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 Unity, WI

Benefits of a Limited Liability Company (LLC) in Unity, 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 Unity, WI
    Milaeger Law Office
    707 W Moreland Blvd # 7
    Waukesha, WI 53188
    (262) 446-9999
    Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Legal Service Plans,  Accident & Property Dam
    Grau Law Ofc
    414 W Moreland Blvd # 101
    Waukesha, WI 53188
    (262) 542-9080
    General Practice Attorneys, Legal Service Plans, Attorneys
    Southeast Wisconsin Process
    707 W Moreland Blvd
    Waukesha, WI 53188
    (262) 650-8904
    Process Servers,  Legal Service Plans,  Legal Document Assistance,  Attorneys Referral & Information
    Johnson & Johnson
    1425 Summit Ave
    Waukesha, WI 53188
    (262) 542-8300
    Attorneys,  General Practice Attorneys,  Legal Service Plans,  Bankruptcy Law Attorneys
    Jaessing & Conklin S C
    707 W Moreland Blvd
    Waukesha, WI 53188
    (262) 549-8170
    Collection Law Attorneys,  Attorneys,  Family Law Attorneys,  Real Estate Attorneys,  Wills, Trusts
    Tom Kelly Law Office
    150 E Jefferson St
    Spring Green, WI 53588
    (608) 588-7776
    Insurance Attorneys, Attorneys
    Curran Mike
    161 W Jefferson St
    Spring Green, WI 53588
    (608) 588-7100
    General Practice Attorneys, Attorneys, Legal Service Plans
    Rosen & Holzman Law Ofcs
    400 W Moreland Blvd
    Waukesha, WI 53188
    (262) 544-5804
    Attorneys, General Practice Attorneys, Legal Service Plans
    Schlub Law Office
    2312 N Grandview Blvd # 201
    Waukesha, WI 53188
    (262) 970-5700
    Juvenile Law Attorneys, Attorneys
    Dunlap James L
    707 W Moreland Blvd
    Waukesha, WI 53188
    (262) 547-5517
    Attorneys, General Practice Attorneys
    Neitzke Kelly L
    707 W Moreland Blvd
    Waukesha, WI 53188
    (262) 547-5517
    General Practice Attorneys, Attorneys
    Schultz Patrick R
    707 W Moreland Blvd # 9
    Waukesha, WI 53188
    (262) 547-5517
    Attorneys, Legal Service Plans
    Walden Schuster Vaklyes
    707 W Moreland Blvd
    Waukesha, WI 53188
    (262) 547-5517
    General Practice Attorneys, Attorneys, Legal Service Plans
    Vaklyes Jr Edmond J
    707 W Moreland Blvd # 9
    Waukesha, WI 53188
    (262) 547-5517
    Attorneys
    Andrew C. Ladd, LLC
    707 W. Moreland Blvd, Ste 7
    Waukesha, WI 53188
    (262) 542-3900
    Attorneys, Accident & Property Damage Attorneys, Corporation & Partnership Law Attorneys, Personal I
    Hoglund Chwialkowski & Mrozik
    2727 N Grandview Blvd
    Waukesha, WI 53188
    (414) 933-3333
    Administrative & Governmental Law Attorneys, Attorneys
    Cannaday Law Office
    2314 N Grandview Blvd # 102
    Waukesha, WI 53188
    (262) 547-3101
    Family Law Attorneys, Attorneys
    Ea Miller & Associates
    2727 N Grandview Blvd
    Waukesha, WI 53188
    (262) 547-3101
    Divorce Attorneys, Family Law Attorneys, Attorneys
    Jastroch & LaBarge SC
    640 W Moreland Blvd
    Waukesha, WI 53188
    (262) 547-2611
    Attorneys,  Lemon Law Attorneys,  Accident & Property Damage Attorneys,  Personal Injury Law Attorne
    Dowling Robert G
    640 W Moreland Blvd
    Waukesha, WI 53188
    (262) 547-2611
    Attorneys, Legal Service Plans
    Appel Karen M
    640 W Moreland Blvd
    Waukesha, WI 53188
    (262) 547-2611
    Social Security & Disability Law Attorneys,  Attorneys,  Family Law Attorneys,  Legal Service Plans,
    Peckham Allan C
    115 N Washington St
    Spring Green, WI 53588
    (608) 588-2350
    Attorneys, Legal Service Plans
    Lanser Bruce A.
    N14W24200 Tower Pl Ste 201
    Waukesha, WI 53188
    (262) 522-2280
    Bankruptcy Law Attorneys,  Attorneys,  Legal Service Plans,  Bankruptcy Services,  Financial Service
    Rebholz Paul E
    2428 N Grandview Blvd # B
    Waukesha, WI 53188
    (262) 547-0550
    Attorneys, Wills, Trusts & Estate Planning Attorneys, Corporation & Partnership Law Attorneys, Real
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US