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 Burlison, TN

Benefits of a Limited Liability Company (LLC) in Burlison, TN


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 TN 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 TN 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 Burlison, TN
    V Robert Larry PC
    106 Pinnacle Dr # 108
    Johnson City, TN 37615
    (423) 282-9697
    Attorneys,  Malpractice Law Attorneys,  Social Security & Disability Law Attorneys,  Accident & Prop
    Walker Edwin M Attorney
    2000 Richard Jones Rd
    Nashville, TN 37215
    (615) 383-9495
    General Practice Attorneys, Attorneys
    Young Phillip G
    2000 Richard Jones Rd Ste 250
    Nashville, TN 37215
    (615) 383-9495
    General Practice Attorneys, Attorneys
    Benjamin N. Miller
    240 Suncrest Street, Suite 4
    Gray, TN 37615
    (423) 429-9312
    Criminal Law Attorneys,  Traffic Law Attorneys,  Family Law Attorneys,  Bankruptcy Law Attorneys,  P
    Miller Benjamin N
    240 Suncrest St # 4
    Johnson City, TN 37615
    (423) 429-9312
    Hardeman & Montgomery
    4301 Hillsboro Pike
    Nashville, TN 37215
    (615) 852-8909
    Attorneys,  Estate Planning, Probate, & Living Trusts,  Financial Services,  Wills, Trusts & Esta
    Walwyn Marc
    1994 Gallatin Pike N # 305
    Madison, TN 37115
    (615) 859-8668
    General Practice Attorneys, Attorneys, Legal Service Plans
    Frager Kliner Immigration Attorneys
    2120 Northgate Park Ln. Suite 301
    Chattanooga, TN 37415
    (423) 521-8472
    Immigration Law Attorneys, Attorneys, Immigration & Naturalization Consultants, General Practice Att
    Wilkinson William G
    106 Frey St
    Ashland City, TN 37015
    (615) 792-7961
    General Practice Attorneys, Attorneys, Legal Service Plans
    Hoton Blackstone & Mayberry
    3801 Bedford Ave
    Nashville, TN 37215
    (615) 678-7704
    Estate Planning Attorneys, Attorneys, Wills, Trusts & Estate Planning Attorneys
    Community Title Co
    2200 Abbott Martin Rd
    Nashville, TN 37215
    (615) 269-7676
    Attorneys, Title Companies
    Rochford John Cobb Law Office P
    2200 Abbott Martin Rd Ste 200
    Nashville, TN 37215
    (615) 269-7676
    General Practice Attorneys, Attorneys
    The North Law Office
    1215 Gallatin Pike S
    Madison, TN 37115
    (615) 860-7644
    Attorneys, General Practice Attorneys, Legal Service Plans
    Keith M Alexander
    5299 Mendenhall Park Pl
    Memphis, TN 38115
    (901) 547-7600
    General Practice Attorneys, Attorneys
    Johnson John R III
    5299 Mendenhall Park Pl
    Memphis, TN 38115
    (901) 547-7600
    Attorneys, General Practice Attorneys
    Lemeh and Associates P
    5762 Rayben Cir
    Memphis, TN 38115
    (901) 672-7345
    Bankruptcy Services,  Attorneys,  Legal Service Plans,  Bankruptcy Law Attorneys
    Foster Law Firm
    3339 Fox Hollow Dr
    Memphis, TN 38115
    (901) 531-7300
    General Practice Attorneys, Attorneys
    McElroy, Jimmy E
    3780 S Mendenhall Rd
    Memphis, TN 38115
    (901) 363-7283
    Attorneys, Bankruptcy Law Attorneys
    Lackey Joseph L Jr
    2400 Crestmoor Rd
    Nashville, TN 37215
    (615) 386-7185
    Attorneys,  Personal Injury Law Attorneys,  Real Estate Attorneys,  General Practice Attorneys,  Wil
    Perry-Beach, Raven
    2400 Crestmoor Rd
    Nashville, TN 37215
    (615) 386-7160
    Attorneys, Bankruptcy Law Attorneys
    Odle Law Office
    2400 Crestmoor Rd Ste 103
    Nashville, TN 37215
    (615) 386-7070
    General Practice Attorneys, Attorneys
    Sweeney Chris & Cherelle
    2885 Bethel Purdy Rd
    Bethel Springs, TN 38315
    (731) 934-7052
    General Practice Attorneys
    Jason M. Chaffin
    2400 Crestmoor Rd
    Nashville, TN 37215
    (615) 386-7033
    Criminal Law Attorneys, Attorneys
    Provost & Umphrey Law Firm
    2021 Richard Jones Rd
    Nashville, TN 37215
    (615) 665-7005
    General Practice Attorneys, Attorneys, Consumer Law Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US