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 Toughkenamon, PA

Orientation to Limited Liability Companies (LLCs) in Toughkenamon, 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 Toughkenamon, PA
    Mcgraw, Terence Wmpa Law
    4092 Skippack Pke
    Skippack, PA 19474
    (610) 584-9400
    Attorneys, Legal Service Plans, Labor & Employment Law Attorneys, Social Security & Disability Law A
    McGraw & Associates, LLC
    4092 Skippack Pike, P.O. Box 650
    Skippack, PA 19474
    (610) 584-9400
    Employee Benefits & Worker Compensation Attorneys, Social Security & Disability Law Attorneys
    Prosser Kevin E
    400 Market St
    Newport, PA 17074
    (717) 567-9169
    Civil Litigation & Trial Law Attorneys, Attorneys, Criminal Law Attorneys, Family Law Attorneys, Gen
    Legal Communications Group
    700 Veterans Circle
    Warminster, PA 18974
    (215) 364-8828
    Personal Injury Law Attorneys, Legal Service Plans, Emergency Notification Service
    Marjorie V. Shribman, Esq.
    176 York Rd
    Warminster, PA 18974
    (215) 441-8815
    Attorneys, Social Security & Disability Law Attorneys
    Allen E. Hench, Adam P. Britcher & Associates,
    232 Market St
    Newport, PA 17074
    (866) 986-8589
    Commercial Law Attorneys,  Attorneys,  Probate Law Attorneys,  Wills, Trusts & Estate Planning Atto
    Goldberg Elliott
    170 Fairway Dr
    Warminster, PA 18974
    (215) 441-8464
    General Practice Attorneys
    Freeburn & Hamilton, P.C.
    220 Market Street
    Newport, PA 17074
    (800) 305-8005
    Personal Injury Law Attorneys, Attorneys, Employee Benefits & Worker Compensation Attorneys
    Scaringi & Scaringi PC
    14 S 2nd St
    Newport, PA 17074
    (866) 722-7656
    Criminal Law Attorneys, Sexual Harassment Attorneys, Attorneys
    Christopher J Basner P.C. Attorney & Counselor At Law
    341 Market St
    Newport, PA 17074
    (717) 567-6993
    Attorneys, General Practice Attorneys
    McCullough & Eisenburg
    65 W Street Rd Ste A-105
    Warminster, PA 18974
    (215) 957-6411
    Business Bankruptcy Law Attorneys,  Attorneys,  Real Estate Attorneys,  Bankruptcy Services,  Bankru
    Corr Law Offices LLP
    1035 W Bristol Rd
    Warminster, PA 18974
    (215) 443-5443
    General Practice Attorneys, Attorneys
    Borgmann Peter D
    429 Grape St
    Warminster, PA 18974
    (215) 672-4917
    Attorneys, Legal Service Plans
    Mullaney & Mullaney
    3881 Skippack Pike
    Skippack, PA 19474
    (610) 422-3670
    Criminal Law Attorneys,  Accident & Property Damage Attorneys,  Personal Injury Law Attorneys,  Atto
    Tri State Turf Supply
    1544 Campus Dr Ste F
    Warminster, PA 18974
    (215) 675-3555
    Attorneys, Legal Service Plans
    Britcher Adam P
    220 Market St
    Newport, PA 17074
    (717) 567-3139
    Real Estate Attorneys, Attorneys
    Turner & O'Connell
    26 Red Hill Ct
    Newport, PA 17074
    (717) 567-3023
    Bankruptcy Law Attorneys,  Attorneys,  Real Estate Attorneys,  Wills, Trusts & Estate Planning Atto
    Martucci Eugene J
    190 W Washington St
    Rochester, PA 15074
    (724) 728-3000
    Attorneys Referral & Information Service, Attorneys
    Priestley George A
    237 York Rd
    Warminster, PA 18974
    (215) 672-3000
    General Practice Attorneys, Attorneys
    Marijo M. Murphy
    550 W Street Rd
    Warminster, PA 18974
    (215) 675-1302
    Family Law Attorneys
    Isgate & Chiccarine PC
    30 Industrial Dr
    Warminster, PA 18974
    (215) 396-1020
    Attorneys
    Abramson Richard J
    65 W Street Rd Ste A203
    Warminster, PA 18974
    (215) 444-0900
    Attorneys, General Practice Attorneys
    Mc Guffin Brian T
    260 W Street Rd
    Warminster, PA 18974
    (215) 674-0700
    Mc Whirk Keith M
    2023 Cressman Rd
    Skippack, PA 19474
    (610) 584-0700
    Attorneys,  Criminal Law Attorneys,  Accident & Property Damage Attorneys,  Personal Injury Law Atto
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US