Find More Articles
12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents™
 
Get the South Carolina Legal Documents You Need in Only Minutes!
  • Written by expert Attorneys
  • Guaranteed for your State
  • Personalized for your situation
  • Finish and print in minutes!
 Personalize My Document 

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

Benefits of a Limited Liability Company (LLC) in Reevesville, 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.

    •  
    Download & Print a Free SC Last Will Personalize This Document
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Page 6
    Page 7
    Page 8
    Page 9
    Page 10
     
    Download & Print a Free SC Living Will Personalize This Document
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Page 6
    Page 7
    Page 8
      Answer Easy
    Questions
    answer simple questions online step by step
    Easy Questions, Instant Documents
    • Finish in Minutes
    • Download Immediately
    • Written by Attorneys
    • 100% Guaranteed
      Get Instant Legal
        Documents™
    Print, save or email your finished legal document immediately!
    Last Will & Testament
    Related Legal Services near Reevesville, SC
    Alexander Law Firm
    107 E Main St
    Pickens, SC 29671
    (864) 898-9407
    Automobile Accident Attorneys,  Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Personal
    Duncan, Jackson W Jr
    1190 Ireland Rd
    Pickens, SC 29671
    (864) 878-6837
    Attorneys
    S Paul Aaron
    209 E Main St
    Pickens, SC 29671
    (864) 271-5545
    Attorneys
    Drose S Robert
    209 E Dozier St
    Marion, SC 29571
    (843) 423-5366
    Personal Injury Law Attorneys, Attorneys
    McIntyre Law Firm PA
    200 E Dozier St
    Marion, SC 29571
    (843) 423-4502
    General Practice Attorneys, Attorneys
    Warder Richard
    213 E Main St
    Pickens, SC 29671
    (864) 878-4407
    Attorneys, Legal Service Plans, General Practice Attorneys
    Allison, David K
    203A Mcdaniel Ave
    Pickens, SC 29671
    (864) 878-4109
    Attorneys
    David R. Harrison
    105 Court St
    Pickens, SC 29671
    (864) 878-3739
    Attorneys
    Coyle J Redmond
    303 E Main St
    Pickens, SC 29671
    (864) 878-3514
    Attorneys
    Alexander, Steven L
    107 E Main St
    Pickens, SC 29671
    (864) 898-3208
    Attorneys
    Alexander Law Firm
    107 E Main St Pickens
    Pickens, SC 29671
    (864) 898-3208
    Family Law Attorneys, Attorneys
    Up State Not Guilty
    209 E Main St
    Pickens, SC 29671
    (864) 878-3066
    Attorneys
    Cheryl Aaron Attorney
    209 E Main St
    Pickens, SC 29671
    (864) 878-3066
    Personal Injury Law Attorneys, Attorneys
    Waller Ryan
    209 N Tom Gasque Ave
    Marion, SC 29571
    (843) 765-3018
    General Practice Attorneys, Attorneys, Labor & Employment Law Attorneys, Wills, Trusts & Estate Plan
    Finley Law Firm
    206 E Cedar Rock St
    Pickens, SC 29671
    (864) 878-2443
    Attorneys
    Hughes R Murray
    4606 Moorefield Memorial Hwy Ste 3
    Pickens, SC 29671
    (864) 878-2124
    Estate Planning Attorneys,  Attorneys,  Tax Attorneys,  Business Law Attorneys,  Real Estate Attorne
    Ball Dallas D
    211 E Main St
    Pickens, SC 29671
    (864) 878-2054
    Attorneys
    Woodson Marcus
    1011 E Liberty St
    Marion, SC 29571
    (843) 423-1977
    General Practice Attorneys, Attorneys
    Eppes & Plumblee PA
    111 Court St
    Pickens, SC 29671
    (864) 898-1770
    Attorneys
    Gravely Perry H
    105 W Cedar Rock St
    Pickens, SC 29671
    (864) 878-1577
    Attorneys
    Gravely Law Firm The PA
    105 W Cedar Rock St
    Pickens, SC 29671
    (864) 878-1577
    Attorneys, General Practice Attorneys
    Lee Robert E
    111 Witcover St
    Marion, SC 29571
    (843) 423-1313
    Attorneys
    Acker Firm
    203 McDaniel Ave # A
    Pickens, SC 29671
    (864) 878-1184
    Attorneys
    Acker Kenneth Atty
    859 Pendleton St
    Pickens, SC 29671
    (864) 878-1184
    Attorneys, General Practice Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US