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 Mineral Springs, PA

Orientation to Limited Liability Companies (LLCs) in Mineral Springs, PA


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 PA 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 PA 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 Mineral Springs, PA
    Pecht & Associates PC
    1205 Manor Dr
    Mechanicsburg, PA 17055
    (717) 691-9808
    Estate Planning Attorneys, Attorneys, Wills, Trusts & Estate Planning Attorneys, Corporation & Partn
    Sunday Collaborative Law
    39 W. Main St.
    Mechanicsburg, PA 17055
    (717) 766-9622
    Mediation Services, Family Law Attorneys
    Sunday Dawn S
    39 W Main St # 1
    Mechanicsburg, PA 17055
    (717) 766-9622
    General Practice Attorneys, Attorneys
    Tidd David W
    516 Main St
    Hellertown, PA 18055
    (610) 838-8700
    Bankruptcy Law Attorneys, Attorneys, Criminal Law Attorneys, Divorce Attorneys
    Tidd & Cook
    1406 Main St
    Hellertown, PA 18055
    (610) 838-8700
    Attorneys, General Practice Attorneys
    Flynn Thomas W III Atty
    29 Sandy Ln
    Malvern, PA 19355
    (610) 644-8118
    General Practice Attorneys, Attorneys
    Duane Morris LLP Attys
    200 Chesterfield Pkwy
    Malvern, PA 19355
    (610) 251-6900
    General Practice Attorneys, Attorneys
    Gantz Law Offices
    7 3rd Ave
    Malvern, PA 19355
    (610) 644-6437
    Real Estate Attorneys
    Kellogg Thomas R Atty
    1745 Indian Run Rd
    Malvern, PA 19355
    (610) 644-6152
    General Practice Attorneys, Attorneys
    Mc Carthy III William J
    1319 Main St
    Hellertown, PA 18055
    (610) 838-6050
    Attorneys, Legal Service Plans
    Stradley Ronon Stevens & Young
    30 Valley Stream Pkwy
    Malvern, PA 19355
    (610) 640-5800
    Attorneys,  Tax Attorneys,  Banking & Mortgage Law Attorneys,  Real Estate Attorneys,  General Pract
    Dohan Andrew H
    460 E King Rd
    Malvern, PA 19355
    (610) 722-5800
    Accident & Property Damage Attorneys, Attorneys, Legal Service Plans
    Gordon Charles W
    656 Main St
    Hellertown, PA 18055
    (610) 838-5500
    Attorneys, Criminal Law Attorneys, Family Law Attorneys, Wills, Trusts & Estate Planning Attorneys,
    Wagner Bradford D
    662 Main St
    Hellertown, PA 18055
    (610) 709-5499
    Estate Planning Attorneys,  Attorneys,  Elder Law Attorneys,  Estate Planning, Probate, & Living T
    Hazlett Gregory S Attorney-At-Law
    7 W Main St
    Mechanicsburg, PA 17055
    (717) 610-4984
    Attorneys, Litigation & Tort Attorneys, General Practice Attorneys
    Giordano Law
    221 West Main Street
    Mechanicsburg, PA 17055
    (717) 745-4160
    Elder Law Attorneys, Social Security & Disability Law Attorneys, Wills, Trusts & Estate Planning Att
    Jarmon Legal LLC
    101 Lindenwood Drive, Suite 22
    Malvern, PA 19355
    (484) 999-4149
    Criminal Law Attorneys, DUI & DWI Attorneys, Traffic Law Attorneys, Attorneys
    Reynolds Family Law
    5 Great Valley Pkwy Ste 213
    Malvern, PA 19355
    (610) 648-3840
    Family Law Attorneys, Attorneys, Legal Service Plans
    Attorneys Abstract
    116 E King St
    Malvern, PA 19355
    (610) 296-3701
    Abstracters,  Attorneys,  General Practice Attorneys,  Title Companies
    Dupler D A Atty
    333 Lancaster AVE
    Malvern, PA 19355
    (610) 644-3665
    Attorneys, Legal Service Plans
    Elder Keystone Law Pc
    555 Gettysburg Pike
    Mechanicsburg, PA 17055
    (717) 697-3223
    Attorneys, Legal Service Plans, Real Estate Attorneys, Estate Planning Attorneys
    Keystone Elder Law P.C
    555 Gettysburg Rd
    Mechanicsburg, PA 17055
    (717) 697-3223
    Attorneys, Real Estate Attorneys, Personal Property Law Attorneys, Trust Companies, Elder Law Attorn
    Berkowitz Klein LLP
    629 B Swedesford Rd.
    Malvern, PA 19355
    (610) 889-3200
    Business Litigation Attorneys, Attorneys, Business Law Attorneys
    Hennessy Law
    101 Lindenwood Dr # 225
    Malvern, PA 19355
    (484) 875-3111
    Attorneys Referral & Information Service
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US