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 Pinopolis, SC

Benefits of a Limited Liability Company (LLC) in Pinopolis, 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 Pinopolis, SC
    Booth Law Firm LLC
    3231 Sunset Blvd
    West Columbia, SC 29169
    (803) 791-9211
    Corporation & Partnership Law Attorneys,  Real Estate Attorneys,  Wills, Trusts & Estate Planning A
    Thompson II Barry L
    1700 Sunset Blvd
    West Columbia, SC 29169
    (803) 796-9160
    Attorneys
    Fortino William B
    1700 Sunset Blvd
    West Columbia, SC 29169
    (803) 796-9160
    Attorneys
    Dawney Jane H
    1700 Sunset Blvd
    West Columbia, SC 29169
    (803) 796-9160
    Attorneys,  Bankruptcy Services,  Legal Service Plans,  Bankruptcy Law Attorneys
    Hawkins Law Firm
    5506 Reidville Rd
    Moore, SC 29369
    (864) 574-8801
    Attorneys, Employee Benefits & Worker Compensation Attorneys
    Williams Maria L
    4210 Mills Cir
    Loris, SC 29569
    (843) 756-8187
    Divorce Attorneys, Family Law Attorneys, Attorneys
    Stevens Natalie S
    3341 Broad St
    Loris, SC 29569
    (843) 756-7652
    Civil Litigation & Trial Law Attorneys, Attorneys, Accident & Property Damage Attorneys, General Pra
    Stevens Law FIRM Pc
    3341 Broad St
    Loris, SC 29569
    (843) 756-7652
    Civil Litigation & Trial Law Attorneys, General Practice Attorneys, Attorneys
    Shipley IV Frederick
    445 Meeting St
    West Columbia, SC 29169
    (803) 794-7588
    Attorneys, Legal Service Plans
    Josephs Law Firm PA
    4009 Meeting St
    Loris, SC 29569
    (843) 756-7464
    Attorneys,  Accident & Property Damage Attorneys,  Corporation & Partnership Law Attorneys,  Real Es
    Poag Jr James W
    116 Pineview Rd
    West Columbia, SC 29169
    (803) 794-6340
    Attorneys, Legal Service Plans
    LaLima Law Firm
    1622 Sunset Blvd
    West Columbia, SC 29169
    (803) 807-6292
    Criminal Law Attorneys,  Family Law Attorneys,  General Practice Attorneys,  Personal Injury Law Att
    King & Dalrymple PA
    829 Meeting St
    West Columbia, SC 29169
    (803) 794-3311
    Bankruptcy Law Attorneys,  Attorneys,  Bankruptcy Services,  Legal Service Plans
    Hall Ronald J
    1055 Sunset Blvd # C
    West Columbia, SC 29169
    (803) 791-3196
    Attorneys, Family Law Attorneys, Real Estate Attorneys, Legal Service Plans
    Hall & Hall
    1055 Sunset Blvd
    West Columbia, SC 29169
    (803) 791-3196
    Attorneys,  Personal Injury Law Attorneys,  Criminal Law Attorneys,  Bankruptcy Law Attorneys,  Fami
    Holt & Floyd Attys
    4647 Main St
    Loris, SC 29569
    (843) 756-2472
    General Practice Attorneys, Attorneys, Legal Service Plans
    Padgett Jr Carroll D
    3535 Meeting St
    Loris, SC 29569
    (843) 756-2186
    General Practice Attorneys, Attorneys, Legal Service Plans
    Wayne Floyd Law Offices
    1611 Augusta Rd
    West Columbia, SC 29169
    (803) 739-1824
    General Practice Attorneys, Attorneys
    Davis Eric C
    528 12th St
    West Columbia, SC 29169
    (803) 939-1338
    General Practice Attorneys, Attorneys, Legal Service Plans
    Setzler & Scott PA
    1708 Augusta Rd
    West Columbia, SC 29169
    (803) 796-1285
    Accident & Property Damage Attorneys,  Attorneys,  Family Law Attorneys,  Real Estate Attorneys,  Ge
    Scott, E Danny
    1708 Augusta Rd
    West Columbia, SC 29169
    (803) 796-1285
    General Practice Attorneys, Attorneys
    Atty James Robbins
    4249 Walnut St
    Loris, SC 29569
    (843) 756-0693
    Attorneys,  Bankruptcy Services,  Legal Service Plans,  Bankruptcy Law Attorneys
    R.F. Johnson, Jr
    1905 Sunset Blvd Suite F
    West Columbia, SC 29169
    (803) 794-0140
    Civil Litigation & Trial Law Attorneys,  Attorneys,  Criminal Law Attorneys,  Personal Injury Law At
    McCurry, Carol A
    1735 Augusta Rd
    West Columbia, SC 29169
    (803) 336-0112
    Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Malpractice Law Attorneys,  Accident & P
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US