12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents
 
 
FINANCIAL & MARITAL

Cohabitation Agreement coming soon!
Separation Agreement coming soon!
No-Fault Divorce coming soon!
Bankruptcy coming soon!
 
 

Orientation to Limited Liability Companies (LLCs) in West Linn, OR

Orientation to Limited Liability Companies (LLCs) in West Linn, OR


I've missed more than 9,000 shots in my career. I've lost almost 300 games. 26 times I've been trusted to take the game winning shot and missed. I've failed over and over and over again in my life and that is why I succeed.
 
- Michael Jordan


A Limited Liability Company (LLC), just like a corporation, offers protection from personal liability for business debts. But, unlike a corporation, which pays its own taxes, an LLC is a pass-through tax entity in which the profits and losses pass-through its owners who report it on their personal tax returns.

How to Form an LLC

  • File "Articles of Organization" with your state government including the name, address, and phone number of the business, and the name of the person who is the "registered agent" of the company. Depending on the state, the names of all LLC members are sometimes requested.
  • Create a written LLC operating agreement. This is a crucial document because it includes the rights and responsibilities of the LLC members. It can also include the percentage interest and the shares of profits of the members.
  • Main Features of an LLC



    Limited Personal Liability

    All LLC members are spared from personal liability for business claims and debts. A creditor cannot go after them and demand payment from their personal assets. The assets of the LLC are used to pay off debts, and the only thing members stand to lose is their investment in the business.

    Exceptions to Limited Personal Liability

    Limited personal liability can be enjoyed by an LLC when doing business transactions, but this protection is not fixed. This particular downside also applies to corporations. An LLC owner can be held liable if he/she:

  • Intentionally does something fraudulent, illegal, or reckless that causes harm to the company or to someone else.
  • Fails to pay taxes withheld from employees' wages.
  • Personally and directly injures someone.
  • Personally guarantees a bank loan or a business debt on which the LLC defaults.
  • Treats the LLC as an extension of his/her personal affairs rather than as a separate legal entity.


  • Business Protection

    Your personal assets can be protected by a good liability insurance which is not possible with a limited liability protection. If you are practicing your craft and accidentally injure someone, your liability insurance policy will cover you. In the event of a court proceeding, your insurance can protect your personal assets if the limited liability status is disregarded by the court.

    LLC Taxes

    An LLC is a "pass-through" entity where the business income passes through the business to the LLC members who will report their share of profits or losses on their individual income tax returns. All LLC members make a quarterly estimated tax payment to the IRS.

    LLC Management

    Member management means participating equally in the management of business. Manager management refers to designating one or more owners, or even outsiders, to take responsibility for managing the LLC. In a manager-managed LLC, only those named "manager" can vote with regards to management decisions and act as an agent of the LLC.


    Ending an LLC

    Depending on the laws of your state, or as indicated in the operating agreement, when one member leaves, the LLC dissolves. The remaining members will be responsible for meeting the business obligations left behind, pay the debts, and divide the remaining assets and profits among themselves. The decision to create a new LLC with the remaining members can be discussed. In order to avoid this kind of abrupt ending, your LLC operating agreement can include a "buy-sell" or "buyout" clause with guidelines on what will happen if a member decides to leave to pursue other interests, retires, or dies.

     
    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 West Linn, 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
    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, Attorneys
    1800 Blankenship Rd., Ste. 200
    West Linn, OR 97068
    (503) 655-7659
    Probate Law Attorneys, Attorneys
    Stangell & Stangell Attys
    1800 Blankenship Rd.
    West Linn, OR 97068
    (503) 655-7659
    General Practice Attorneys, Legal Service Plans, 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
    Lulay Law Offices
    1800 Blankenship Rd Ste 200
    West Linn, OR 97068
    (503) 650-2253
    Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US