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 Beaufort, SC

Benefits of a Limited Liability Company (LLC) in Beaufort, SC


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 SC 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 SC 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 Beaufort, SC
    Christopher W. Lempesis, Jr.
    P.O. Box 43
    Beaufort, SC 29901
    (843) 321-9529
    Traffic Law Attorneys, Attorneys, Criminal Law Attorneys, Family Law Attorneys, Civil Litigation & T
    Camputaro Law Office
    920 Bay St Ste 25
    Beaufort, SC 29902
    (843) 442-9517
    General Practice Attorneys, Attorneys
    Pendarvis Thomas
    500 Carteret St # A
    Beaufort, SC 29902
    (843) 524-9500
    General Practice Attorneys, Attorneys
    Bush III Clifford
    28 Old Jericho Rd
    Beaufort, SC 29906
    (843) 379-9500
    General Practice Attorneys, Attorneys
    Christopher J Geier Attorney
    612 North St
    Beaufort, SC 29902
    (843) 986-9449
    General Practice Attorneys, Litigation & Tort Attorneys, Attorneys
    Denton Daniel R
    1917 Lovejoy St
    Beaufort, SC 29902
    (843) 524-9445
    Attorneys, Accident & Property Damage Attorneys, Corporation & Partnership Law Attorneys, General Pr
    Erickson Law Firm
    300 Ribaut Rd
    Beaufort, SC 29902
    (843) 522-9164
    General Practice Attorneys, Attorneys, Legal Service Plans
    Erickson Law Firm
    2015 Boundary St Ste 309
    Beaufort, SC 29902
    (843) 522-9164
    General Practice Attorneys, Attorneys
    Dore Bertrand
    133 Sea Island Pkwy
    Beaufort, SC 29907
    (843) 522-9112
    General Practice Attorneys, Attorneys, Legal Service Plans
    Davidovic Law Firm
    2201-B Boundary St # 205
    Beaufort, SC 29902
    (843) 441-9099
    General Practice Attorneys, Attorneys, Legal Service Plans
    Lee Scott
    1214 King St
    Beaufort, SC 29902
    (843) 986-9030
    Attorneys, Legal Service Plans
    Fisher Jr Marc W
    811 Craven St
    Beaufort, SC 29902
    (843) 522-9000
    Attorneys, Wills, Trusts & Estate Planning Attorneys, General Practice Attorneys, Legal Service Plan
    Para-Legal Service Inc
    507 Monson St
    Beaufort, SC 29902
    (843) 522-8888
    Paralegals
    Tupper Grimsley & Dean PA
    611 Bay St
    Beaufort, SC 29902
    (877) 913-8654
    Civil Litigation & Trial Law Attorneys,  Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,
    Smith Brandon W
    1111 Bay St
    Beaufort, SC 29902
    (843) 379-8300
    Attorneys,  Accident & Property Damage Attorneys,  Wills, Trusts & Estate Planning Attorneys,  Corp
    Graber C Scott
    605 Carteret St
    Beaufort, SC 29902
    (843) 524-8204
    Wills, Trusts & Estate Planning Attorneys, Attorneys, Real Estate Attorneys, General Practice Attorn
    Eric J Erickson Esquire Attorney & Counselor At Law
    300 Ribaut Rd
    Beaufort, SC 29902
    (843) 812-6873
    Attorneys
    Bailey Joel D
    510 Ribaut Rd
    Beaufort, SC 29902
    (843) 525-6090
    General Practice Attorneys, Attorneys
    Ferguson Robert E
    46 Sams Point Rd
    Beaufort, SC 29907
    (877) 926-5844
    Attorneys, General Practice Attorneys, Civil Litigation & Trial Law Attorneys, Criminal Law Attorney
    Robert E Ferguson Jr LLC
    46 Sams Point Rd
    Beaufort, SC 29907
    (877) 926-5844
    Civil Litigation & Trial Law Attorneys,  Attorneys,  Criminal Law Attorneys,  DUI & DWI Attorneys,  
    Ruff, Carol C - Ruff & Ruff
    17 Professional Village Cir
    Beaufort, SC 29907
    (843) 524-5400
    Estate Planning Attorneys, Attorneys, Legal Service Plans
    Brian McDaniel
    2015 Boundary St One Beaufort
    Beaufort, SC 29902
    (843) 379-5117
    Attorneys, General Practice Attorneys
    Infinger Peggy M
    10 Robin Dr
    Beaufort, SC 29907
    (843) 521-5015
    Accident & Property Damage Attorneys,  Attorneys,  Corporation & Partnership Law Attorneys,  Legal S
    Williams Raymond H
    800 Congress St
    Beaufort, SC 29902
    (843) 521-5010
    Real Estate Attorneys, Attorneys, Legal Service Plans
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US