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 Altamahaw, NC

Benefits of a Limited Liability Company (LLC) in Altamahaw, NC


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 NC 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 NC 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 Altamahaw, NC
    US Probation & Parole Office
    101 Government Ave SW
    Hickory, NC 28602
    (828) 327-9945
    Criminal Law Attorneys, Attorneys
    Smith Timothy D
    725 E Trade St # 210
    Charlotte, NC 28202
    (704) 334-9909
    Criminal Law Attorneys, Attorneys, General Practice Attorneys
    Cordell & Cordell - Charlotte
    521 East Morehead Street, #350
    Charlotte, NC 28202
    (704) 972-9901
    Attorneys, Family Law Attorneys, Divorce Attorneys, Divorce Assistance, Child Custody Attorneys
    Family Law Associates
    428 E 4th St
    Charlotte, NC 28202
    (704) 333-9900
    Attorneys, Divorce Attorneys, Family Law Attorneys
    Holliday, Katherine S
    600 S College St
    Charlotte, NC 28202
    (704) 372-9870
    Attorneys
    James McElroy & Diehl PA
    600 S College St Suite 3000
    Charlotte, NC 28202
    (704) 372-9870
    Attorneys,  Business Law Attorneys,  Real Estate Attorneys,  Legal Service Plans
    Lord Harrison A
    600 S College St
    Charlotte, NC 28202
    (704) 372-9870
    Criminal Law Attorneys, Attorneys
    O'Connor Law Firm, PLLC
    201 South Tryon St.
    Charlotte, NC 28202
    (704) 438-9845
    Real Estate Attorneys, Attorneys, General Practice Attorneys
    Barbara, L White
    500 E Morehead St
    Charlotte, NC 28202
    (704) 375-9777
    Attorneys, Bankruptcy Law Attorneys, Legal Service Plans
    Asbill Stiles
    402 W Trade St
    Charlotte, NC 28202
    (704) 926-9250
    Corporation & Partnership Law Attorneys, Attorneys, Labor & Employment Law Attorneys, Accident & Pro
    Icard & Stading,
    524 West 10th Street
    Charlotte, NC 28202
    (704) 377-9229
    Criminal Law Attorneys, Traffic Law Attorneys
    Farmer, Woodard E Jr
    401 S Tryon St
    Charlotte, NC 28202
    (704) 372-9000
    Attorneys
    Kessler, Kristi E
    401 S Tryon St
    Charlotte, NC 28202
    (704) 372-9000
    Attorneys
    Parker Poe Adams & Bernstein LLP
    401 S Tryonsuite 3000 Street
    Charlotte, NC 28202
    (704) 372-9000
    Legal Service Plans,  Bankruptcy Services,  Bankruptcy Law Attorneys,  Business Litigation Attorneys
    Mc Guire Woods Llp
    100 N Tryon St
    Charlotte, NC 28202
    (704) 373-8999
    Attorneys,  Criminal Law Attorneys,  General Practice Attorneys,  Banking & Mortgage Law Attorneys,
    Longo Aaron James
    201 N Tryon St # 3000
    Charlotte, NC 28202
    (704) 373-8958
    Attorneys
    Fennebresque & Co
    100 N Tryon St # 2710
    Charlotte, NC 28202
    (704) 295-8900
    General Practice Attorneys, Attorneys
    Ross & Hoel PA
    725 E Trade St # 125
    Charlotte, NC 28202
    (704) 377-8897
    Criminal Law Attorneys, Attorneys, Legal Service Plans
    Danchi, Theodore S
    510 W Williams St
    Apex, NC 27502
    (919) 362-8873
    Attorneys, Legal Service Plans
    Carrigan, Mary V
    435 E Morehead St
    Charlotte, NC 28202
    (704) 333-8855
    Family Law Attorneys,  Attorneys,  Child Custody Attorneys,  Divorce Attorneys
    Inglefield Rebecca A
    220 18th Street Cir SE
    Hickory, NC 28602
    (828) 324-8845
    Securities & Investment Law Attorneys, Attorneys, Legal Service Plans
    David A Concha Law Office
    725 E Trade St # 215
    Charlotte, NC 28202
    (704) 525-8824
    Immigration Law Attorneys,  Attorneys,  Criminal Law Attorneys,  General Practice Attorneys,  Legal
    Oxbridge Law Firm
    129 W Trade St
    Charlotte, NC 28202
    (704) 817-8774
    Immigration Law Attorneys, Attorneys
    Butler Norman
    725 E Trade St
    Charlotte, NC 28202
    (704) 335-8686
    Criminal Law Attorneys, Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US