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 Springdale, WA

Benefits of a Limited Liability Company (LLC) in Springdale, WA


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 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 Springdale, WA
    David M Wall Law Office
    310 Pine St
    Mount Vernon, WA 98273
    (360) 419-9998
    Attorneys,  Criminal Law Attorneys,  Personal Injury Law Attorneys,  Litigation & Tort Attorneys
    Greene & Lloyd, PLLC
    4115 S Meridian
    Puyallup, WA 98373
    (253) 200-9914
    Attorneys,  Business Law Attorneys,  Personal Injury Law Attorneys,  Criminal Law Attorneys,  Immigr
    Gilbert Peter A
    314 Pine St # 208
    Mount Vernon, WA 98273
    (360) 336-9515
    Attorneys,  Accident & Property Damage Attorneys,  DUI & DWI Attorneys,  General Practice Attorneys,
    Skagit County Public Defender
    121 W Broadway
    Mount Vernon, WA 98273
    (360) 336-9405
    Attorneys, Legal Service Plans, County & Parish Government
    Brewe Layman
    506 Main St
    Mount Vernon, WA 98273
    (360) 419-9191
    General Practice Attorneys, Attorneys, Legal Service Plans
    Worswick Todd
    12515 Meridian E # 102
    Puyallup, WA 98373
    (253) 845-8894
    General Practice Attorneys, Attorneys, Legal Service Plans
    Kaiman Mark A
    413 W Gates St
    Mount Vernon, WA 98273
    (360) 873-8882
    DUI & DWI Attorneys, Attorneys, Criminal Law Attorneys, Real Estate Attorneys, General Practice Atto
    Lustick Law Firm
    413 W Gates St
    Mount Vernon, WA 98273
    (360) 873-8882
    Civil Litigation & Trial Law Attorneys, Attorneys, Criminal Law Attorneys, DUI & DWI Attorneys, Gene
    Madrone Adrian
    413 W Gates St
    Mount Vernon, WA 98273
    (360) 873-8882
    DUI & DWI Attorneys, Attorneys, Criminal Law Attorneys, General Practice Attorneys, Legal Service Pl
    Trent Lauren
    413 W Gates St
    Mount Vernon, WA 98273
    (360) 873-8882
    Family Law Attorneys, Attorneys, General Practice Attorneys, Legal Service Plans
    Howson Law Office
    415 Pine St
    Mount Vernon, WA 98273
    (360) 336-8722
    Attorneys, Criminal Law Attorneys, Family Law Attorneys
    Fields Sharon L
    413 W Gates St
    Mount Vernon, WA 98273
    (360) 336-8181
    Criminal Law Attorneys, Attorneys, DUI & DWI Attorneys
    Fields Law Office
    325 Pine St
    Mount Vernon, WA 98273
    (360) 336-8181
    Attorneys, Criminal Law Attorneys, General Practice Attorneys, Legal Service Plans
    Moser C Thomas
    1204 Cleveland Ave
    Mount Vernon, WA 98273
    (360) 428-7900
    Attorneys,  Criminal Law Attorneys,  Accident & Property Damage Attorneys,  Real Estate Attorneys,  
    Baldwin Thomas A
    802 39th Ave SW
    Puyallup, WA 98373
    (253) 864-7800
    General Practice Attorneys, Attorneys, Legal Service Plans
    Lambert Michelle
    404 S 1st St # 205
    Mount Vernon, WA 98273
    (360) 419-7370
    Attorneys,  Family Law Attorneys,  Adoption Law Attorneys,  Legal Service Plans,  Child Custody Atto
    Total Attorneys - Bankruptcy
    PO Box 271889
    Wishram, WA 98673
    (509) 423-7256
    Bankruptcy Law Attorneys,  Attorneys,  Banking & Mortgage Law Attorneys,  Bankruptcy Services,  Lega
    Bisagna Donald J
    407 S 1st St
    Mount Vernon, WA 98273
    (360) 336-6675
    Attorneys, Legal Service Plans
    Kok Kent G
    413 S 1st St
    Mount Vernon, WA 98273
    (360) 336-6666
    Attorneys,  Family Law Attorneys,  Legal Service Plans,  Bankruptcy Law Attorneys
    Tario Michael John Atty
    413 S 1st St
    Mount Vernon, WA 98273
    (360) 336-6666
    Attorneys,  Criminal Law Attorneys,  Mediation Services,  Accident & Property Damage Attorneys,  Ind
    Taylor Christopher P Attorney
    413 S 1st St
    Mount Vernon, WA 98273
    (360) 336-6666
    Adoption Law Attorneys,  Attorneys,  Family Law Attorneys,  Accident & Property Damage Attorneys
    Miner Lynn
    417 W Gates St
    Mount Vernon, WA 98273
    (360) 336-6659
    Attorneys, General Practice Attorneys
    Smith, Gail R - Jones & Smith
    415 Pine St
    Mount Vernon, WA 98273
    (360) 336-6608
    Social Security & Disability Law Attorneys,  Attorneys,  Wills, Trusts & Estate Planning Attorneys,
    Pirkle Lawrence Atty
    321 W Washington St Ste 300
    Mount Vernon, WA 98273
    (360) 336-6587
    Attorneys,  Labor & Employment Law Attorneys,  Accident & Property Damage Attorneys,  Wills, Trusts
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US