12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents
 
 
FINANCIAL & MARITAL

Cohabitation Agreement coming soon!
Separation Agreement coming soon!
No-Fault Divorce coming soon!
Bankruptcy coming soon!
 
 

Frequently Asked Questions about a Limited Liability Company (LLC) in Longview, WA

Frequently Asked Questions about a Limited Liability Company (LLC) in Longview, WA


The way to get started is to quit talking and start doing.
 
- Walt Disney


An LLC (Limited Liability Company) is not a corporation, but it does provide liability protection to its members. It is a business structure regulated by state statutes. The forms and fees required to set up and maintain an LLC differ in each state.

Why Should I form an LLC?

An LLC can protect the assets of its members by limiting the liability for acts and debts of the business. An LLC also provides pass-through taxation, meaning that taxes are only paid on the personal tax forms of the owners, there is no corporate or company tax to be paid. Members pay taxes individually on their portion of the LLC profits. Compared to a corporation, an LLC is less costly and complicated to set up and maintain.

How does an LLC protect my assets?

An LLC can provide three important protections: First, members of an LLC are covered by state shield laws that limit their liability exposure. Second, the charging order often holds creditor limitations to each member's share of distribution. This means that if a member of an LLC becomes a debtor, the creditor does not get the assets of the LLC or even the debtor/member's LLC interest outright. A creditor is in fact prohibited by law from levying on the interests of an LLC, as a creditor is traditionally allowed do to the shares of a corporation. Instead, the creditor can only get a lien against the debtor/member's LLC interest. Finally, creditors are limited to each member's share of distribution and creditors cannot go after the LLC's assets to settle a member-debtor's obligation. This would protect non-debtor-members from financial loss.

What are the legal documents needed for an LLC?

A document called "Articles of Organization" should be filed with the appropriate state agency in order to start an LLC. Another document needed is the operating agreement showing the rules of the company and the rights of its members. You will also need a tax identification number issued by the IRS.

How does an LLC compare to a C or S Corporation?

"Double taxation" is experienced by the C corporations when profits and shareholder dividends are both taxed by the IRS. Pass-through through taxation is done for the S Corporation which may limit the numbers and nationality of the shareholders. With an LLC, this difficulty is not experienced. Record keeping requirements are not that taxing compared with other business structures.

What is a Series LLC?

A Series LLC refers to an LLC with different sets of interest or ownership. This is an uncommon type of structure but it can provide liability insulated divisions in a single company rather than forming multiple LLCs.

Can stock be issued by an LLC?

Being non-incorporated, an LLC cannot issue stock. It is not in any way a corporation but tax rules of a corporation can be applied to an LLC if elected -- but they only cover tax treatment. An LLC can, however, raise additional investment money by inviting more partners to join it.

How do I maintain my LLC?

Joining an LLC means you have to maintain your company's status by paying the required state taxes, maintaining good financial records, and paying any required annual franchise fees levied by the state.

How much does it cost to set up an LLC?

Paperwork fees and service fees are the only costs to set up an LLC.

How are LLC profits taxed?

An LLC is not taxed on its profits because it has the benefit of pass through taxation. All profits are pass-through proportionally to its members. The members will, in turn, be responsible to state their income on their tax returns and pay the needed taxes. An LLC is flexible enough to choose how to be taxed as long as proper forms are filed with the IRS.

Does an LLC need an EIN?

If an LLC with one or more members elects to be treated as a corporation or Partnership for tax purposes, an Employer Identification Number (EIN) is needed. If a single-member LLC chooses to be taxed as a sole proprietorship an EIN is not needed, because the IRS will treat it as "disregarded entity."

What tax forms do I use when filing LLC taxes?

Sole proprietorship forms are used by a single-member LLC; partnership forms are used by multi-member LLCs. But, if the business chooses to be taxed as a C corporation it will file Form 8832; if it chooses to be taxed as an S corporation Form 2553.

Does an LLC use a 1099 Form?

The IRS uses a variety of 1099 forms. A form 1099-DIV will be used by an LLC for the payments made to each of its members. Any partner who receives $600 or more annually from the LLC will also use the 1099-DIV when filing their individual income tax returns.
 
