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 Manassas, VA

Benefits of a Limited Liability Company (LLC) in Manassas, 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 Manassas, VA
    Nicole Naum
    9119 Church St Ste 10
    Manassas, VA 20110
    (703) 939-9977
    Traffic Law Attorneys, Attorneys, Criminal Law Attorneys, DUI & DWI Attorneys
    Irving & Irving, Attorneys & Counselors at Law
    9001 Center St
    Manassas, VA 20110
    (888) 275-9941
    Wills, Trusts & Estate Planning Attorneys,  Criminal Law Attorneys,  Attorneys,  Traffic Law Attorn
    Allergicare Relief Centers
    8805 Sudley Rd
    Manassas, VA 20110
    (703) 335-9895
    Bankruptcy Law Attorneys
    Louis Brooks Jr PC
    9315 Center St
    Manassas, VA 20110
    (703) 361-9888
    Attorneys, General Practice Attorneys, Criminal Law Attorneys
    O'Malley Mary Grace
    9236B Mosby St
    Manassas, VA 20110
    (703) 257-9777
    Accident & Property Damage Attorneys, Attorneys, Legal Service Plans
    Ours & Silek
    9306 Grant Ave
    Manassas, VA 20110
    (703) 361-9700
    Attorneys, Attorneys Referral & Information Service
    Shields Jon E
    9315 Center St # 103
    Manassas, VA 20110
    (703) 367-9636
    Criminal Law Attorneys, Attorneys
    The Wilhelm Firm, PLLC
    9210 Lee Avenue
    Manassas, VA 20110
    (571) 229-9451
    Criminal Law Attorneys, Immigration Law Attorneys, Business Law Attorneys
    Locklin & Mordhorst Trial Atty
    9253 Mosby St # 100
    Manassas, VA 20110
    (703) 591-9400
    Attorneys,  Accident & Property Damage Attorneys,  Personal Injury Law Attorneys,  Legal Service Pla
    Breeden Thomas R
    10326 Lomond Dr
    Manassas, VA 20109
    (703) 361-9277
    Attorneys,  Accident & Property Damage Attorneys,  Corporation & Partnership Law Attorneys,  Persona
    Boyce Jr William C
    9300 Grant Ave # 200
    Manassas, VA 20110
    (703) 361-9090
    Criminal Law Attorneys, Attorneys, Legal Service Plans, Accident & Property Damage Attorneys, DUI &
    Leahy Kevin L
    9300 Grant Ave # 200
    Manassas, VA 20110
    (703) 361-9090
    Criminal Law Attorneys,  Attorneys,  Legal Service Plans,  Accident & Property Damage Attorneys,  DU
    Michael A. Kernbach
    9253 Mosby St Ste 100
    Manassas, VA 20110
    (571) 292-9046
    Accident & Property Damage Attorneys, Attorneys, Legal Service Plans
    Vanessa Crockett Reed, Esq
    9242 Mosby Street, Suite B
    Manassas, VA 20110
    (703) 530-8810
    Family Law Attorneys, Divorce Attorneys, Juvenile Law Attorneys, Child Custody Attorneys
    Allen Harold & Beard PLC
    9300 Forest Point Cir
    Manassas, VA 20110
    (703) 361-8777
    Bankruptcy Law Attorneys, Family Law Attorneys, Attorneys
    Argus Legal
    9255 Center St
    Manassas, VA 20110
    (703) 368-8770
    Attorneys, Legal Service Plans
    Edwards & Rydell PC
    9300 Peabody St Ste 208
    Manassas, VA 20110
    (703) 365-8722
    Attorneys, Legal Service Plans
    Graves Tim
    9300 Grant Ave # 203
    Manassas, VA 20110
    (703) 365-8306
    Family Law Attorneys, Attorneys
    Newton Scott J
    9255 Lee Ave
    Manassas, VA 20110
    (703) 361-8246
    Attorneys
    Stephens Boatwright Primeau
    9255 Lee Ave
    Manassas, VA 20110
    (703) 361-8246
    Estate Planning Attorneys,  Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce Atto
    Morisi Associates, PLLC
    9315 Center Street, Suite 103
    Manassas, VA 20110
    (703) 468-8031
    Estate Planning, Probate, & Living Trusts, Estate Planning Attorneys, Probate Law Attorneys, Wills,
    Va Workers Compensation Cmmss
    7900 Sudley Rd Ste 619
    Manassas, VA 20109
    (703) 257-7994
    Corporation & Partnership Law Attorneys, Employee Benefits & Worker Compensation Attorneys, Attorney
    Irving Kimberly A
    9001 Center St
    Manassas, VA 20110
    (703) 530-7900
    Attorneys, General Practice Attorneys
    Servicio Latinos Inc
    8634 Centreville Rd
    Manassas, VA 20110
    (571) 379-7883
    Immigration Law Attorneys, Attorneys, Immigration & Naturalization Consultants
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US