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 Sturgeon Bay, WI

Benefits of a Limited Liability Company (LLC) in Sturgeon Bay, 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 Sturgeon Bay, WI
    Toft Law Firm
    45 S 3rd Ave
    Sturgeon Bay, WI 54235
    (920) 743-9231
    Attorneys, Probate Law Attorneys
    Virlee Law Office
    14 S 3rd Ave
    Sturgeon Bay, WI 54235
    (920) 562-8573
    Administrative & Governmental Law Attorneys,  Attorneys,  Social Security & Disability Law Attorneys
    Brooks & Kase, S.C.,
    30 N 18th Ave
    Sturgeon Bay, WI 54235
    (920) 743-8485
    Attorneys, General Practice Attorneys, Legal Service Plans
    David K. Sparr & Associates, S.C.
    166 S 3rd Ave
    Sturgeon Bay, WI 54235
    (920) 267-7038
    Accident & Property Damage Attorneys,  Attorneys,  Personal Injury Law Attorneys,  Legal Service Pla
    Pro Se Of Wisconsin
    6070 Trillium Ln
    Sturgeon Bay, WI 54235
    (920) 743-6776
    Divorce Attorneys,  Divorce Assistance,  Attorneys,  Family Law Attorneys
    Nesbitt Randall J
    454 Kentucky St
    Sturgeon Bay, WI 54235
    (920) 743-6505
    Attorneys, Legal Service Plans
    Pinkert Law Firm LLP
    454 Kentucky St
    Sturgeon Bay, WI 54235
    (920) 743-6505
    Attorneys, Family Law Attorneys, Divorce Attorneys, Probate Law Attorneys, Accident & Property Damag
    Reetz Law Office S C
    242 Michigan St
    Sturgeon Bay, WI 54235
    (920) 743-6485
    General Practice Attorneys, Attorneys, Legal Service Plans
    Law Office Linda J Schaefer
    242 Michigan St
    Sturgeon Bay, WI 54235
    (920) 743-6485
    Attorneys
    Blazkovec Blazkovec &
    62 S 3rd Ave
    Sturgeon Bay, WI 54235
    (920) 487-5571
    Attorneys, Probate Law Attorneys, Wills, Trusts & Estate Planning Attorneys
    Nina Martel SC
    508 Jefferson St
    Sturgeon Bay, WI 54235
    (920) 746-4475
    Attorneys, Legal Service Plans
    Lewis & Van Sickle
    364 Jefferson St
    Sturgeon Bay, WI 54235
    (920) 743-4441
    Bankruptcy Law Attorneys, Attorneys, Legal Service Plans
    Legal Aid Society
    131 S 3rd Ave
    Sturgeon Bay, WI 54235
    (920) 743-3934
    Attorneys Referral & Information Service, Legal Clinics, Attorneys
    Schaefer Law Firm Sc
    242 Michigan St # B1
    Sturgeon Bay, WI 54235
    (920) 746-3180
    General Practice Attorneys, Attorneys, Legal Service Plans
    Pro Se Divorce
    6070 Trillium Ln
    Sturgeon Bay, WI 54235
    (920) 682-2552
    Arbitration & Mediation Attorneys,  Attorneys,  Arbitration Services,  Mediation Services
    Door County District Atty Ofc
    1215 S Duluth Ave
    Sturgeon Bay, WI 54235
    (920) 746-2284
    Attorneys
    Johnson Stephen P
    54 E Oak St
    Sturgeon Bay, WI 54235
    (920) 743-2129
    Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce Attorneys,  DUI & DWI Attorneys,
    Clowers David R Law Offices
    207 S 4th Ave
    Sturgeon Bay, WI 54235
    (920) 743-1716
    Attorneys, Social Security & Disability Law Attorneys, Bankruptcy Law Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US