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 Adell, WI

Benefits of a Limited Liability Company (LLC) in Adell, 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 Adell, WI
    Miller George E
    505 S Dewey St Ste 214
    Eau Claire, WI 54701
    (715) 830-9982
    Attorneys
    Arnett Law Offices
    529 S Jefferson St # 202
    Green Bay, WI 54301
    (920) 430-9937
    General Practice Attorneys, Attorneys
    Harnitz Law Office
    404 N Main St
    Oshkosh, WI 54901
    (920) 456-9933
    Corporation & Partnership Law Attorneys, Attorneys, General Practice Attorneys
    Mancoske Debra
    122 S Washington St
    Green Bay, WI 54301
    (920) 430-9909
    Attorneys,  Criminal Law Attorneys,  Legal Service Plans,  Traffic Law Attorneys,  Family Law Attorn
    Federal Defenders Services
    801 E Walnut St
    Green Bay, WI 54301
    (920) 430-9900
    Attorneys, Criminal Law Attorneys
    Grenisen James P
    1139 Tyler St
    La Crosse, WI 54601
    (608) 784-9777
    Attorneys
    Spangler, Nodolf Bruder & Klinkhammer LLC
    4410 Golf Ter
    Eau Claire, WI 54701
    (715) 830-9771
    Probate Law Attorneys,  Attorneys,  Accident & Property Damage Attorneys,  Business Law Attorneys,  
    Christopher T. Froelich
    125 S Quincy St
    Green Bay, WI 54301
    (920) 430-9640
    Accident & Property Damage Attorneys,  Attorneys,  Criminal Law Attorneys,  DUI & DWI Attorneys,  Pe
    Field David W
    204 E Grand Ave
    Eau Claire, WI 54701
    (715) 836-9607
    Attorneys,  Divorce Attorneys,  Elder Law Attorneys,  Wills, Trusts & Estate Planning Attorneys,  R
    Williams, Charles E
    128 State St
    Oshkosh, WI 54901
    (920) 376-9556
    Wills, Trusts & Estate Planning Attorneys,  Attorneys,  Business Law Attorneys,  Real Estate Attorn
    Public Defender
    205 5th Ave S # 200
    La Crosse, WI 54601
    (608) 785-9531
    Attorneys, State Government
    Pedersen & Shaha Law Firm
    2050 Riverside Dr
    Green Bay, WI 54301
    (920) 884-9500
    Attorneys, Bankruptcy Law Attorneys
    Noteboom Philip L
    5209 Rib Mountain Dr
    Wausau, WI 54401
    (715) 359-9487
    General Practice Attorneys, Attorneys
    Edelstein Law LLC
    204 Church Ave
    Oshkosh, WI 54901
    (920) 376-9460
    Attorneys,  Criminal Law Attorneys,  Legal Service Plans,  Civil Litigation & Trial Law Attorneys,  
    Jackman Scott
    2620 Stewart Ave # 314
    Wausau, WI 54401
    (715) 298-9445
    General Practice Attorneys, Attorneys, Legal Service Plans
    Wickert Gary A
    801 E Walnut St
    Green Bay, WI 54301
    (920) 433-9425
    Attorneys, Corporation & Partnership Law Attorneys, Business Law Attorneys, Legal Service Plans
    Beinlich Jeffrey C
    415 S Washington St
    Green Bay, WI 54301
    (920) 432-9399
    Attorneys, Legal Service Plans
    Pedretti, Timothy J atty
    415 S Washington St
    Green Bay, WI 54301
    (920) 432-9399
    Attorneys,  Criminal Law Attorneys,  Divorce Attorneys,  Family Law Attorneys
    Beck Laura J
    222 Cherry St
    Green Bay, WI 54301
    (920) 435-9393
    Attorneys, Family Law Attorneys, Legal Service Plans
    Hermes Michael
    222 Cherry St
    Green Bay, WI 54301
    (920) 435-9393
    Attorneys, Legal Service Plans
    Metzler Timm Treleven Pahl & Beck S C
    222 Cherry St
    Green Bay, WI 54301
    (920) 435-9393
    Attorneys
    Cisler, Timothy A - Davis & Kuelthau
    318 S Washington St # 300
    Green Bay, WI 54301
    (920) 435-9378
    Estate Planning Attorneys, Attorneys, Tax Attorneys, Business Law Attorneys
    Kowalkowski Frank W
    318 S Washington St # 300
    Green Bay, WI 54301
    (920) 435-9378
    Attorneys, Legal Service Plans
    Rohan Thomas V
    318 S Washington St # 300
    Green Bay, WI 54301
    (920) 435-9378
    Estate Planning Attorneys,  Attorneys,  Legal Service Plans,  Business Law Attorneys,  Real Estate A
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US