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 Cooksburg, PA

Benefits of a Limited Liability Company (LLC) in Cooksburg, 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 Cooksburg, PA
    Dimeo Law Offices
    120 4th St
    Ellwood City, PA 16117
    (724) 752-9955
    Civil Litigation & Trial Law Attorneys,  Personal Injury Law Attorneys,  Insurance Attorneys,  Produ
    Olson Jr, Bradley G - Gene Dimeo Law Office
    120 4th St
    Ellwood City, PA 16117
    (724) 752-9955
    Civil Litigation & Trial Law Attorneys,  Personal Injury Law Attorneys,  Insurance Attorneys,  Produ
    Hacker John F
    2045 Westgate Dr # 404
    Bethlehem, PA 18017
    (610) 882-9800
    General Practice Attorneys, Attorneys
    Beitlerth Kristie L
    2045 Westgate Dr # 404
    Bethlehem, PA 18017
    (610) 882-9800
    Adoption Law Attorneys, Attorneys, Family Law Attorneys
    Ayers John & Tami
    5469 Westgate Dr
    Girard, PA 16417
    (814) 774-9714
    Employee Benefits & Worker Compensation Attorneys
    Sigmon Mark
    3476 Mountainview Cir
    Bethlehem, PA 18017
    (610) 758-9438
    Attorneys, Attorneys Referral & Information Service
    McNees William H Jr Atty
    221 Country Club Dr
    Ellwood City, PA 16117
    (724) 758-8965
    General Practice Attorneys, Attorneys
    Sewall George O
    10 Pittsburgh Cir
    Ellwood City, PA 16117
    (724) 758-8948
    Attorneys, Legal Service Plans
    Marks Law
    4231 Murray Ave
    Pittsburgh, PA 15217
    (412) 421-8944
    Attorneys, Business Law Attorneys, Real Estate Attorneys, Legal Service Plans, Estate Planning Attor
    Marks Michael H
    4231 Murray Ave
    Pittsburgh, PA 15217
    (412) 421-8944
    Wills, Trusts & Estate Planning Attorneys, Attorneys, Estate Planning Attorneys, Legal Service Plans
    Peacock Keller & Ecker LLP
    530 Washington Ave
    Bridgeville, PA 15017
    (412) 257-8860
    General Practice Attorneys,  Attorneys,  Legal Service Plans,  Attorneys Referral & Information Serv
    Virginia Shenken Law Ctr
    2712 Carlisle St
    Bethlehem, PA 18017
    (610) 861-8800
    General Practice Attorneys, Attorneys, Legal Service Plans
    Davis Law Offices
    450 Ironwood Dr
    Canonsburg, PA 15317
    (724) 627-8466
    Attorneys, General Practice Attorneys, Legal Service Plans
    The Sandercock House
    8 Sandercock Rd
    Equinunk, PA 18417
    (570) 224-8302
    Attorneys
    Bartos John J Attorney
    100 Brodhead Rd
    Bethlehem, PA 18017
    (610) 865-8186
    Elder Law Attorneys, Attorneys, Real Estate Attorneys, Personal Property Law Attorneys, Estate Plann
    Bartos John J
    100 Brodhead Rd Ste 130
    Bethlehem, PA 18017
    (610) 865-8186
    Attorneys, Legal Service Plans, Elder Law Attorneys, Real Estate Attorneys, Personal Property Law At
    Christopher Law Offices
    4 Hillman Dr
    Chadds Ford, PA 19317
    (610) 361-8016
    General Practice Attorneys, Attorneys, Legal Service Plans
    Steger Gowie and Company Inc
    411 Old Baltimore Pike
    Chadds Ford, PA 19317
    (610) 388-7800
    Accountants-Certified Public,  Tax Return Preparation,  Accounting Services,  Bookkeeping,  Attorney
    Eugene Steger & Associate PC
    411 Old Baltimore Pike
    Chadds Ford, PA 19317
    (610) 388-7737
    Attorneys,  Tax Attorneys,  General Practice Attorneys,  Legal Service Plans
    Steger Eugene
    411 Old Baltimore Pike # 201
    Chadds Ford, PA 19317
    (610) 388-7737
    Tax Attorneys, Attorneys, General Practice Attorneys, Legal Service Plans
    David & David
    113 Thornton Rd
    Brownsville, PA 15417
    (724) 785-7733
    Attorneys, General Practice Attorneys, Legal Service Plans
    Zumas Nicholas M
    54 S Commerce Way # 172
    Bethlehem, PA 18017
    (610) 866-7716
    Attorneys, Legal Service Plans
    Floro Samuel S
    306 5th St
    Ellwood City, PA 16117
    (724) 758-7606
    Attorneys,  Accident & Property Damage Attorneys,  Wills, Trusts & Estate Planning Attorneys,  Gene
    Dibuono Robert J
    500 Todd Ave
    Ellwood City, PA 16117
    (724) 758-7592
    Attorneys, Legal Service Plans
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US