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 Alberta, VA

Benefits of a Limited Liability Company (LLC) in Alberta, VA


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 VA 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 VA 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 Alberta, VA
    Shaheen Arthur V
    1123 Celebration Ave # 204A
    Moneta, VA 24121
    (540) 297-8904
    Attorneys, Legal Service Plans
    Bondurant Jr Thomas
    3600 Douglasdale Rd
    Richmond, VA 23221
    (804) 278-8900
    General Practice Attorneys, Attorneys, Legal Service Plans
    Flax Robert L
    8 S Sheppard St
    Richmond, VA 23221
    (804) 355-8425
    Attorneys, Legal Service Plans
    Steingold & Mendelson
    3101 American Legion Rd Ste 23
    Chesapeake, VA 23321
    (757) 393-7300
    Employee Benefits & Worker Compensation Attorneys, Attorneys, Labor & Employment Law Attorneys, Malp
    Chester Francis
    3581 Churchville Ave
    Churchville, VA 24421
    (540) 337-7278
    General Practice Attorneys, Attorneys, Legal Service Plans
    Page & Assoc
    2913 Park Ave
    Richmond, VA 23221
    (804) 353-6166
    Attorneys,  Criminal Law Attorneys,  Personal Injury Law Attorneys,  Insurance Attorneys,  Product L
    Chiocca Michele
    3500 Grove Ave # 108
    Richmond, VA 23221
    (804) 254-5600
    Accident & Property Damage Attorneys, Attorneys, Personal Injury Law Attorneys, Legal Service Plans,
    Eubank, Stephen R - J Thompson Shrader & Assoc
    330 S Main St
    Amherst, VA 24521
    (434) 946-5161
    Attorneys, Legal Service Plans
    Gilbert Law Firm Pc
    13595 Booker T Washington Hwy
    Moneta, VA 24121
    (540) 721-5110
    Attorneys,  Real Estate Attorneys,  General Practice Attorneys,  Legal Service Plans,  Criminal Law
    Silverman Law Firm LC
    3415 Floyd Ave
    Richmond, VA 23221
    (804) 325-4992
    Accident & Property Damage Attorneys, Medical Malpractice Attorneys, Product Liability Law Attorneys
    Wright Jr E M
    3RD Courthouse Sq
    Buckingham, VA 23921
    (434) 969-4809
    Attorneys, Legal Service Plans
    Swartz Margaret
    3600 Floyd Ave
    Richmond, VA 23221
    (804) 254-4599
    Attorneys, General Practice Attorneys
    Ramos Mark E
    901 N Hamilton St
    Richmond, VA 23221
    (804) 254-4522
    Attorneys, Legal Service Plans
    Herbert E. Maxey Jr.
    PO Box 257
    Buckingham, VA 23921
    (434) 846-4333
    Attorneys, Legal Service Plans
    Pendleton Garrett & Henderson PC
    230 S Main St
    Amherst, VA 24521
    (434) 845-4218
    Personal Injury Law Attorneys, Wrongful Death Attorneys, Attorneys
    Beckler Michael D
    3105 John Wayland Hwy
    Dayton, VA 22821
    (540) 879-3800
    Attorneys,  Wills, Trusts & Estate Planning Attorneys,  Real Estate Attorneys,  Legal Service Plans
    Swiger & Cay
    5900 Fort Dr # 101
    Centreville, VA 20121
    (703) 222-3800
    Personal Injury Law Attorneys, Insurance Attorneys, Attorneys
    Attorney Charles Havener
    3808 Poplar Hill Road, Suite D
    Chesapeake, VA 23321
    (757) 236-3535
    Adoption Law Attorneys, Bankruptcy Law Attorneys, Personal Injury Law Attorneys, Real Estate Attorne
    Anderson Desimone & Green PC
    74 Scruggs Rd Ste 101
    Moneta, VA 24121
    (540) 721-3358
    Attorneys, Wills, Trusts & Estate Planning Attorneys, Legal Service Plans
    Windmueller Esther J
    3000 Idlewood Ave
    Richmond, VA 23221
    (804) 358-2321
    Attorneys,  Criminal Law Attorneys,  Appellate Practice Attorneys,  Personal Injury Law Attorneys,  
    Williamson & Lavecchia
    3415 Floyd Ave
    Richmond, VA 23221
    (804) 288-1661
    Attorneys,  Civil Litigation & Trial Law Attorneys,  Business Law Attorneys,  Insurance Attorneys,  
    Berg Legal Clinic
    3126 Western Branch Blvd
    Chesapeake, VA 23321
    (757) 483-0303
    Attorneys, Legal Service Plans, Bankruptcy Law Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US