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 Burkeville, VA

Benefits of a Limited Liability Company (LLC) in Burkeville, VA


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 VA 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 VA 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 Burkeville, VA
    Steve C Taylor
    13301 Mount Pleasant Rd
    Chesapeake, VA 23322
    (757) 546-9675
    General Practice Attorneys, Attorneys
    Basnight Cassell D
    308 Cedar Lakes Dr
    Chesapeake, VA 23322
    (757) 547-9191
    Attorneys, Legal Service Plans
    Telfeyan Stephan J
    308 Cedar Lakes Dr # 2
    Chesapeake, VA 23322
    (757) 547-9191
    Attorneys, Legal Service Plans
    Nuckolls Jeffery L
    308 Cedar Lakes Dr # 2
    Chesapeake, VA 23322
    (757) 547-9191
    Attorneys, Legal Service Plans
    Mac Donald Robert G
    620 Cedar Rd
    Chesapeake, VA 23322
    (757) 547-8952
    Attorneys, Legal Service Plans
    Poulson Law P
    411 Cedar Rd
    Chesapeake, VA 23322
    (757) 650-8880
    Criminal Law Attorneys, Attorneys
    Kaufman & Canoles Pc
    524 Johnstown Rd Suite 100
    Chesapeake, VA 23322
    (757) 546-8800
    Estate Planning Attorneys, Attorneys, Business Law Attorneys, Real Estate Attorneys, Legal Service P
    Wise, James T & Slaven, Ronald D Jr.
    134 Battlefield Blvd S
    Chesapeake, VA 23322
    (757) 547-8080
    Traffic Law Attorneys,  Attorneys,  DUI & DWI Attorneys,  Criminal Law Attorneys,  General Practice
    Lawson Thomas W
    569 Court St
    Appomattox, VA 24522
    (434) 352-7165
    Attorneys, General Practice Attorneys
    Stephen Givando Law Office
    411 Cedar Rd
    Chesapeake, VA 23322
    (757) 547-5201
    Insurance Attorneys, Attorneys
    Herbert W. Laine P.C.
    411 Cedar Rd
    Chesapeake, VA 23322
    (757) 547-5201
    Criminal Law Attorneys,  Drug Charges Attorneys,  Adoption Law Attorneys,  Child Custody Attorneys,
    Falk Christopher
    205 Battlefield Blvd S
    Chesapeake, VA 23322
    (757) 410-5075
    Attorneys, Legal Service Plans
    James T. Wise
    134 Battlefield Blvd S
    Chesapeake, VA 23322
    (757) 828-4642
    Traffic Law Attorneys, Attorneys, Criminal Law Attorneys, General Practice Attorneys, DUI & DWI Atto
    Carter Jr Robert W
    690 Court St
    Appomattox, VA 24522
    (434) 352-4600
    General Practice Attorneys, Attorneys, Legal Service Plans
    Snyder & Snyder PLC
    316 Commercial Ave
    Clifton Forge, VA 24422
    (540) 862-4293
    Estate Planning Attorneys,  Attorneys,  Legal Service Plans,  General Practice Attorneys,  Business
    Dunn Jason A
    524 Johnstown Rd
    Chesapeake, VA 23322
    (757) 546-4122
    Attorneys
    Wise Larry
    501 Cedar Rd Ste 2A
    Chesapeake, VA 23322
    (757) 547-4095
    Attorneys, Legal Service Plans
    Anderson Timothy V
    312 Cedar Lakes Dr
    Chesapeake, VA 23322
    (757) 410-3052
    Attorneys, General Practice Attorneys
    Pender & Coward PC
    411 Cedar Rd Ste 6
    Chesapeake, VA 23322
    (757) 490-2900
    Family Law Attorneys, Attorneys, Legal Service Plans
    Jelich III John W
    708 Battlefield Blvd S # 101
    Chesapeake, VA 23322
    (757) 482-2718
    Attorneys Referral & Information Service, Attorneys, General Practice Attorneys
    Crackel Jeffrey A Atty
    916 McCormick Blvd
    Clifton Forge, VA 24422
    (540) 862-1935
    Attorneys
    Brickhill Michael J
    1890 Church St
    Appomattox, VA 24522
    (434) 352-0699
    General Practice Attorneys, Legal Service Plans, Attorneys
    Steve C. Taylor
    133 Mount Pleasant Rd.
    Chesapeake, VA 23322
    (757) 828-0056
    Child Custody Attorneys
    Alliance Legal Group
    133 Mount Pleasant Rd
    Chesapeake, VA 23322
    (757) 828-0049
    Personal Injury Law Attorneys,  Attorneys,  Criminal Law Attorneys,  General Practice Attorneys,  Le
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US