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 Church View, VA

Benefits of a Limited Liability Company (LLC) in Church View, 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 Church View, VA
    Marsh Terry
    9330 Iron Bridge Rd Ste D
    Chesterfield, VA 23832
    (804) 796-9700
    Attorneys, Legal Service Plans
    Midkiff Teddy J
    10310 Memory Ln # 2C
    Chesterfield, VA 23832
    (804) 706-9400
    General Practice Attorneys, Legal Service Plans, Attorneys
    Courthouse Attorneys Title Agency Inc
    9961 Iron Bridge Rd
    Chesterfield, VA 23832
    (804) 748-9096
    Attorneys, General Practice Attorneys, Insurance
    Martinez Angel
    9401 Courthouse Rd Ste 200
    Chesterfield, VA 23832
    (804) 777-9001
    Attorneys
    Imhoff & Associates
    9512 Iron Bridge Rd
    Chesterfield, VA 23832
    (877) 417-8514
    General Practice Attorneys, Attorneys, Criminal Law Attorneys, Legal Service Plans
    Hendricks Glenna
    10305 Friendship Ct
    Fairfax, VA 22032
    (703) 425-8405
    Attorneys, Patent, Trademark & Copyright Law Attorneys, General Practice Attorneys
    Scaggs Nathaniel A
    10301 Memory Ln # 201
    Chesterfield, VA 23832
    (804) 748-8080
    General Practice Attorneys, Attorneys
    Harris Jr Richard D
    10305 Memory Ln # 102
    Chesterfield, VA 23832
    (804) 748-7573
    Attorneys, Legal Service Plans
    Renay M. Fariss
    10107 Krause Rd
    Chesterfield, VA 23832
    (804) 778-7470
    Attorneys, Family Law Attorneys, Divorce Attorneys
    Huff Poole & Mahoney Pc
    9850 Lori Rd
    Chesterfield, VA 23832
    (804) 778-7265
    Estate Planning Attorneys, Attorneys, Legal Service Plans, Family Law Attorneys, Divorce Attorneys,
    Ten Sharon B
    9850 Lori Rd Ste 101
    Chesterfield, VA 23832
    (804) 778-7265
    Attorneys
    Ross John A
    130 N 21st St
    Purcellville, VA 20132
    (540) 338-7129
    Attorneys, Legal Service Plans
    Attorney Collections
    4004 Williamsburg Ct
    Fairfax, VA 22032
    (703) 385-6700
    Attorneys
    Nikas Peter A
    10003 Courtview Ln # C
    Chesterfield, VA 23832
    (804) 748-6390
    General Practice Attorneys, Legal Service Plans, Attorneys
    Englisby Vaughn & Slone
    10101 Iron Bridge Rd
    Chesterfield, VA 23832
    (804) 748-6300
    Personal Injury Law Attorneys,  Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce
    Nelis Mark
    196 N 21st St
    Purcellville, VA 20132
    (540) 338-5843
    Attorneys, Real Estate Attorneys
    Fitzgerald, Parrett & Inch Affiliated Law Offices
    9846 Lori Rd
    Chesterfield, VA 23832
    (804) 796-5555
    Criminal Law Attorneys
    Harkins Law Offices
    130 N 21st St
    Purcellville, VA 20132
    (703) 677-5105
    Adoption Law Attorneys, Attorneys, Legal Clinics
    Taylor's Paralegal Svc
    7528 Robinwood Ct
    Chesterfield, VA 23832
    (804) 308-3987
    Paralegals
    Marley Howard S
    Chesterfield Court House
    Chesterfield, VA 23832
    (804) 748-2277
    General Practice Attorneys, Attorneys
    Beddow Marley
    9830 Lori Rd
    Chesterfield, VA 23832
    (804) 748-2277
    General Practice Attorneys, Attorneys, Legal Service Plans
    Edwards George H
    9910 Wagners Way
    Chesterfield, VA 23832
    (804) 681-2101
    General Practice Attorneys, Attorneys, Legal Service Plans
    Friedman Richard
    9620 Iron Bridge Rd Ste 101
    Chesterfield, VA 23832
    (804) 717-1969
    General Practice Attorneys, Attorneys, Legal Service Plans
    Karanian John K
    9401 Courthouse Rd
    Chesterfield, VA 23832
    (804) 414-1613
    Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US