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 Pomeroy, PA

Benefits of a Limited Liability Company (LLC) in Pomeroy, 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 Pomeroy, PA
    Stark & Stark
    777 Township Line Rd Ste 120
    Yardley, PA 19067
    (267) 907-9600
    Attorneys,  Legal Service Plans,  Labor & Employment Law Attorneys,  Personal Injury Law Attorneys,
    Shulman & Shabbick
    1935 Center St
    Northampton, PA 18067
    (610) 261-9000
    Attorneys,  Personal Injury Law Attorneys,  General Practice Attorneys,  Wills, Trusts & Estate Pla
    Marshall Douglas B ESQ
    1009 N Elbow Ln
    Yardley, PA 19067
    (215) 736-8377
    Attorneys, Legal Service Plans
    Fegley Scott I
    301 Oxford Valley Rd Ste 402A
    Yardley, PA 19067
    (215) 493-8287
    Attorneys, Legal Service Plans
    Whitmoyer Walter C
    303 Golf Rd
    Myerstown, PA 17067
    (717) 866-5880
    General Practice Attorneys, Attorneys, Legal Service Plans
    Miller Jeffrey D Jr
    921 Halfway Dr
    Myerstown, PA 17067
    (717) 866-5845
    Criminal Law Attorneys, Attorneys
    Cooper Thomas N
    36 W Main Ave
    Myerstown, PA 17067
    (717) 866-5737
    General Practice Attorneys, Attorneys
    Sturm Jr William H
    36 W Main Ave
    Myerstown, PA 17067
    (717) 866-5737
    Attorneys
    Steiner Sandoe & Cooper Attorneys
    36 W Main Ave
    Myerstown, PA 17067
    (717) 866-5737
    General Practice Attorneys, Attorneys, Title Companies, Legal Service Plans
    Posner William M
    255 Clover Hill Ct
    Yardley, PA 19067
    (215) 493-5456
    Attorneys, Legal Service Plans
    Cadwallader Thomas S
    16 S Main St # 1
    Yardley, PA 19067
    (215) 493-3641
    Attorneys, Legal Service Plans
    Courtney Jennifer
    301 Oxford Valley Rd Ste 1902A
    Yardley, PA 19067
    (215) 493-3360
    Attorneys, Family Law Attorneys, Legal Service Plans, General Practice Attorneys
    Brook John H
    1910 Makefield Rd
    Yardley, PA 19067
    (215) 295-2727
    General Practice Attorneys
    Kerrigan John Quinn Attorneys
    250 N Pennsylvania Ave
    Morrisville, PA 19067
    (215) 736-2521
    General Practice Attorneys, Attorneys
    Esposito James J
    250 N Pennsylvania Ave
    Morrisville, PA 19067
    (215) 736-2521
    General Practice Attorneys, Attorneys
    Donaghy John W
    250 N Pennsylvania Ave
    Morrisville, PA 19067
    (215) 736-2521
    Attorneys
    Curtin & Heefner Llp
    250 N Pennsylvania Ave
    Morrisville, PA 19067
    (215) 736-2521
    Attorneys,  Legal Service Plans,  Civil Litigation & Trial Law Attorneys,  Personal Injury Law Attor
    Bass Matthew J
    250 N Pennsylvania Ave
    Morrisville, PA 19067
    (215) 736-2521
    General Practice Attorneys, Attorneys
    Sullivan Sean R
    250 N Pennsylvania Ave
    Morrisville, PA 19067
    (215) 736-2521
    General Practice Attorneys, Attorneys
    Stump Rebecca L
    250 N Pennsylvania Ave
    Morrisville, PA 19067
    (215) 736-2521
    Attorneys, Legal Service Plans
    Stecklair Francis X Attorney
    250 N Pennsylvania Ave
    Morrisville, PA 19067
    (215) 736-2521
    Attorneys
    Michael J Repak
    309 Floral Vale Blvd
    Morrisville, PA 19067
    (215) 968-2447
    General Practice Attorneys, Attorneys, Legal Service Plans
    Gianvito Law Ofc of Nicholas
    314 W Mahoning St
    Punxsutawney, PA 15767
    (814) 938-1776
    Attorneys,  Attorneys Referral & Information Service,  General Practice Attorneys,  Legal Service Pl
    Fiorini Elizabeth
    1150 W Penn Ave
    Womelsdorf, PA 19567
    (610) 589-1685
    Bankruptcy Law Attorneys, Business Bankruptcy Law Attorneys, Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US