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 Monetta, SC

Benefits of a Limited Liability Company (LLC) in Monetta, 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 Monetta, SC
    Ryan W. Lane
    3600 Rosewood Dr
    Columbia, SC 29205
    (803) 790-9958
    Family Law Attorneys,  Personal Injury Law Attorneys,  Real Estate Attorneys,  Landlord & Tenant Att
    Lane Law Firm
    3602 Rosewood Drive
    Columbia, SC 29205
    (803) 790-9958
    Real Estate Attorneys, Landlord & Tenant Attorneys, Attorneys
    Kinlaw, Alex Jr
    309 Mills Ave
    Greenville, SC 29605
    (864) 232-9917
    Attorneys
    Clark Robert A
    5409 Augusta Rd
    Greenville, SC 29605
    (864) 335-9730
    Attorneys, Divorce Attorneys, Family Law Attorneys
    Matthews And Megna LLC
    112 S Oak Rd
    Florence, SC 29505
    (843) 662-9699
    Attorneys, Bankruptcy Law Attorneys
    Lewis Deborah K
    2129 Dorchester Rd
    North Charleston, SC 29405
    (843) 747-9540
    General Practice Attorneys, Attorneys
    Kneece Kneece & Brown
    2520 Devine St
    Columbia, SC 29205
    (803) 799-9393
    General Practice Attorneys, Attorneys
    Mitchell, Dana C
    7 Mills Ave
    Greenville, SC 29605
    (864) 232-9330
    Attorneys, Employee Benefits & Worker Compensation Attorneys, Labor & Employment Law Attorneys
    Owens J Kevin
    7 Mills Ave
    Greenville, SC 29605
    (864) 232-9330
    Attorneys, Legal Service Plans
    Roach Hal W
    7 Mills Ave
    Greenville, SC 29605
    (864) 232-9330
    Attorneys
    The Duffy Law Firm
    5110 N Rhett Ave
    North Charleston, SC 29405
    (843) 225-9287
    General Practice Attorneys, Attorneys
    Schmutz and Schmutz
    3844 Leeds Ave
    North Charleston, SC 29405
    (843) 554-9221
    General Practice Attorneys, Attorneys, Legal Service Plans
    Ellis Bernie W
    413 E Seven Oaks Dr
    Greenville, SC 29605
    (864) 241-9095
    Attorneys
    Meredith, Robert R Jr
    4000 Faber Place Dr
    North Charleston, SC 29405
    (843) 529-9000
    Attorneys,  Business Bankruptcy Law Attorneys,  General Practice Attorneys,  Bankruptcy Law Attorney
    Drose Law Firm
    3955 Faber Place Dr
    North Charleston, SC 29405
    (843) 767-8888
    Attorneys,  Bankruptcy Law Attorneys,  Bankruptcy Services,  General Practice Attorneys,  Legal Serv
    Law Country Family Legal Ctr
    2129 Dorchester Rd
    North Charleston, SC 29405
    (843) 554-8881
    Attorneys
    Greg Jones Law
    4000 Faber Place Dr Ste 300
    North Charleston, SC 29405
    (910) 442-8624
    Social Security & Disability Law Attorneys, Attorneys, Accident & Property Damage Attorneys, Persona
    Dipasquale Tony
    1225 S Church St
    Greenville, SC 29605
    (864) 271-8530
    Attorneys
    Ball David W
    1306 S Church St
    Greenville, SC 29605
    (864) 271-8171
    Attorneys, Insurance Attorneys
    Bridges Michael B
    1306 S Church St
    Greenville, SC 29605
    (864) 271-8171
    Attorneys
    Dobson Jones Ball Phillips & Bridges
    1306 S Church St
    Greenville, SC 29605
    (864) 271-8171
    Attorneys,  Elder Law Attorneys,  Business Law Attorneys,  Tax Attorneys,  Wills, Trusts & Estate P
    Jones Jr Richard A
    1306 S Church St
    Greenville, SC 29605
    (864) 271-8171
    General Practice Attorneys, Tax Attorneys, Attorneys
    Lee Adam G
    1306 S Church St
    Greenville, SC 29605
    (864) 271-8171
    Attorneys, Legal Service Plans
    Phillips Virginia M
    1306 S Church St
    Greenville, SC 29605
    (864) 271-8171
    Wills, Trusts & Estate Planning Attorneys,  General Practice Attorneys,  Estate Planning Attorneys,
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US