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!
 
 

Structural Advantages of a Limited Liability Company (LLC) in Zip Code 57105

Structural Advantages of a Limited Liability Company (LLC) in Zip Code 57105


Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do.
 
- Steve Jobs


A Limited Liability Company blends almost all the structure of business entities like a sole proprietorship, Partnership, and corporation without their respective drawbacks. New business start-ups often choose an LLC as the structure of their business.

An LLC offers several key advantages for new businesses:

1. Chart Your Own Course

As the owner of a business, you want to carve out your own place under the sun by running your own show. An LLC can be run by a single person, and most states recognize you as the sole owner of the business. Being on your own, you can make decisions without Consulting or needing the approval of other members of the company. Like a sole proprietorship, you own, manage, and operate your business without the liability issues of a sole proprietor. If you have a co-owner, you can enter into a mutual or operating agreement to point out the obligations and respective role you each play in order for the business to run smoothly.

2. Bypass Double Taxation

An LLC is treated as a "pass-through" entity that allows profits to be taxed only once on each member's individual income tax return. (You can also opt for declaring your LLC as an S corporation or Partnership in order to receive similar "pass-through" treatment from the IRS.)

3. Limit Personal Liability

One advantage of structuring your business as an LLC is that your personal assets will not be used to pay off the debts or legal liabilities of the LLC. The only thing that the owner or investor may lose is the capital contribution that is invested in the company. There are instances where the owner of the LLC may be personally liable, such as when he/she personally guarantees a business debt, fails to exercise due care resulting in harm to a third party, or breaches his/her duties as an owner.

4. Limit Administrative Hassles and Paperwork

Setting up and maintaining an LLC is less complicated when compared to other types of business structures. An LLC can be formed by filing articles of organization with the relevant state office, and paying the corresponding fees. The application will indicate the name and address of the company, the identity of its member(s), and other information relevant to the business. There are no mandatory meeting or reporting requirements by the member(s) or any annual directors' meeting that is usually required by a corporation.

5. Gain Flexibility in Sharing Profits

Most businesses share their profits (or losses) based on the percentage of investment they have in the company. In an LLC it can also be applied as a basis for distributing the profits, but there are other ways to distribute the profits as indicated in the LLC operating agreement. There is an IRS rule about so-called special allocations that come into play that require allocations not based on ownership interest to reflect a legitimate economic circumstance as opposed to merely trying to gain a tax advantage for the owners.
 
Personalize & Print a Free SD 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 SD 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 Zip Code 57105
Julie Job Real Estate
606 W 33rd St
Sioux Falls, SD 57105
(605) 782-9484
Real Estate Agents, Real Estate Appraisers, Real Estate Buyer Brokers, Real Estate Rental Service, R
Craig Law Office
714 W 41st St
Sioux Falls, SD 57105
(605) 496-9086
Attorneys, Commercial Law Attorneys, Business Law Attorneys
Flynn, Leo T. Law Office
3101 W 41st St #214
Sioux Falls, SD 57105
(605) 496-9020
Civil Litigation & Trial Law Attorneys,  Attorneys,  Criminal Law Attorneys,  DUI & DWI Attorneys,  
Pekas John
3101 W 41st St # 214
Sioux Falls, SD 57105
(605) 339-8983
Attorneys, General Practice Attorneys
Meehan Phillip E
1100 E 21st St # 300
Sioux Falls, SD 57105
(605) 322-8860
Attorneys, Legal Service Plans
Cadwell Joe W
2800 W Nicole Dr
Sioux Falls, SD 57105
(605) 332-8001
Attorneys
Walsh Amy L
1712 S Frederick Dr
Sioux Falls, SD 57105
(605) 339-7668
Attorneys
Sommervold Law Firm
1610 S Minnesota Ave # 2
Sioux Falls, SD 57105
(605) 339-7289
Attorneys, Product Liability Law Attorneys
Adams Jason R
4201 S Minnesota Ave # 113
Sioux Falls, SD 57105
(605) 335-7100
Attorneys, Legal Service Plans
Muilenburg Thomas H
1209 S Jefferson Ave
Sioux Falls, SD 57105
(605) 338-6844
Attorneys, General Practice Attorneys
Ahrendt Cynthia J
2101 W 41st St # 2000
Sioux Falls, SD 57105
(605) 331-5895
Attorneys
Cady Kristine A
3101 W 41st St # 214
Sioux Falls, SD 57105
(605) 334-5080
Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Wills, Trusts & Estate Planning Attorne
Stoel Scott
1313 S Lyndale Ave
Sioux Falls, SD 57105
(605) 338-4800
Attorneys
O'Leary Mark
3500 S Phillips Ave # 120
Sioux Falls, SD 57105
(605) 334-4506
Attorneys, General Practice Attorneys
Srstka Cynthia L
2101 W 41st St # 2000
Sioux Falls, SD 57105
(605) 339-4242
Attorneys, General Practice Attorneys, Legal Service Plans
Nicholson Tschetter Adams & Nicholson
4201 S Minnesota Ave Ste 113
Sioux Falls, SD 57105
(605) 789-3645
Domestic Violence Attorneys,  Personal Property Law Attorneys,  Wrongful Death Attorneys,  Product L
Allamerican Agents of Process
3500 S Phillips Ave Ste 250
Sioux Falls, SD 57105
(605) 331-3626
Attorneys Referral & Information Service
Gerry Clair R Atty
4508 S Southridge Dr
Sioux Falls, SD 57105
(605) 335-3291
Attorneys, Legal Service Plans
Pfeliffer Steven R
707 E 41st St # 200
Sioux Falls, SD 57105
(605) 336-3195
Attorneys, Attorneys Referral & Information Service, General Practice Attorneys
Pfeiffer Steven R
707 E 41st St # 200
Sioux Falls, SD 57105
(605) 336-3195
General Practice Attorneys, Attorneys, Attorneys Referral & Information Service
Pekoske Lee
3500 S 1st Avenue Cir # 201
Sioux Falls, SD 57105
(605) 575-2603
Attorneys, Legal Service Plans
Radke Law OFFICE Pc
3500 S 1st Avenue Cir # 201
Sioux Falls, SD 57105
(605) 575-2603
Attorneys
Radke Brian L
3500 S 1st Avenue Cir Ste 201
Sioux Falls, SD 57105
(605) 575-2603
Attorneys,  Accident & Property Damage Attorneys,  Legal Service Plans,  General Practice Attorneys
Sittner Ryan
3500 S 1st Avenue Cir # 201
Sioux Falls, SD 57105
(605) 575-2603
Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US