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 Hague, VA

Benefits of a Limited Liability Company (LLC) in Hague, 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 Hague, VA
    Grobel Stephen L
    122 E Pembroke Ave
    Hampton, VA 23669
    (757) 728-9600
    Attorneys
    Atlantic Injury Attorneys
    101 Eaton St
    Hampton, VA 23669
    (757) 788-8162
    General Practice Attorneys, Attorneys, Legal Service Plans
    Robert E. Long and Associates, Ltd
    5 W Queens Way
    Hampton, VA 23669
    (757) 723-7742
    Personal Injury Law Attorneys,  Attorneys,  Family Law Attorneys,  Divorce Assistance,  Legal Servic
    Hawkins Burcher & Boester PC
    1 E Queens Way
    Hampton, VA 23669
    (757) 722-7473
    Attorneys, Legal Service Plans
    Michael Thomas
    122 East Pembroke Ave.
    Hampton, VA 23669
    (757) 224-7023
    Bankruptcy Services,  Bankruptcy Law Attorneys,  Child Custody Attorneys,  Criminal Law Attorneys,  
    Haden Charles E
    1 E Queens Way
    Hampton, VA 23669
    (757) 727-6972
    Attorneys
    Gochenour, Boyle & O'Brien
    21 East Queen's Way, Suite B
    Hampton, VA 23669
    (757) 525-5509
    Criminal Law Attorneys, Family Law Attorneys, Divorce Attorneys, General Practice Attorneys, Traffic
    C Carter Allen Attorney & Counselor At Law
    10 W Queens Way
    Hampton, VA 23669
    (757) 236-5189
    Attorneys, Legal Service Plans
    Walter Douglas J
    544 Settlers Landing Rd
    Hampton, VA 23669
    (757) 826-5000
    Estate Planning Attorneys, Attorneys, Legal Service Plans, Criminal Law Attorneys, Family Law Attorn
    Carter Phillips Law Office
    34 W Queens Way
    Hampton, VA 23669
    (757) 870-4939
    General Practice Attorneys, Attorneys, Legal Service Plans
    Commonwealth of Virginia
    12 W Queens Way
    Hampton, VA 23669
    (757) 727-4744
    Attorneys
    Burks Law Firm PLC
    4120 Victoria Blvd
    Hampton, VA 23669
    (757) 485-4448
    General Practice Attorneys, Attorneys, Legal Service Plans
    Curran & Whittington P
    15100 Washington St # 201
    Haymarket, VA 20169
    (571) 248-4436
    Attorneys,  Accident & Property Damage Attorneys,  Real Estate Attorneys,  Personal Injury Law Attor
    Zedd Gordon
    101 Eaton St
    Hampton, VA 23669
    (757) 723-4000
    Attorneys, Legal Service Plans
    Scolforo Leo
    14950 Washington St # 104
    Haymarket, VA 20169
    (703) 754-3700
    Attorneys, Legal Service Plans
    The Stellute Law Firm
    34 Wine Street
    Hampton, VA 23669
    (757) 722-2815
    Accident & Property Damage Attorneys,  DUI & DWI Attorneys,  Personal Injury Law Attorneys,  Attorne
    Bane John W
    135 Kings Way
    Hampton, VA 23669
    (757) 722-2809
    Attorneys, Legal Service Plans
    Guy T Hogan Law Offices
    47 W Queens Way
    Hampton, VA 23669
    (757) 726-2800
    Attorneys, General Practice Attorneys, Legal Service Plans
    Hampton York Law Center PC
    1328 E Pembroke Ave
    Hampton, VA 23669
    (757) 722-2727
    General Practice Attorneys, Attorneys
    King Michael
    1328 E Pembroke Ave
    Hampton, VA 23669
    (757) 722-2727
    Attorneys
    Johnson Tyrone C
    555 Settlers Landing Rd Ste D
    Hampton, VA 23669
    (757) 265-2666
    Attorneys, Legal Service Plans
    J Robert Harris PC
    34 W Queens Way
    Hampton, VA 23669
    (757) 722-2131
    Attorneys, Legal Service Plans
    Ballard Matt
    133 Kings Way # 300
    Hampton, VA 23669
    (757) 723-1991
    Attorneys, Legal Service Plans
    Smith Law Firm
    133 Kings Way Ste 202
    Hampton, VA 23669
    (757) 723-1991
    General Practice Attorneys, Attorneys, Legal Service Plans
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US