Find More Articles
12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents™
 
Get the Wisconsin Legal Documents You Need in Only Minutes!
  • Written by expert Attorneys
  • Guaranteed for your State
  • Personalized for your situation
  • Finish and print in minutes!
 Personalize My Document 

Benefits of a Limited Liability Company (LLC) in Chippewa Falls, WI

Benefits of a Limited Liability Company (LLC) in Chippewa Falls, WI


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.

    •  
    Download & Print a Free WI Last Will Personalize This Document
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Page 6
    Page 7
    Page 8
    Page 9
    Page 10
     
    Download & Print a Free WI Living Will Personalize This Document
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Page 6
    Page 7
    Page 8
      Answer Easy
    Questions
    answer simple questions online step by step
    Easy Questions, Instant Documents
    • Finish in Minutes
    • Download Immediately
    • Written by Attorneys
    • 100% Guaranteed
      Get Instant Legal
        Documents™
    Print, save or email your finished legal document immediately!
    Last Will & Testament
    Related Legal Services near Chippewa Falls, WI
    Czech Law Ofc
    14 W Willow St
    Chippewa Falls, WI 54729
    (715) 720-9786
    Divorce Attorneys,  Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Personal Injury Law
    Wiley Law SC
    119-1/2 N Bridge St
    Chippewa Falls, WI 54729
    (715) 723-8591
    Attorneys,  Probate Law Attorneys,  Business Law Attorneys,  Civil Litigation & Trial Law Attorneys,
    Norseng Charles G
    119 1/2 N Bridge St
    Chippewa Falls, WI 54729
    (715) 723-8591
    Attorneys
    Reynolds Cathleen M
    119 1/2 N Bridge St
    Chippewa Falls, WI 54729
    (715) 723-8591
    Attorneys
    Hunt Heather M
    119 1/2 N Bridge St
    Chippewa Falls, WI 54729
    (715) 723-8591
    Attorneys
    The Mc Clain Law Firm
    411 N Bridge St
    Chippewa Falls, WI 54729
    (715) 861-7177
    Family Law Attorneys, Attorneys, General Practice Attorneys
    Mullen Mark
    619 N Bridge St # 100
    Chippewa Falls, WI 54729
    (715) 723-7160
    Attorneys, Family Law Attorneys, DUI & DWI Attorneys, Legal Service Plans
    Anderson, Timothy D
    411 N Bridge St
    Chippewa Falls, WI 54729
    (715) 720-4500
    Divorce Attorneys,  Attorneys,  Family Law Attorneys,  Adoption Law Attorneys,  Divorce Assistance
    Ferg & Sinclair
    411 N Bridge St
    Chippewa Falls, WI 54729
    (715) 723-4443
    Bankruptcy Law Attorneys,  Attorneys,  General Practice Attorneys,  Legal Service Plans
    McDonough Janet-
    23 W Spring St
    Chippewa Falls, WI 54729
    (715) 723-4000
    Attorneys, Wills, Trusts & Estate Planning Attorneys, Bankruptcy Law Attorneys, Legal Service Plans,
    Janet Mc Donough Attys At Law
    23 W Spring St
    Chippewa Falls, WI 54729
    (715) 723-4000
    Attorneys, Wills, Trusts & Estate Planning Attorneys, Bankruptcy Law Attorneys
    Raihle Law Office S.C.
    99 E Grand Ave
    Chippewa Falls, WI 54729
    (715) 723-3256
    Divorce Attorneys,  Attorneys,  Family Law Attorneys,  Real Estate Attorneys,  General Practice Atto
    Schmoldt Law Office
    705 Bay St # 1B
    Chippewa Falls, WI 54729
    (715) 726-3070
    General Practice Attorneys, Attorneys
    Thomas Lange Law Offices
    100 N Bridge St # 104
    Chippewa Falls, WI 54729
    (715) 726-3000
    Attorneys, Criminal Law Attorneys, General Practice Attorneys
    Carol Dittmar Law Office
    24 W Cedar St
    Chippewa Falls, WI 54729
    (715) 720-1889
    Attorneys,  Real Estate Attorneys,  General Practice Attorneys,  Legal Service Plans
    Cray Ardis A
    33 W Cedar St
    Chippewa Falls, WI 54729
    (715) 720-0972
    Attorneys, Divorce Attorneys, Family Law Attorneys, General Practice Attorneys, Legal Service Plans
    Cray Ardis
    33 W Cedar St
    Chippewa Falls, WI 54729
    (715) 720-0972
    Attorneys,  Divorce Attorneys,  Family Law Attorneys,  General Practice Attorneys,  Legal Service Pl
    Thorson Robert A
    220 W Willow St
    Chippewa Falls, WI 54729
    (715) 723-0375
    Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Legal Service Plans
    Anderson Law Office
    411 N Bridge St # 205
    Chippewa Falls, WI 54729
    715-720-4500
    Child Custody Attorneys,  Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Mediation Services,
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US