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 Mc Lean, VA

Benefits of a Limited Liability Company (LLC) in Mc Lean, 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 Mc Lean, VA
    Semmes Bowen & Semmes
    6862 Elm St Ste 410
    mc Lean, VA 22101
    (703) 760-9473
    Administrative & Governmental Law Attorneys, Legal Service Plans, Attorneys
    Pesner Kawamotto Conway PLC
    7926 Jones Branch Dr
    mc Lean, VA 22102
    (703) 506-9440
    Attorneys,  Attorneys Referral & Information Service,  Civil Litigation & Trial Law Attorneys,  Busi
    Meiburger Janet M
    1493 Chain Bridge Rd Ste 201
    Mc Lean, VA 22101
    (703) 556-9404
    General Practice Attorneys, Attorneys, Legal Service Plans
    Dominion Business Law PC
    1728 Maxwell Ct
    Mc Lean, VA 22101
    (703) 918-9301
    Attorneys, Legal Service Plans
    Cohen & Burnett
    7601 Lewinsville Rd Ste 460
    Mc Lean, VA 22102
    (703) 847-8902
    Attorneys, Tax Attorneys, Business Law Attorneys, Estate Planning Attorneys, Legal Service Plans, Es
    Mc Aleese & Assoc Pc
    7918 Jones Branch Dr Ste 430
    Mc Lean, VA 22102
    (703) 917-8900
    Attorneys,  Legal Service Plans,  Criminal Law Attorneys,  Administrative & Governmental Law Attorne
    Dombroff & Gilmore Pc
    1676 International Dr
    Mc Lean, VA 22102
    (703) 336-8800
    Attorneys
    Freda Robert J
    1493 Chain Bridge Rd
    Mc Lean, VA 22101
    (703) 847-8799
    Attorneys, General Practice Attorneys, Legal Service Plans
    Michael Alex Wasylik
    7918 Jones Branch Dr
    mc Lean, VA 22102
    (703) 287-8741
    General Practice Attorneys, Attorneys
    Stephens Arlene
    1800 Old Meadow Rd Ste 119
    Mc Lean, VA 22102
    (703) 821-8700
    Attorneys, General Practice Attorneys, Legal Service Plans
    Cohen Harvey B
    1751 Pinnacle Dr # 500
    Mc Lean, VA 22102
    (703) 610-8655
    Attorneys, Legal Service Plans
    Prominski John E Lawyer
    1751 Pinnacle Dr
    Mc Lean, VA 22102
    (703) 610-8653
    Attorneys
    Kalidindi Krishna
    6861 Elm St
    Mc Lean, VA 22101
    (703) 893-8500
    Attorneys, Legal Service Plans
    Merrell & Merrell Pc
    1477 Chain Bridge Rd Ste 101
    Mc Lean, VA 22101
    (703) 790-8441
    By appointment
    Exchange Intermediaries
    8270 Greensboro Dr
    Mc Lean, VA 22102
    (703) 848-8319
    Attorneys, Legal Service Plans
    Acklin Douglas
    1420 Spring Hill Rd Ste 600
    Mc Lean, VA 22102
    (703) 248-8181
    Attorneys,  Attorneys Referral & Information Service,  General Practice Attorneys,  Legal Service Pl
    Morrison & Foerster LLP
    1650 Tysons Blvd Ste 300
    Mc Lean, VA 22102
    (703) 760-7700
    Litigation & Tort Attorneys, Attorneys
    Ahmad Syed S
    1751 Pinnacle Dr
    Mc Lean, VA 22102
    (703) 714-7676
    Attorneys, Legal Service Plans
    Andrews Walter J
    1751 Pinnacle Dr
    Mc Lean, VA 22102
    (703) 714-7642
    Attorneys, Legal Service Plans
    Tabois Cecelia
    1800 Old Meadow Rd Ste 113
    Mc Lean, VA 22102
    (703) 442-7588
    Attorneys, Legal Service Plans
    Freilicher Frederic
    1751 Pinnacle Dr # 1700
    Mc Lean, VA 22102
    (703) 714-7568
    Attorneys, Legal Service Plans
    Oehninger Sergio F
    1751 Pinnacle Dr
    Mc Lean, VA 22102
    (703) 714-7552
    Attorneys, Legal Service Plans
    Janaskie Paul E
    1751 Pinnacle Dr
    Mc Lean, VA 22102
    (703) 714-7538
    Attorneys, Legal Service Plans
    Michael D. Kaydouh Divorce Attorney
    1311 Vincent Pl
    Mc Lean, VA 22101
    (703) 349-7516
    Attorneys, Family Law Attorneys, Divorce Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US