97068
    (503) 278-5912
    Attorneys,  Personal Injury Law Attorneys,  Business Law Attorneys,  Real Estate Attorneys,  General
    Lawrence Law Office PC
    20420 Noble Ln
    West Linn, OR 97068
    (503) 387-5571
    General Practice Attorneys, Attorneys, Legal Service Plans
    Mead Law Firm Pc
    1672 Willamette Falls Dr
    West Linn, OR 97068
    (503) 656-4550
    Corporation & Partnership Law Attorneys, Attorneys, Legal Service Plans
    Werst Dean C Atty
    1785 Willamette Falls Dr
    West Linn, OR 97068
    (503) 722-4546
    Hoesly Debbie
    31110 SW River Lane Rd
    West Linn, OR 97068
    (503) 722-4300
    Attorneys, Legal Service Plans
    Jeffrey D Munns PC
    4891 Willamette Falls Dr
    West Linn, OR 97068
    (503) 433-3705
    Attorneys,  Personal Injury Law Attorneys,  Insurance,  Legal Clinics,  Legal Service Plans,  Insura
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US