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 Spurger, TX

Benefits of a Limited Liability Company (LLC) in Spurger, 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 Spurger, TX
    Criminal Law Enforcement
    2885 N Main St
    Paris, TX 75460
    (903) 737-9910
    Attorneys
    American Immigration Svc
    123 Northpoint Dr
    Houston, TX 77060
    (281) 931-9272
    Immigration & Naturalization Consultants, Passport Photo & Visa Information & Services, Attorneys, I
    Barry Thomas
    123 Northpoint Dr # 106
    Houston, TX 77060
    (281) 405-9181
    Attorneys, Family Law Attorneys, Divorce Attorneys, Arbitration Services, Legal Service Plans, Attor
    Szynkarski Law Offices
    363 N Sam Houston Pkwy E
    Houston, TX 77060
    (281) 582-8827
    General Practice Attorneys, Attorneys
    Lawyer Jerry & Assoc Inc
    601 Pecan St E
    Pflugerville, TX 78660
    (512) 989-8700
    General Practice Attorneys, Attorneys
    Rowell Trent Attorney
    112 Fordtran St
    Stockdale, TX 78160
    (877) 395-8693
    Criminal Law Attorneys,  Attorneys,  Personal Property Law Attorneys,  Administrative & Governmental
    Turner & Turner Law Office
    1116 Lamar Ave
    Paris, TX 75460
    (903) 785-8511
    General Practice Attorneys, Attorneys, Legal Service Plans
    Rowney Randy
    363 N Sam Houston Pkwy E
    Houston, TX 77060
    (281) 820-7856
    Attorneys, Legal Service Plans
    Rick Standifer
    3715 Lamar Ave
    Paris, TX 75460
    (903) 785-7332
    General Practice Attorneys, Attorneys, Legal Service Plans
    Criaco and Associates
    519 N Sam Houston Pkwy E # 500
    Houston, TX 77060
    (713) 663-6600
    Accident & Property Damage Attorneys, Attorneys, Legal Service Plans
    Roddrick D. Murray
    350 N Sam Houston Pkwy E St105
    Houston, TX 77060
    (281) 445-6200
    Attorneys Referral & Information Service, Attorneys
    Beck Nowlin Ashley Murray
    350 N Sam Houston Pkwy E Ste 105
    Houston, TX 77060
    (281) 445-6200
    General Practice Attorneys, Attorneys, Legal Service Plans
    Gary S. Tucker, Houston Accident Attorney
    650 N Sam Houston Pkwy E
    Houston, TX 77060
    (281) 445-5777
    Accident & Property Damage Attorneys, Personal Injury Law Attorneys, Attorneys
    Anand K Verma
    340 N Sam Houston Pkwy E
    Houston, TX 77060
    (832) 243-5526
    Attorneys
    Bamsa Inc
    131 Northpoint Dr
    Houston, TX 77060
    (281) 447-5071
    Immigration Law Attorneys, Immigration & Naturalization Consultants, Attorneys
    Reina & Bates Immigration and Nationality Lawyers
    123 Northpoint Dr., Suite 190
    Houston, TX 77060
    (214) 424-5045
    Immigration Law Attorneys
    Gibo Jennifer
    109 1st St SE
    Paris, TX 75460
    (903) 905-4964
    Attorneys, Criminal Law Attorneys, Family Law Attorneys, Wills, Trusts & Estate Planning Attorneys,
    Burnell Jones and Associates
    11811 North Fwy
    Houston, TX 77060
    (281) 591-4780
    General Practice Attorneys, Attorneys, Legal Service Plans
    The Northover Law Firm
    11811 North Fwy
    Houston, TX 77060
    (281) 591-4747
    General Practice Attorneys, Attorneys, Legal Service Plans
    Mosher Attorney
    50 N Main St
    Paris, TX 75460
    (903) 785-4721
    Personal Injury Law Attorneys, Attorneys, Criminal Law Attorneys
    A J & Associates
    300 SW Avenue E A, Ste 1
    Seminole, TX 79360
    (432) 847-4545
    Immigration Law Attorneys, Attorneys, Immigration & Naturalization Consultants
    Macey Bankruptcy Law
    363 N Sam Houston Pkwy E
    Houston, TX 77060
    (713) 481-4481
    Bankruptcy Law Attorneys, Attorneys
    Clem A W Plug Atty
    100 N Main St
    Paris, TX 75460
    (903) 784-4393
    General Practice Attorneys, Attorneys
    Moore Law Firm Llp
    100 N Main St
    Paris, TX 75460
    (903) 784-4393
    General Practice Attorneys,  Attorneys,  Legal Service Plans,  Criminal Law Attorneys,  Business Law
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US