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 Ceres, VA

Benefits of a Limited Liability Company (LLC) in Ceres, 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 Ceres, VA
    St. Clair Law Firm
    2317 E Little Creek Rd
    Norfolk, VA 23518
    (757) 480-9510
    Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Personal Injury Law
    Robey Teumer & Drash
    2840 Electric Rd Ste 104
    Roanoke, VA 24018
    (540) 985-8924
    Attorneys Referral & Information Service
    Foster Tonita
    3540 Brambleton Ave
    Roanoke, VA 24018
    (540) 989-8868
    Attorneys, General Practice Attorneys, Legal Service Plans
    Rocovich Jr John G
    4415 Electric Rd
    Roanoke, VA 24018
    (540) 774-8800
    Accident & Property Damage Attorneys, Tax Attorneys, Attorneys
    Barbe R David
    4415 Electric Rd
    Roanoke, VA 24018
    (540) 774-8800
    Corporation & Partnership Law Attorneys, Attorneys, Business Law Attorneys, Legal Service Plans
    Arnold John T
    4415 Electric Rd
    Roanoke, VA 24018
    (540) 774-8800
    Administrative & Governmental Law Attorneys, Attorneys, Legal Service Plans
    Albert Burton L
    3800 Electric Rd Ste 306
    Roanoke, VA 24018
    (540) 776-8600
    Attorneys, Family Law Attorneys, Real Estate Attorneys, General Practice Attorneys, Legal Service Pl
    Osterhoudt Charles H
    3140 Chaparral Dr
    Roanoke, VA 24018
    (540) 725-8185
    Attorneys, Legal Service Plans
    Osterhoudt Prillaman Natt Helscher Yost Maxwell &
    3140 Chaparral Dr
    Roanoke, VA 24018
    (540) 725-8181
    Attorneys,  Criminal Law Attorneys,  Divorce Attorneys,  Corporation & Partnership Law Attorneys,  B
    Natt Edward A
    3140 Chaparral Dr # 200
    Roanoke, VA 24018
    (540) 725-8180
    Attorneys, Legal Service Plans
    Bersch Law Firm PC
    3800 Electric Rd Ste 306
    Roanoke, VA 24018
    (540) 345-7400
    General Practice Attorneys, Attorneys, Wills, Trusts & Estate Planning Attorneys, Legal Service Plan
    The Harrison Firm PC
    5305 Medmont Cir SW
    Roanoke, VA 24018
    (540) 777-7100
    Attorneys, Labor & Employment Law Attorneys, Corporation & Partnership Law Attorneys, Patent, Tradem
    Morris & Morris PC Lawyers
    700 E Main St
    Richmond, VA 23218
    (804) 344-6307
    General Practice Attorneys, Attorneys
    Deneka Law Firm Pc
    2758 Electric Rd Ste A
    Roanoke, VA 24018
    (540) 725-5800
    Attorneys,  General Practice Attorneys,  Legal Service Plans,  Tax Attorneys,  Business Law Attorney
    Ray Hogge & Assoc Plc
    1313 Dominion Ave Tower
    Norfolk, VA 23518
    (757) 961-5400
    General Practice Attorneys, Attorneys
    Kidd Mark D
    3140 Chaparral Dr
    Roanoke, VA 24018
    (540) 725-4700
    Attorneys, Legal Service Plans
    Warner & Renick
    4648 Brambleton Ave
    Roanoke, VA 24018
    (540) 777-4600
    Estate Planning Attorneys,  Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Business Law Atto
    Baker Steve A
    2840 Electric Rd
    Roanoke, VA 24018
    (540) 776-3583
    General Practice Attorneys, Attorneys
    Rutter Mills Law Firm
    4648 Brambleton Ave
    Roanoke, VA 24018
    (540) 982-3524
    Personal Injury Law Attorneys, Attorneys, Social Security & Disability Law Attorneys
    Johnson Donald R
    1950 Electric Rd
    Roanoke, VA 24018
    (540) 989-3505
    Attorneys, Legal Service Plans
    Servicios Latinos Inc
    25377 Lankford Hwy
    Onley, VA 23418
    (757) 789-3339
    Immigration Law Attorneys, Immigration & Naturalization Consultants, Attorneys
    Myers Myers & Myers
    2476 E Little Creek Rd
    Norfolk, VA 23518
    (757) 583-1879
    Estate Planning Attorneys, Attorneys, Criminal Law Attorneys, Family Law Attorneys, Divorce Attorney
    Leggette Law Firm
    2762 Electric Rd Ste C
    Roanoke, VA 24018
    (540) 777-1775
    General Practice Attorneys, Attorneys, Legal Service Plans
    Nichols David R
    3540 Brambleton Ave
    Roanoke, VA 24018
    (540) 588-1649
    Attorneys, Legal Service Plans
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US