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 Philomont, VA

Benefits of a Limited Liability Company (LLC) in Philomont, 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 Philomont, VA
    Williams Travis R
    11901 Iron Bridge Rd
    Chester, VA 23831
    (804) 748-9803
    Attorneys, General Practice Attorneys
    Ritter Todd M
    11901 Iron Bridge Rd
    Chester, VA 23831
    (804) 748-9803
    General Practice Attorneys, Attorneys
    Morgan R Glen
    11901 Iron Bridge Rd
    Chester, VA 23831
    (804) 748-9803
    Attorneys, General Practice Attorneys
    Daniels & Morgan
    11901 Iron Bridge Rd
    Chester, VA 23831
    (804) 748-9803
    Attorneys, Legal Service Plans, Criminal Law Attorneys, Family Law Attorneys, Divorce Attorneys, Rea
    Hartmann Martha D
    915 Kingsland Rd
    Henrico, VA 23231
    (804) 795-9283
    Arbitration Services,  Attorneys,  Mediation Services,  Legal Service Plans
    Bright Leaf Grinding Co
    4106 Eubank Rd Ste A
    Henrico, VA 23231
    (804) 222-8327
    General Practice Attorneys, Attorneys
    Gott Larry
    12 S Main St
    Chatham, VA 24531
    (434) 432-8095
    Attorneys, General Practice Attorneys
    Dua Nong & Patel
    9302 Lee Hwy
    Fairfax, VA 22031
    (703) 539-8091
    Attorneys
    Montgomery Jr John W
    5663 S Laburnum Ave
    Henrico, VA 23231
    (804) 222-7773
    Attorneys, Legal Service Plans
    Hilton & Somer, LLC
    8303 Arlington Blvd Suite 102
    Fairfax, VA 22031
    (703) 873-7379
    Wrongful Death Attorneys,  Accident & Property Damage Attorneys,  Attorneys,  Automobile Accident At
    Dutton John D
    11800 Chester Village Dr # C
    Chester, VA 23831
    (804) 425-7241
    Attorneys, Legal Service Plans
    John Bond Law Office
    3902 Laro Ct
    Fairfax, VA 22031
    (703) 359-7116
    Attorneys Referral & Information Service, General Practice Attorneys, Attorneys
    Forst Robert A
    10195 Main St # C
    Fairfax, VA 22031
    (703) 273-6116
    Attorneys, Legal Service Plans
    Ransom Eugene T
    10195 Main St
    Fairfax, VA 22031
    (703) 352-5752
    Attorneys, Legal Service Plans
    Ulloa Sandra L
    3600 Gill St
    Chester, VA 23831
    (804) 717-5656
    General Practice Attorneys, Attorneys
    The Banks Law Firm, PLLC.
    9667 Main Street, Suite B
    Fairfax, VA 22031
    (703) 594-4900
    Attorneys, Family Law Attorneys, Tax Attorneys, Traffic Law Attorneys, Legal Document Assistance
    Nadir N Tawil PC
    10195 Main St # I
    Fairfax, VA 22031
    (703) 591-4447
    Attorneys, Legal Service Plans
    Mc Leland Le Nhung
    9679 Main St
    Fairfax, VA 22031
    (703) 323-4446
    Attorneys, Patent, Trademark & Copyright Law Attorneys
    Ryan Nancy O
    3022 Haver 110B
    Fairfax, VA 22031
    (703) 865-4222
    Attorneys,  Bankruptcy Services,  Legal Service Plans,  Bankruptcy Law Attorneys
    Raj Dua
    9302 Lee Hwy Ste 725
    Fairfax, VA 22031
    (703) 763-4022
    Attorneys, Criminal Law Attorneys, Legal Service Plans, Traffic Law Attorneys
    Barker S Keith
    4830 W Hundred Rd
    Chester, VA 23831
    (804) 748-2950
    Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Civil Litigation & T
    Kalfus & Nachman PC
    101 S Franklin St
    Christchurch, VA 23031
    (540) 674-2929
    Attorneys, Legal Service Plans
    Crider Law Offices
    15 Pine St
    Chatham, VA 24531
    (434) 432-2862
    Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce Attorneys,  General Practice Att
    Pripeton Arlene
    10195 Main St Ste A
    Fairfax, VA 22031
    (703) 385-2858
    Attorneys, General Practice Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US