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 Snydersburg, PA

Orientation to Limited Liability Companies (LLCs) in Snydersburg, 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 Snydersburg, PA
    Henderson Kevin
    527 Main Street Ext
    Mc Donald, PA 15057
    (724) 926-9711
    Attorneys
    Michaels Timothy ESQ
    112 Warren St
    Tunkhannock, PA 18657
    (570) 836-8911
    General Practice Attorneys, Attorneys
    Scott Brian
    527 Valley St
    Mc Donald, PA 15057
    (724) 926-8388
    Attorneys
    Kling & Fanning LLP
    131 W Main St
    New Holland, PA 17557
    (717) 354-7700
    Wills, Trusts & Estate Planning Attorneys,  Attorneys,  Elder Law Attorneys,  Real Estate Attorneys
    Litwin Anthony P
    24 E Tioga St
    Tunkhannock, PA 18657
    (570) 836-7625
    General Practice Attorneys, Attorneys, Legal Service Plans
    Metzger Wickersham
    124 W King St
    Shippensburg, PA 17257
    (717) 530-7515
    Estate Planning Attorneys,  Attorneys,  Accident & Property Damage Attorneys,  Corporation & Partner
    Thomas Douglas P
    35 Oak Hill Rd
    Tunkhannock, PA 18657
    (570) 836-7500
    General Practice Attorneys, Attorneys
    Ruane, Joseph P - Weigle & Assoc Pc
    126 E King St
    Shippensburg, PA 17257
    (717) 532-7388
    Attorneys,  Legal Service Plans,  Family Law Attorneys,  Divorce Attorneys,  Civil Litigation & Tria
    Daghir George L
    20 N Michael St
    Saint Marys, PA 15857
    (814) 834-6810
    Attorneys, General Practice Attorneys
    Total Attorneys - DUI
    274159 Beliangs Rd
    Levittown, PA 19057
    (267) 587-6404
    Attorneys, Legal Service Plans
    Total Attorneys - Divorce
    273954 Beliangs Rd
    Levittown, PA 19057
    (267) 587-6283
    Divorce Attorneys,  Attorneys,  Family Law Attorneys,  Legal Service Plans
    Total Attorneys - Bankruptcy
    271912 Beliangs Rd
    Levittown, PA 19057
    (267) 552-6156
    Bankruptcy Law Attorneys,  Attorneys,  Banking & Mortgage Law Attorneys,  Bankruptcy Services,  Lega
    Spizer Howard M
    130 Bridge St
    Tunkhannock, PA 18657
    (570) 836-5878
    Attorneys, General Practice Attorneys
    Smith Stacy L
    375 Indian Creek Dr
    Levittown, PA 19057
    (215) 968-5731
    General Practice Attorneys, Attorneys
    Capriglione Scott J
    7024 Old Route 13
    Levittown, PA 19057
    (215) 547-5297
    Attorneys, Family Law Attorneys, General Practice Attorneys, Divorce Assistance, Legal Service Plans
    Dirienzo John J Jr Atty
    186 Lake Road Ln
    Rockwood, PA 15557
    (814) 926-4991
    General Practice Attorneys, Attorneys
    Grimaud Gerald C
    69 Putnam St
    Tunkhannock, PA 18657
    (570) 836-4668
    Attorneys, Legal Service Plans
    Ackourey & Turel PC
    9 Marion St
    Tunkhannock, PA 18657
    (570) 836-4515
    General Practice Attorneys, Attorneys, Legal Service Plans
    Good & Harris LLP
    132 W Main St
    New Holland, PA 17557
    (717) 354-4456
    Attorneys,  Elder Law Attorneys,  Business Law Attorneys,  Bankruptcy Law Attorneys,  Corporation &
    Appel & Yost LLP
    142 E Main St
    New Holland, PA 17557
    (717) 354-4117
    Wills, Trusts & Estate Planning Attorneys,  Business Law Attorneys,  Attorneys,  Family Law Attorne
    Weigle & Associates PC
    126 E King St
    Shippensburg, PA 17257
    (717) 977-4048
    Attorneys,  Criminal Law Attorneys,  Civil Litigation & Trial Law Attorneys,  Appellate Practice Att
    Jacob Mark S
    400 S Michael St
    Saint Marys, PA 15857
    (814) 834-3999
    General Practice Attorneys, Attorneys
    Lang Sue N
    375 Indian Creek Dr
    Levittown, PA 19057
    (215) 943-3800
    General Practice Attorneys, Attorneys
    Steele Sally A
    70 Hollow Crest Rd
    Tunkhannock, PA 18657
    (570) 836-3800
    Attorneys, Title Companies, Legal Service Plans
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US