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!
 
 

Orientation to Limited Liability Companies (LLCs) in Zip Code 53701

Orientation to Limited Liability Companies (LLCs) in Zip Code 53701


I've missed more than 9,000 shots in my career. I've lost almost 300 games. 26 times I've been trusted to take the game winning shot and missed. I've failed over and over and over again in my life and that is why I succeed.
 
- Michael Jordan


A Limited Liability Company (LLC), just like a corporation, offers protection from personal liability for business debts. But, unlike a corporation, which pays its own taxes, an LLC is a pass-through tax entity in which the profits and losses pass-through its owners who report it on their personal tax returns.

How to Form an LLC

  • File "Articles of Organization" with your state government including the name, address, and phone number of the business, and the name of the person who is the "registered agent" of the company. Depending on the state, the names of all LLC members are sometimes requested.
  • Create a written LLC operating agreement. This is a crucial document because it includes the rights and responsibilities of the LLC members. It can also include the percentage interest and the shares of profits of the members.
  • Main Features of an LLC



    Limited Personal Liability

    All LLC members are spared from personal liability for business claims and debts. A creditor cannot go after them and demand payment from their personal assets. The assets of the LLC are used to pay off debts, and the only thing members stand to lose is their investment in the business.

    Exceptions to Limited Personal Liability

    Limited personal liability can be enjoyed by an LLC when doing business transactions, but this protection is not fixed. This particular downside also applies to corporations. An LLC owner can be held liable if he/she:

  • Intentionally does something fraudulent, illegal, or reckless that causes harm to the company or to someone else.
  • Fails to pay taxes withheld from employees' wages.
  • Personally and directly injures someone.
  • Personally guarantees a bank loan or a business debt on which the LLC defaults.
  • Treats the LLC as an extension of his/her personal affairs rather than as a separate legal entity.


  • Business Protection

    Your personal assets can be protected by a good liability insurance which is not possible with a limited liability protection. If you are practicing your craft and accidentally injure someone, your liability insurance policy will cover you. In the event of a court proceeding, your insurance can protect your personal assets if the limited liability status is disregarded by the court.

    LLC Taxes

    An LLC is a "pass-through" entity where the business income passes through the business to the LLC members who will report their share of profits or losses on their individual income tax returns. All LLC members make a quarterly estimated tax payment to the IRS.

    LLC Management

    Member management means participating equally in the management of business. Manager management refers to designating one or more owners, or even outsiders, to take responsibility for managing the LLC. In a manager-managed LLC, only those named "manager" can vote with regards to management decisions and act as an agent of the LLC.


    Ending an LLC

    Depending on the laws of your state, or as indicated in the operating agreement, when one member leaves, the LLC dissolves. The remaining members will be responsible for meeting the business obligations left behind, pay the debts, and divide the remaining assets and profits among themselves. The decision to create a new LLC with the remaining members can be discussed. In order to avoid this kind of abrupt ending, your LLC operating agreement can include a "buy-sell" or "buyout" clause with guidelines on what will happen if a member decides to leave to pursue other interests, retires, or dies.

