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 Langhorne, PA

Benefits of a Limited Liability Company (LLC) in Langhorne, 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 Langhorne, PA
    Bankruptcy Law Service
    105 E Maple Ave Apt A
    Langhorne, PA 19047
    (215) 702-9890
    Bankruptcy Law Attorneys, Attorneys
    Legal Shield
    431 Knollbrook Dr.
    Langhorne, PA 19047
    (215) 275-8240
    Consumer Law Attorneys, Employee Benefits Insurance, Legal Service Plans, Small Business Attorneys,
    Eriksen Niels C Jr Atty
    174 Middletown Blvd
    Langhorne, PA 19047
    (215) 750-8010
    General Practice Attorneys, Attorneys
    Brook Mindy M
    402 Middletown Blvd # 206
    Langhorne, PA 19047
    (215) 752-7770
    General Practice Attorneys, Legal Service Plans, Attorneys
    Mindy M Brook PC
    402 Middletown Blvd
    Langhorne, PA 19047
    (215) 752-7770
    Attorneys, Legal Service Plans, General Practice Attorneys
    Weber Paul
    1 Oxford Vly # 155
    Langhorne, PA 19047
    (215) 752-7676
    Accident & Property Damage Attorneys,  Attorneys,  Personal Injury Law Attorneys,  Legal Service Pla
    Kerrigan, John J. Jr.
    174 Middletown Blvd Ste 300
    Langhorne, PA 19047
    (215) 741-7144
    Attorneys,  Criminal Law Attorneys,  Juvenile Law Attorneys,  Civil Litigation & Trial Law Attorneys
    Zaslow, Darrell M - Walder & Zaslow Pc
    1 Oxford Valley Rd
    Langhorne, PA 19047
    (215) 750-6500
    Divorce Attorneys,  Attorneys,  General Practice Attorneys,  Legal Service Plans,  Family Law Attorn
    Buxmont Mediation & Visitation
    174 Middletown Blvd
    Langhorne, PA 19047
    (215) 752-6200
    Divorce Attorneys,  Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Labor & Employment L
    Karen Ann Ulmer, P.C.
    174 Middletown Blvd Ste 300
    Langhorne, PA 19047
    (215) 752-6200
    Family Law Attorneys, Wills, Trusts & Estate Planning Attorneys, Attorneys
    Saile Michael
    403 Executive Dr
    Langhorne, PA 19047
    (215) 860-5800
    Attorneys,  Criminal Law Attorneys,  Litigation & Tort Attorneys,  Estate Planning Attorneys,  Accid
    Fink Fink & Assoc
    174 Middletown Blvd,Ste 300
    Langhorne, PA 19047
    (215) 437-3827
    Criminal Law Attorneys, DUI & DWI Attorneys
    Cattanidgn Christine L
    174 Middletown Blvd
    Langhorne, PA 19047
    (215) 752-3400
    General Practice Attorneys, Attorneys, Legal Service Plans
    Kevin Zlock, P.C.
    1705 Langhorne Newtown Rd Suite 1,
    Langhorne, PA 19047
    (215) 968-1800
    Criminal Law Attorneys, Attorneys, Family Law Attorneys
    Walsh Michael
    231 W Richardson Ave
    Langhorne, PA 19047
    (215) 741-1761
    Attorneys
    Zlock & Snyder
    1705 Langhorne Newtown Rd Ste 6
    Langhorne, PA 19047
    (215) 504-1313
    General Practice Attorneys, Attorneys, Legal Service Plans
    Fink Richard R
    174 Middletown Blvd # 300
    Langhorne, PA 19047
    (215) 741-1212
    Criminal Law Attorneys, Attorneys, DUI & DWI Attorneys
    Sailer Todd M
    680 Middletown Blvd # 300
    Langhorne, PA 19047
    (215) 750-0110
    General Practice Attorneys, Attorneys
    Profy IV Thomas J
    680 Middletown Blvd # 300
    Langhorne, PA 19047
    (215) 750-0110
    General Practice Attorneys, Attorneys
    Maloney Douglas C
    680 Middletown Blvd # 300
    Langhorne, PA 19047
    (215) 750-0110
    General Practice Attorneys, Attorneys
    Dillon Francis X
    680 Middletown Blvd # 300
    Langhorne, PA 19047
    (215) 750-0110
    General Practice Attorneys, Attorneys
    Byrnes Siobhan
    680 Middletown Blvd # 300
    Langhorne, PA 19047
    (215) 750-0110
    General Practice Attorneys, Attorneys
    Britton Joseph S
    680 Middletown Blvd
    Langhorne, PA 19047
    (215) 750-0110
    Legal Service Plans, Attorneys, Criminal Law Attorneys, Family Law Attorneys, Divorce Attorneys, Bus
    Hecker Thomas R
    680 Middletown Blvd # 300
    Langhorne, PA 19047
    (215) 750-0110
    General Practice Attorneys, Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US