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 Haltom City, TX

Benefits of a Limited Liability Company (LLC) in Haltom City, TX


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 TX 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 TX 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 Haltom City, TX
    Immigration & Bankruptcy Attorneys Hoang & Tran Pl
    4045 E Belknap St
    Haltom City, TX 76111
    (817) 831-9001
    General Practice Attorneys, Attorneys
    Dana Duffey
    2000 Carson Street
    Haltom City, TX 76117
    (817) 768-7400
    Attorneys, Family Law Attorneys, Divorce Attorneys, Wills, Trusts & Estate Planning Attorneys, Gener
    Richard Weaver & Associates
    5601 Airport Fwy
    Haltom City, TX 76117
    (817) 422-5929
    Foreclosure Services,  Bankruptcy Services,  Bankruptcy Law Attorneys,  Tax Attorneys,  Attorneys,  
    Quinones Tom
    6333 Airport Fwy # 104
    Haltom City, TX 76117
    (817) 834-5879
    Attorneys, Legal Service Plans
    Jack G Duffy Jr.
    6220 Midway Rd
    Haltom City, TX 76117
    (877) 708-5450
    Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Personal Injury Law
    Lollar Holt & Associates
    6200 Airport Fwy
    Haltom City, TX 76117
    (817) 831-4321
    Attorneys
    Debusk David
    5208 Airport Fwy # 104
    Haltom City, TX 76117
    (817) 831-4111
    Attorneys, Legal Service Plans
    Rodgers Law Firm
    6125 Airport Fwy
    Haltom City, TX 76117
    (817) 717-4080
    Attorneys, General Practice Attorneys, Legal Service Plans
    Factor Campbell
    5719 Airport Fwy
    Haltom City, TX 76117
    (817) 222-3333
    Attorneys,  Bail Bonds,  Criminal Law Attorneys,  DUI & DWI Attorneys
    Collins Daniel
    5719 Airport Fwy
    Haltom City, TX 76117
    (817) 222-3333
    Attorneys, Legal Service Plans
    Clifford B Rogers
    6125 Airport Fwy Ste 212
    Haltom City, TX 76117
    (817) 717-2902
    General Practice Attorneys, Attorneys, Legal Service Plans
    Duffy Law Firm
    6220 Midway Rd
    Haltom City, TX 76117
    (817) 332-2022
    Family Law Attorneys, DUI & DWI Attorneys, Personal Injury Law Attorneys
    Norman Maples
    5144 E Belknap St # B
    Haltom City, TX 76117
    (682) 647-1916
    General Practice Attorneys, Attorneys, Legal Service Plans
    Russell Law Office
    4304 Airport Fwy
    Haltom City, TX 76117
    (817) 831-1770
    Bankruptcy Services,  Attorneys,  Legal Service Plans,  Bankruptcy Law Attorneys
    Lonnie Hank Robin
    6211 Airport Fwy
    Haltom City, TX 76117
    (817) 870-1450
    Attorneys, Immigration & Naturalization Consultants, Legal Service Plans
    Weaver Personal Injury Law Firm
    5601 Airport Fwy
    Haltom City, TX 76117
    (817) 754-1000
    Attorneys,  Accident & Property Damage Attorneys,  Personal Injury Law Attorneys,  Wrongful Death At
    Reed Larry E
    6207 Airport Fwy
    Haltom City, TX 76117
    (817) 882-0989
    Attorneys
    Johnston Michael W
    4200 Airport Fwy # 101
    Haltom City, TX 76117
    (817) 820-0825
    Attorneys, Consumer Law Attorneys, Civil Litigation & Trial Law Attorneys, County & Parish Governmen
    Johnston Legal Group PC
    4200 Airport Fwy
    Haltom City, TX 76117
    (817) 820-0825
    Attorneys, Probate Law Attorneys, Civil Litigation & Trial Law Attorneys
    The Castillo Firm
    2101 Moneda Street
    Haltom City, TX 76117
    (817) 529-0478
    General Practice Attorneys, Attorneys
    Boone Brett D
    6205 Airport Fwy
    Haltom City, TX 76117
    (817) 831-0100
    General Practice Attorneys, Attorneys, Legal Service Plans
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US