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 Loma Mar, CA

Benefits of a Limited Liability Company (LLC) in Loma Mar, CA


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 CA 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 CA 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 Loma Mar, CA
    Martin H Gamulin & Associates
    2100 Tulare St
    Fresno, CA 93721
    (559) 486-9999
    Attorneys, General Practice Attorneys, Legal Service Plans
    Carroll Gilbert & Bachor LLP
    711 S Brea Blvd
    Brea, CA 92821
    (714) 671-9963
    Estate Planning, Probate, & Living Trusts,  Attorneys,  Business Law Attorneys,  Corporation & Par
    A. Gurley SF Divorce Lawyer
    3755 Balboa Street, Ste 204
    San Francisco, CA 94121
    (415) 240-9953
    Child Custody Attorneys, Family Law Attorneys, Domestic Violence Attorneys, Divorce Attorneys
    Amigos Servicios Profesionales
    950 Fulton Mall
    Fresno, CA 93721
    (559) 266-9928
    Immigration Law Attorneys, Immigration & Naturalization Consultants, Attorneys
    Divorce Attorney A James Dunne
    1286 N Mollison Ave # 9B
    El Cajon, CA 92021
    (619) 441-9893
    Attorneys
    Sam Salhab
    2014 Tulare Street Suite 300
    Fresno, CA 93721
    (559) 412-9888
    Attorneys, Criminal Law Attorneys, Family Law Attorneys, DUI & DWI Attorneys, Entertainment & Sports
    Northern California Justice Center
    2740 Fulton Ave
    Sacramento, CA 95821
    (916) 480-9836
    Attorneys,  Legal Service Plans,  Accident & Property Damage Attorneys,  Civil Litigation & Trial La
    Sanoian Joanne
    2055 San Joaquin St
    Fresno, CA 93721
    (559) 256-9800
    Attorneys, Labor & Employment Law Attorneys, General Practice Attorneys
    Sawl Law Group
    2150 Tulare Street
    Fresno, CA 93721
    (559) 266-9800
    Personal Injury Law Attorneys, Criminal Law Attorneys, Attorneys
    The ERISA Law Group
    2055 San Joaquin St
    Fresno, CA 93721
    (559) 256-9800
    Corporation & Partnership Law Attorneys, Attorneys, Labor & Employment Law Attorneys, Legal Service
    Linea N Willis
    7677 Oakport St
    Oakland, CA 94621
    (510) 777-9795
    Real Estate Attorneys, General Practice Attorneys, Attorneys
    Miles Law Firm
    3838 Watt Ave
    Sacramento, CA 95821
    (916) 973-9674
    Attorneys,  General Practice Attorneys,  Legal Service Plans,  Business Law Attorneys,  Civil Litiga
    Manroel Stuart
    5755 Oberlin Dr Ste 301
    San Diego, CA 92121
    (858) 535-9634
    Attorneys,  Family Law Attorneys,  Accident & Property Damage Attorneys,  Business Bankruptcy Law At
    Estate Planning Attorney San Diego
    4445 Eastgate Mall #200
    San Diego, CA 92121
    (858) 609-9529
    Estate Planning Attorneys, Estate Planning, Probate, & Living Trusts
    Maureen Berry
    23640 Hwy 116
    Cazadero, CA 95421
    (707) 865-9455
    Estate Planning, Probate, & Living Trusts, Notaries Public, Estate Planning Attorneys, Attorneys
    Family Law Fresno.com, Glenn R. Wilson, Attorney
    2141 Tuolumne St Ste B
    Fresno, CA 93721
    (559) 307-9378
    Child Custody Attorneys,  Attorneys,  Divorce Attorneys,  Mediation Services,  Child Support Collect
    Manroel Stuart A Professional Law Corp
    6540 Lusk Blvd
    San Diego, CA 92121
    (858) 535-9222
    Attorneys,  Divorce Assistance,  Legal Service Plans,  Criminal Law Attorneys,  Family Law Attorneys
    Steven Berniker APC
    2500 Marconi Ave
    Sacramento, CA 95821
    (916) 480-9200
    Bankruptcy Law Attorneys, Divorce Attorneys, Family Law Attorneys
    Domingo Ferari
    265 S Randolph Ave # 200
    Brea, CA 92821
    (714) 256-9171
    General Practice Attorneys, Attorneys, Legal Service Plans
    We The People
    649 W Imperial Hwy
    Brea, CA 92821
    (714) 255-9110
    Divorce Assistance, Paralegals, Legal Forms, Notaries Public, Legal Service Plans, Attorneys, Family
    Friedman Jeffrey H
    265 S Randolph Ave
    Brea, CA 92821
    (714) 972-9100
    Attorneys
    Nassar Law
    242 South Orange Avenue #108
    Brea, CA 92821
    (888) 499-9016
    Personal Injury Law Attorneys, Bankruptcy Law Attorneys
    Andrews Brian C
    5897 Oberlin Dr
    San Diego, CA 92121
    (858) 909-9005
    Construction Law Attorneys, Attorneys, General Practice Attorneys
    Advantage Law Group, APC
    5820 Oberlin Dr, Suite 110
    San Diego, CA 92121
    (858) 622-9002
    Labor & Employment Law Attorneys, Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US