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 Lime Ridge, WI

Benefits of a Limited Liability Company (LLC) in Lime Ridge, 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 Lime Ridge, WI
    Guttormsen Law Office
    6520 67th St
    Kenosha, WI 53142
    (262) 925-9025
    Attorneys, Wills, Trusts & Estate Planning Attorneys, Business Law Attorneys, Corporation & Partners
    Alia DuMez Dunn & McTernan SC
    6633 Green Bay Rd
    Kenosha, WI 53142
    (262) 654-8700
    Attorneys, Legal Service Plans
    Easton Joseph G
    7850 Green Bay Rd
    Kenosha, WI 53142
    (262) 654-8669
    Probate Law Attorneys, Attorneys, Criminal Law Attorneys, Family Law Attorneys, Wills, Trusts & Esta
    John VO Conner Law Offices
    6633 Green Bay Rd
    Kenosha, WI 53142
    (262) 605-8400
    Attorneys, Consumer Law Attorneys, Accident & Property Damage Attorneys, County & Parish Government,
    Mura Renee E
    6123 Green Bay Rd Ste 220
    Kenosha, WI 53142
    (262) 605-8221
    Attorneys, Family Law Attorneys, Legal Service Plans
    Darrow & Dietrich Sc
    301 Fremont St
    Kiel, WI 53042
    (920) 894-7882
    Attorneys, Family Law Attorneys, Legal Service Plans
    Miller Felicia
    6123 Green Bay Rd Ste 210
    Kenosha, WI 53142
    (414) 277-7742
    Bankruptcy Law Attorneys,  Attorneys,  Business Bankruptcy Law Attorneys,  Legal Service Plans
    LakeLaw
    6905 Green Bay Rd
    Kenosha, WI 53142
    (262) 694-7300
    Bankruptcy Law Attorneys,  Business Law Attorneys,  Bankruptcy Services,  Attorneys,  Financial Serv
    Perez Ricardo
    6905 Green Bay Rd
    Kenosha, WI 53142
    (262) 652-4900
    Attorneys, Legal Service Plans
    Habush Habush & Rottier Sc
    6905 Green Bay Rd
    Kenosha, WI 53142
    (262) 652-4900
    Accident & Property Damage Attorneys, Attorneys, Legal Service Plans, Personal Injury Law Attorneys,
    Godin Geraghty Puntillo Camilli SC
    6301 Green Bay Rd
    Kenosha, WI 53142
    (262) 671-4268
    Accident & Property Damage Attorneys, Personal Injury Law Attorneys, Wills, Trusts & Estate Plann
    Geraghty Timothy J
    6301 Green Bay Rd
    Kenosha, WI 53142
    (262) 657-3500
    General Practice Attorneys, Attorneys
    Buratti Roberta N Atty
    6301 Green Bay Rd
    Kenosha, WI 53142
    (262) 657-3500
    Attorneys
    Laun Law Offices
    627 Fremont St
    Kiel, WI 53042
    (920) 894-3488
    Attorneys
    Labanowsky & Associates
    6123 Green Bay Rd
    Kenosha, WI 53142
    (262) 697-3400
    Wills, Trusts & Estate Planning Attorneys,  Business Law Attorneys,  Attorneys,  Corporation & Part
    Gruhle Fessler & Van De Water
    110 Fremont St
    Kiel, WI 53042
    (920) 894-3344
    General Practice Attorneys, Attorneys, Legal Service Plans
    Welke Larry
    9970 Mathwig Rd
    Fall Creek, WI 54742
    (715) 877-2952
    Attorneys
    Ungrodt James
    814 1st St
    Kiel, WI 53042
    (920) 894-2852
    Attorneys
    Ungrodt James R
    317 Fremont St
    Kiel, WI 53042
    (920) 894-2283
    General Practice Attorneys, Attorneys, Legal Service Plans
    Wokwicz Law Offices, LLC
    6121 Green Bay Rd, STE 240
    Kenosha, WI 53142
    (262) 658-2181
    Personal Injury Law Attorneys, Wills, Trusts & Estate Planning Attorneys
    Kryshak Law Office LLC
    6127 Green Bay Rd Ste 101
    Kenosha, WI 53142
    (262) 764-2022
    Attorneys, Bankruptcy Law Attorneys
    Willems, Cletus R.
    6520 67th St
    Kenosha, WI 53142
    (262) 925-1288
    Attorneys, Business Law Attorneys, Real Estate Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US