Personalize & Print a Free WA 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 WA 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 Longview, WA
Falkenstein Zandi P
950 12th Ave # 100
Longview, WA 98632
(360) 577-8995
Attorneys, Family Law Attorneys, Divorce Assistance
Brown & Seelye Attorneys-Law
884 11th Ave
Longview, WA 98632
(360) 414-8900
Attorneys
Couto Eleanor M
1402 Broadway St # 102
Longview, WA 98632
(360) 577-8760
Attorneys
Rorden David H
1953 7th Ave
Longview, WA 98632
(888) 973-8322
Probate Law Attorneys, Wills, Trusts & Estate Planning Attorneys
Cotterell, Lindsey D
950 12th Ave
Longview, WA 98632
(360) 747-7948
Accident & Property Damage Attorneys, Personal Injury Law Attorneys, Automobile Accident Attorneys
Wardle Samuel S
1402 Broadway St # 106
Longview, WA 98632
(360) 423-7502
Attorneys
Penta Vince
1561 11th Ave
Longview, WA 98632
(360) 423-7175
Attorneys,  Wills, Trusts & Estate Planning Attorneys,  Real Estate Buyer Brokers,  General Practic
Daggy & Anagnostou
1801 1st Ave # 4A
Longview, WA 98632
(360) 425-6500
General Practice Attorneys, Attorneys, Legal Service Plans
Amy M. Wade
1402 Broadway St
Longview, WA 98632
(360) 562-6446
Adoption Law Attorneys, Attorneys, Family Law Attorneys
Bruce Hanify
1315 14th Avenue
Longview, WA 98632
(360) 200-6360
Writers, Criminal Law Attorneys, DUI & DWI Attorneys, Attorneys, Research Services
Walstead Mertsching PS
1000 12th Ave Ste 2
Longview, WA 98632
(360) 225-6339
Attorneys, General Practice Attorneys, Legal Service Plans
Morgan Daniel G.
1555 3rd Ave
Longview, WA 98632
(360) 200-6305
Attorneys, Sexual Harassment Attorneys, Criminal Law Attorneys
Salzsieder Legal Services
1133 14th Ave Suite 200
Longview, WA 98632
(360) 200-5969
Attorneys, Probate Law Attorneys, Wills, Trusts & Estate Planning Attorneys
McReary Craig M. PS
1555 3rd Ave Suite B
Longview, WA 98632
(360) 200-5482
Probate Law Attorneys,  Attorneys,  Family Law Attorneys,  Wills, Trusts & Estate Planning Attorney
Crandall, O'Neill & Imboden & Styve P.S.
1447 3rd Ave Suite A
Longview, WA 98632
(855) 745-5343
Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Probate Law Attorney
Barlow John A
1700 Hudson St # 300
Longview, WA 98632
(360) 423-5220
Attorneys Referral & Information Service, Attorneys
Claxton Michael A
1700 Hudson St # 300
Longview, WA 98632
(360) 423-5220
Estate Planning Attorneys, Attorneys, Wills, Trusts & Estate Planning Attorneys
Brumbaugh Mark S
1700 Hudson St # 300
Longview, WA 98632
(360) 423-5220
Accident & Property Damage Attorneys, Attorneys, Legal Service Plans
Dick Norman C
1700 Hudson St # 300
Longview, WA 98632
(360) 423-5220
Attorneys
Husemoen Odine
1700 Hudson St # 300
Longview, WA 98632
(360) 423-5220
Attorneys
Randolph, Frank - Walstead Mertsching
1700 Hudson St Ste 3
Longview, WA 98632
(360) 423-5220
Estate Planning Attorneys,  Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Business Law Atto
Randolph Frank
1700 Hudson St # 300
Longview, WA 98632
(360) 423-5220
Attorneys
Wanderer Stephen L
1700 Hudson St # 300
Longview, WA 98632
(360) 423-5220
Attorneys, Family Law Attorneys, General Practice Attorneys, Divorce Assistance, Legal Service Plans
O'Neill Tom
1447 3rd Ave # A
Longview, WA 98632
(360) 425-4470
General Practice Attorneys, Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US