12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents
 
 
FINANCIAL & MARITAL

Cohabitation Agreement coming soon!
Separation Agreement coming soon!
No-Fault Divorce coming soon!
Bankruptcy coming soon!
 
 

Structural Advantages of a Limited Liability Company (LLC) in Abbottstown, PA

Structural Advantages of a Limited Liability Company (LLC) in Abbottstown, PA


Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do.
 
- Steve Jobs


A Limited Liability Company blends almost all the structure of business entities like a sole proprietorship, Partnership, and corporation without their respective drawbacks. New business start-ups often choose an LLC as the structure of their business.

An LLC offers several key advantages for new businesses:

1. Chart Your Own Course

As the owner of a business, you want to carve out your own place under the sun by running your own show. An LLC can be run by a single person, and most states recognize you as the sole owner of the business. Being on your own, you can make decisions without Consulting or needing the approval of other members of the company. Like a sole proprietorship, you own, manage, and operate your business without the liability issues of a sole proprietor. If you have a co-owner, you can enter into a mutual or operating agreement to point out the obligations and respective role you each play in order for the business to run smoothly.

2. Bypass Double Taxation

An LLC is treated as a "pass-through" entity that allows profits to be taxed only once on each member's individual income tax return. (You can also opt for declaring your LLC as an S corporation or Partnership in order to receive similar "pass-through" treatment from the IRS.)

3. Limit Personal Liability

One advantage of structuring your business as an LLC is that your personal assets will not be used to pay off the debts or legal liabilities of the LLC. The only thing that the owner or investor may lose is the capital contribution that is invested in the company. There are instances where the owner of the LLC may be personally liable, such as when he/she personally guarantees a business debt, fails to exercise due care resulting in harm to a third party, or breaches his/her duties as an owner.

4. Limit Administrative Hassles and Paperwork

Setting up and maintaining an LLC is less complicated when compared to other types of business structures. An LLC can be formed by filing articles of organization with the relevant state office, and paying the corresponding fees. The application will indicate the name and address of the company, the identity of its member(s), and other information relevant to the business. There are no mandatory meeting or reporting requirements by the member(s) or any annual directors' meeting that is usually required by a corporation.

5. Gain Flexibility in Sharing Profits

Most businesses share their profits (or losses) based on the percentage of investment they have in the company. In an LLC it can also be applied as a basis for distributing the profits, but there are other ways to distribute the profits as indicated in the LLC operating agreement. There is an IRS rule about so-called special allocations that come into play that require allocations not based on ownership interest to reflect a legitimate economic circumstance as opposed to merely trying to gain a tax advantage for the owners.
 
Personalize & Print a Free PA 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 PA 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 Abbottstown, PA
Cline William T
114 E Union St
Somerset, PA 15501
(814) 443-9992
Employee Benefits & Worker Compensation Attorneys, Attorneys, Corporation & Partnership Law Attorney
Angelo Law Offices
609 Hamilton St., 1st floor
Allentown, PA 18101
(610) 820-9991
General Practice Attorneys, Attorneys, Legal Service Plans
Angelo Ed
609 Hamilton St
Allentown, PA 18101
(610) 820-9991
Attorneys,  Mediation Services,  Arbitration Services,  Legal Service Plans
Clarke & Shaffer
204 Bolivar Dr
Bradford, PA 16701
(814) 363-9990
Attorneys, Legal Service Plans
Vettenburg Shaffer Stephanie L Dgn Attorney
204 Bolivar Dr
Bradford, PA 16701
(814) 363-9990
General Practice Attorneys, Attorneys
Thomas A. Kauffman Law Offices
52 S 9th St
Indiana, PA 15701
(724) 357-9990
Traffic Law Attorneys, Attorneys, Criminal Law Attorneys, DUI & DWI Attorneys
Briechle & Gelso, LLC
4 Chestnut St
Montrose, PA 18801
(570) 687-9984
Social Security & Disability Law Attorneys,  Attorneys,  Criminal Law Attorneys,  Social Security Se
Cilli & Perrotta PC
229 S Jefferson St Ste 203
New Castle, PA 16101
(724) 658-9980
Accident & Property Damage Attorneys,  Attorneys,  Criminal Law Attorneys,  Malpractice Law Attorney
Phillips & Faldowski, P.C.
29 E Beau St
Washington, PA 15301
(724) 225-9933
Accident & Property Damage Attorneys,  Attorneys,  Personal Injury Law Attorneys,  Medical Malpracti
Phillips, William D - Phillips & Faldowski
29 E Beau St
Washington, PA 15301
(724) 225-9933
Attorneys, Labor & Employment Law Attorneys, Personal Injury Law Attorneys, Insurance Attorneys, Pro
Myers Jr Thomas S
1800 E Lancaster Ave # 2
Paoli, PA 19301
(610) 296-9932
Attorneys, Legal Service Plans
Bernhart William R
537 Court St
Reading, PA 19601
(610) 376-9911
DUI & DWI Attorneys, Attorneys, Criminal Law Attorneys, Legal Service Plans
Artz Health Law
200 N 3rd St
Harrisburg, PA 17101
(717) 238-9905
Insurance Attorneys, Attorneys, Legal Service Plans
Taras M Wochok & Assoc
13 Paoli Ct
Paoli, PA 19301
(610) 296-9900
Estate Planning Attorneys, Attorneys, Family Law Attorneys, Tax Attorneys, Divorce Attorneys, Busine
Gover, Perry & Shore
101 S Duke St
York, PA 17401
(717) 232-9900
Accident & Property Damage Attorneys,  Attorneys,  Family Law Attorneys,  Personal Injury Law Attorn
Kate Kelly & Assoc
541 Swede St
Norristown, PA 19401
(610) 239-9884
Attorneys, Criminal Law Attorneys, Family Law Attorneys, Divorce Attorneys, Divorce Assistance, Lega
Emery Mark
410 N 2nd St
Harrisburg, PA 17101
(717) 238-9883
General Practice Attorneys, Attorneys
Emmons Greg B Atty
1 Settlers Dr
Doylestown, PA 18901
(215) 348-9815
Real Estate Attorneys, Attorneys, Legal Service Plans
Morris & Vedder
32 N Duke St
York, PA 17401
(717) 843-9815
Attorneys,  Legal Service Plans,  Banking & Mortgage Law Attorneys,  Business Law Attorneys,  Real E
Kane Timothy E
474 W Market St
York, PA 17401
(717) 843-9801
General Practice Attorneys, Attorneys, Legal Service Plans
Brodak Joseph I
57 E Main St
Uniontown, PA 15401
(724) 430-9800
Monaghan & Monaghan LLP
57 E Main St
Uniontown, PA 15401
(724) 430-9800
Social Security & Disability Law Attorneys,  Attorneys,  Personal Injury Law Attorneys,  Employee Be
Michael Megan
15 Public Sq
Wilkes Barre, PA 18701
(570) 820-9800
General Practice Attorneys, Attorneys
Silverblatt Arthur F
15 Public Sq # 310
Wilkes Barre, PA 18701
(570) 820-9800
Attorneys, Family Law Attorneys, General Practice Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US