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 Elkhorn, WI

Benefits of a Limited Liability Company (LLC) in Elkhorn, 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.

    •  
    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 Elkhorn, WI
    Delco
    715 W Walworth St
    Elkhorn, WI 53121
    (262) 723-8350
    Estate Planning Attorneys,  Estate Planning, Probate, & Living Trusts,  Attorneys,  Legal Service
    Johnson Leslie L
    216 W Walworth St
    Elkhorn, WI 53121
    (262) 723-8250
    General Practice Attorneys, Attorneys, Legal Service Plans
    Coletti Anthony
    101 W Evergreen Pkwy
    Elkhorn, WI 53121
    (262) 723-8030
    General Practice Attorneys, Attorneys
    Habush Habush & Rottier Sc
    216 W Walworth St
    Elkhorn, WI 53121
    (262) 723-7800
    Attorneys, Legal Service Plans
    Danz Law Offices
    108 W Court St
    Elkhorn, WI 53121
    (262) 723-7720
    Attorneys, Criminal Law Attorneys, Family Law Attorneys, Divorce Attorneys, Personal Injury Law Atto
    Leece & Phillips SC Atty
    6 West St
    Elkhorn, WI 53121
    (262) 723-7040
    Attorneys
    Law Offices Timothy Mstrty
    7 W Walworth St
    Elkhorn, WI 53121
    (262) 723-5598
    General Practice Attorneys, Attorneys
    Schmieden Monika
    209 Oconnor Dr
    Elkhorn, WI 53121
    (262) 723-5415
    General Practice Attorneys, Attorneys, Legal Service Plans
    Leece Randall G
    510 Park Ln
    Elkhorn, WI 53121
    (262) 723-5051
    Attorneys, Legal Service Plans
    Historic Church Street Law Offices
    6 S Church St
    Elkhorn, WI 53121
    (262) 723-5041
    Attorneys, General Practice Attorneys, Legal Service Plans
    Mistrioty Timothy
    6 S Church St
    Elkhorn, WI 53121
    (262) 723-5041
    Attorneys, Social Security & Disability Law Attorneys, Labor & Employment Law Attorneys
    Sostarich Mark E
    6 S Church St
    Elkhorn, WI 53121
    (262) 723-5041
    Attorneys, Divorce Attorneys, Family Law Attorneys
    Seymour Kremer Koch Lochowicz & Duquette LLP
    23 N Wisconsin St
    Elkhorn, WI 53121
    (262) 723-5003
    Estate Planning Attorneys,  Attorneys,  Family Law Attorneys,  Probate Law Attorneys,  Personal Inju
    Seymour Kremer Koch & Lochowicz LLP
    23 N Wis
    Elkhorn, WI 53121
    (262) 723-5003
    Attorneys,  Probate Law Attorneys,  Personal Injury Law Attorneys,  Criminal Law Attorneys,  Family
    Lochowicz, Bradley J - Seymour Kremer Nommensen
    23 N Wisconsin St
    Elkhorn, WI 53121
    (262) 723-5003
    Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Labor & Employment Law Attorneys,  Divor
    Nommensen Julie H
    15 S Lincoln St # 2
    Elkhorn, WI 53121
    (262) 723-4700
    Attorneys, Wills, Trusts & Estate Planning Attorneys, General Practice Attorneys, Legal Service Plan
    Murphy John
    114 W Court St
    Elkhorn, WI 53121
    (262) 723-4110
    Attorneys, Legal Service Plans
    Godfrey Leibsle Blackbourn & Howarth SC
    354 Seymour Ct
    Elkhorn, WI 53121
    (262) 723-3220
    Estate Planning Attorneys,  Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce Atto
    Delco Estate Planning Svc
    7 W Walworth St
    Elkhorn, WI 53121
    (262) 723-3211
    Attorneys, Real Estate Management
    Howarth Law Offices Sc Atty
    820 W Walworth St
    Elkhorn, WI 53121
    (262) 723-2881
    General Practice Attorneys, Attorneys
    Howarth Jr Richard
    820 W Walworth St
    Elkhorn, WI 53121
    (262) 723-2881
    Attorneys, General Practice Attorneys
    Wilson Peter
    209 Oconnor Dr
    Elkhorn, WI 53121
    (262) 743-2502
    Attorneys
    Stephen R Kramer Law Office
    209 Oconnor Dr
    Elkhorn, WI 53121
    (262) 743-2500
    General Practice Attorneys, Attorneys, Legal Service Plans
    Bankruptcy Law Ctr
    108 W Court St
    Elkhorn, WI 53121
    (262) 743-1400
    General Practice Attorneys, Attorneys, Legal Service Plans
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US