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 Cogan Station, PA

Benefits of a Limited Liability Company (LLC) in Cogan Station, PA


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 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 Cogan Station, PA
    Gordon & Weinberg
    1001 E Hector St # 220
    Conshohocken, PA 19428
    (215) 988-9600
    Personal Injury Law Attorneys,  Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Labor &
    Barrack Rodos & Bacine
    100 4 Falls Corporate Ctr #311
    Conshohocken, PA 19428
    (610) 940-9567
    Litigation & Tort Attorneys, Attorneys
    Gultanoff Barry F
    10 E 6th Ave
    Conshohocken, PA 19428
    (610) 834-9111
    General Practice Attorneys, Attorneys
    Gultanoff & Assoc Law Offices
    10 E 6th Ave
    Conshohocken, PA 19428
    (610) 834-9111
    General Practice Attorneys, Attorneys, Legal Service Plans
    Braunfeld Andrew L
    1 W 1st Ave # 101
    Conshohocken, PA 19428
    (610) 941-9020
    Attorneys, Legal Service Plans
    Nurick Todd B
    15 E Ridge Pike
    Conshohocken, PA 19428
    (610) 238-9000
    General Practice Attorneys, Attorneys, Legal Service Plans
    Orton Leigh Ann
    11 Park St
    North East, PA 16428
    (814) 725-8691
    Family Law Attorneys, Attorneys, Legal Service Plans
    New Leaf Mediation Group
    200 Barr Harbor Dr Suite 400
    Conshohocken, PA 19428
    (877) 346-8092
    Family Law Attorneys,  General Practice Attorneys,  Arbitration & Mediation Attorneys,  Child Custod
    Wiener Richard M
    161 Washington St # 400
    Conshohocken, PA 19428
    (610) 832-8050
    General Practice Attorneys, Attorneys, Legal Service Plans
    Miller & Chevalier
    300 Conshohocken State Rd
    Conshohocken, PA 19428
    (610) 729-7800
    Attorneys, Legal Service Plans
    Richard Lefchak Law Office
    200 4 Falls Corporate Ctr
    Conshohocken, PA 19428
    (610) 832-7470
    General Practice Attorneys, Attorneys
    Sykes Elder Law
    615 Washington Rd Ste 304
    Pittsburgh, PA 15228
    (412) 531-7123
    Attorneys, Criminal Law Attorneys, Estate Planning Attorneys, Legal Service Plans
    Krahe De Nero Linda
    186 Castle Shannon Blvd
    Pittsburgh, PA 15228
    (412) 563-6660
    General Practice Attorneys, Attorneys, Legal Service Plans
    Borden Randolph T
    2543 Route 6, Ste. 2
    Hawley, PA 18428
    (570) 226-6465
    Criminal Law Attorneys, Abstracters, Attorneys
    Parrish Debra M
    615 Washington Rd Ste 200
    Pittsburgh, PA 15228
    (412) 561-6250
    General Practice Attorneys, Attorneys
    Spall Rydzewski Anderson Lalley and Tunis PC
    2573 Route 6
    Hawley, PA 18428
    (570) 226-6229
    Real Estate Attorneys, Attorneys, Legal Service Plans
    Kreithen Baron & Carpey PC
    100 W Elm St # 310
    Conshohocken, PA 19428
    (610) 834-6030
    Attorneys,  Malpractice Law Attorneys,  Accident & Property Damage Attorneys,  General Practice Atto
    Carpey Stuart
    100 W Elm St # 310
    Conshohocken, PA 19428
    (610) 834-6030
    Attorneys
    Begelman, Orlow & Melletz,
    101 W Elm St Ste 320
    Conshohocken, PA 19428
    (856) 428-6020
    Accident & Property Damage Attorneys,  Criminal Law Attorneys,  Employment Discrimination Attorneys,
    Brydon John C
    78 E Main St
    North East, PA 16428
    (814) 725-5900
    Attorneys, Legal Service Plans, General Practice Attorneys
    Klemeyer Farley & Bernathy LLC
    2523 Route 6 Ste 2
    Hawley, PA 18428
    (570) 226-5771
    Family Law Attorneys,  Attorneys,  Criminal Law Attorneys,  Real Estate Attorneys,  Personal Injury
    Hagarty John J
    443 Green Ln # 1
    Philadelphia, PA 19128
    (215) 483-5600
    General Practice Attorneys, Attorneys
    Hagerty, John J - Roxborough Law Office
    443 Green Ln
    Philadelphia, PA 19128
    (215) 483-5600
    Attorneys,  Labor & Employment Law Attorneys,  Real Estate Attorneys,  Personal Injury Law Attorneys
    Rosenberg Mark S
    161 Washington St # 400
    Conshohocken, PA 19428
    (610) 828-5525
    Attorneys, Legal Service Plans
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US