     
    Personalize & Print a Free WI 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 WI 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 Zip Code 53701
    Miller George E
    505 S Dewey St Ste 214
    Eau Claire, WI 54701
    (715) 830-9982
    Attorneys
    Arnett Law Offices
    529 S Jefferson St # 202
    Green Bay, WI 54301
    (920) 430-9937
    General Practice Attorneys, Attorneys
    Harnitz Law Office
    404 N Main St
    Oshkosh, WI 54901
    (920) 456-9933
    Corporation & Partnership Law Attorneys, Attorneys, General Practice Attorneys
    Mancoske Debra
    122 S Washington St
    Green Bay, WI 54301
    (920) 430-9909
    Attorneys,  Criminal Law Attorneys,  Legal Service Plans,  Traffic Law Attorneys,  Family Law Attorn
    Federal Defenders Services
    801 E Walnut St
    Green Bay, WI 54301
    (920) 430-9900
    Attorneys, Criminal Law Attorneys
    Grenisen James P
    1139 Tyler St
    La Crosse, WI 54601
    (608) 784-9777
    Attorneys
    Spangler, Nodolf Bruder & Klinkhammer LLC
    4410 Golf Ter
    Eau Claire, WI 54701
    (715) 830-9771
    Probate Law Attorneys,  Attorneys,  Accident & Property Damage Attorneys,  Business Law Attorneys,  
    Christopher T. Froelich
    125 S Quincy St
    Green Bay, WI 54301
    (920) 430-9640
    Accident & Property Damage Attorneys,  Attorneys,  Criminal Law Attorneys,  DUI & DWI Attorneys,  Pe
    Field David W
    204 E Grand Ave
    Eau Claire, WI 54701
    (715) 836-9607
    Attorneys,  Divorce Attorneys,  Elder Law Attorneys,  Wills, Trusts & Estate Planning Attorneys,  R
    Williams, Charles E
    128 State St
    Oshkosh, WI 54901
    (920) 376-9556
    Wills, Trusts & Estate Planning Attorneys,  Attorneys,  Business Law Attorneys,  Real Estate Attorn
    Public Defender
    205 5th Ave S # 200
    La Crosse, WI 54601
    (608) 785-9531
    Attorneys, State Government
    Pedersen & Shaha Law Firm
    2050 Riverside Dr
    Green Bay, WI 54301
    (920) 884-9500
    Attorneys, Bankruptcy Law Attorneys
    Noteboom Philip L
    5209 Rib Mountain Dr
    Wausau, WI 54401
    (715) 359-9487
    General Practice Attorneys, Attorneys
    Edelstein Law LLC
    204 Church Ave
    Oshkosh, WI 54901
    (920) 376-9460
    Attorneys,  Criminal Law Attorneys,  Legal Service Plans,  Civil Litigation & Trial Law Attorneys,  
    Jackman Scott
    2620 Stewart Ave # 314
    Wausau, WI 54401
    (715) 298-9445
    General Practice Attorneys, Attorneys, Legal Service Plans
    Wickert Gary A
    801 E Walnut St
    Green Bay, WI 54301
    (920) 433-9425
    Attorneys, Corporation & Partnership Law Attorneys, Business Law Attorneys, Legal Service Plans
    Beinlich Jeffrey C
    415 S Washington St
    Green Bay, WI 54301
    (920) 432-9399
    Attorneys, Legal Service Plans
    Pedretti, Timothy J atty
    415 S Washington St
    Green Bay, WI 54301
    (920) 432-9399
    Attorneys,  Criminal Law Attorneys,  Divorce Attorneys,  Family Law Attorneys
    Beck Laura J
    222 Cherry St
    Green Bay, WI 54301
    (920) 435-9393
    Attorneys, Family Law Attorneys, Legal Service Plans
    Hermes Michael
    222 Cherry St
    Green Bay, WI 54301
    (920) 435-9393
    Attorneys, Legal Service Plans
    Metzler Timm Treleven Pahl & Beck S C
    222 Cherry St
    Green Bay, WI 54301
    (920) 435-9393
    Attorneys
    Cisler, Timothy A - Davis & Kuelthau
    318 S Washington St # 300
    Green Bay, WI 54301
    (920) 435-9378
    Estate Planning Attorneys, Attorneys, Tax Attorneys, Business Law Attorneys
    Kowalkowski Frank W
    318 S Washington St # 300
    Green Bay, WI 54301
    (920) 435-9378
    Attorneys, Legal Service Plans
    Rohan Thomas V
    318 S Washington St # 300
    Green Bay, WI 54301
    (920) 435-9378
    Estate Planning Attorneys,  Attorneys,  Legal Service Plans,  Business Law Attorneys,  Real Estate A
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US