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 Charleston, WV

Benefits of a Limited Liability Company (LLC) in Charleston, WV


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 WV 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 WV 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 Charleston, WV
    Gaylock Stephen L
    28 Ohio Ave
    Charleston, WV 25302
    (304) 346-9999
    Attorneys
    Mitchell Jr John R Lc
    28 Ohio Ave
    Charleston, WV 25302
    (304) 346-9999
    General Practice Attorneys, Attorneys, Legal Service Plans
    Hussell John F
    900 Lee St E # 600
    Charleston, WV 25301
    (304) 357-9966
    Attorneys, Legal Service Plans
    Pack Ashley L
    900 Lee St E
    Charleston, WV 25301
    (304) 357-9937
    Attorneys
    White James E Law
    900 Lee St E
    Charleston, WV 25301
    (304) 357-9934
    Attorneys
    Kelly Donna C Atty
    900 Lee St E
    Charleston, WV 25301
    (304) 357-9927
    Attorneys
    Stonestreet Robert M Law
    900 Lee St E
    Charleston, WV 25301
    (304) 357-9915
    Attorneys
    Jones Law Group
    120 Esta Ln
    Charleston, WV 25312
    (304) 984-9898
    Attorneys, Legal Service Plans
    Straub Hazel A
    500 Virginia St E # 1025
    Charleston, WV 25301
    (304) 346-9822
    Attorneys, Legal Service Plans
    Hoyer Stephen P
    22 Capitol St # 300
    Charleston, WV 25301
    (304) 344-9821
    Attorneys, Legal Service Plans
    Smith Christopher S Law
    22 Capitol St
    Charleston, WV 25301
    (304) 344-9821
    Attorneys
    Raptis Jr Andrew A
    179 Summers St
    Charleston, WV 25301
    (304) 343-9810
    Attorneys
    Foster William
    1018 Kanawha Blvd E # 200
    Charleston, WV 25301
    (304) 347-9800
    Attorneys, General Practice Attorneys
    Hackney Brent Attorney
    120 Esta Ln
    Charleston, WV 25312
    (304) 984-9800
    Attorneys
    Jones Law Group
    96 Poca River Rd
    Charleston, WV 25320
    (304) 988-9800
    Attorneys
    Charnock John N Law
    1811 Huber Rd
    Charleston, WV 25314
    (304) 343-9652
    Attorneys
    Hunt & Lees
    2306 Kanawha Blvd E
    Charleston, WV 25311
    (304) 344-9651
    Personal Injury Law Attorneys,  Civil Litigation & Trial Law Attorneys,  Attorneys,  Criminal Law At
    Lees Jim
    2306 Kanawha Blvd E
    Charleston, WV 25311
    (304) 344-9651
    Attorneys, Legal Service Plans
    Maroney Patrick K Atty
    608 Virginia St E
    Charleston, WV 25301
    (304) 346-9629
    Attorneys
    Maroney Williams Weaver
    608 Virginia St E # 2
    Charleston, WV 25301
    (304) 346-9629
    General Practice Attorneys, Legal Service Plans, Attorneys
    Pancake Edwin H
    608 Virginia St E # 4
    Charleston, WV 25301
    (304) 346-9629
    Attorneys
    Wood Law Office, LC
    3818 Maccorkle Ave SE
    Charleston, WV 25304
    (304) 925-9592
    Malpractice Law Attorneys, Attorneys, Legal Service Plans
    Bunn Joseph G
    13 Kanawha Blvd W # 200
    Charleston, WV 25302
    (304) 343-9466
    Attorneys
    Collins Joshua B
    13 Kanawha Blvd W # 200
    Charleston, WV 25302
    (304) 343-9466
    Attorneys, Legal Service Plans
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US