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 Delmar, IA

Structural Advantages of a Limited Liability Company (LLC) in Delmar, IA


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 IA 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 IA 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 Delmar, IA
Aspelmeier Kenneth Atty
131 Maple Dr
Mediapolis, IA 52637
(319) 394-3953
General Practice Attorneys, Attorneys
Anderson Law Firm
2004 23rd St
Harlan, IA 51537
(712) 755-3807
Attorneys
Silko John R
22719 Monarch Trl
Bloomfield, IA 52537
(641) 459-3320
Attorneys, Legal Service Plans
Lynch Susan
207 S Washington St
Bloomfield, IA 52537
(641) 664-3188
Attorneys,  Abstracters,  General Practice Attorneys,  Title Companies,  Legal Service Plans
Kohorst Kathleen S
602 Market St
Harlan, IA 51537
(712) 755-3156
General Practice Attorneys, Attorneys
Swain Bryan D
711 Court St
Harlan, IA 51537
(712) 755-3141
Attorneys
Lauterbach, Joseph C - Salvo Deren Schenck Lauterbach
711 Court St
Harlan, IA 51537
(712) 755-3141
Accident & Property Damage Attorneys, Attorneys, Criminal Law Attorneys
Jahn Jr William
621 Main St
Mediapolis, IA 52637
(319) 394-3136
Attorneys, Legal Service Plans
Aspelmeier Law Office
621 Main St
Mediapolis, IA 52637
(319) 394-3136
Attorneys, General Practice Attorneys, Legal Service Plans
Lynch Law Office
17488 Highway 63
Bloomfield, IA 52537
(641) 664-2241
Criminal Law Attorneys, General Practice Attorneys, Attorneys
Hudson Matthew J
502 Market St
Harlan, IA 51537
(712) 755-2111
Attorneys
Hall Robert W
502 Market St
Harlan, IA 51537
(712) 755-2111
Attorneys
Hall Hudson
502 Market St
Harlan, IA 51537
(712) 755-2111
Attorneys, General Practice Attorneys, Legal Service Plans
Richardson Law Office
111 S Madison St
Bloomfield, IA 52537
(641) 664-2080
General Practice Attorneys, Attorneys
Martin John B
101 S Madison St
Bloomfield, IA 52537
(641) 664-2025
Attorneys, Legal Service Plans
Davis County
207 S Washington St
Bloomfield, IA 52537
(641) 664-2010
Attorneys
Larson - Christensen Atty
620 Market St
Harlan, IA 51537
(712) 755-2000
Attorneys, Legal Service Plans
Swaim R Kurt
108 E Jefferson St
Bloomfield, IA 52537
(641) 664-1983
General Practice Attorneys, Attorneys, Legal Service Plans
Woods Shannon J
102 E Franklin St # 1
Bloomfield, IA 52537
(641) 664-1859
Attorneys, Family Law Attorneys, General Practice Attorneys, Legal Service Plans
Gross Jr Marcus
1006 8th St
Harlan, IA 51537
(712) 733-1122
General Practice Attorneys, Attorneys, Legal Service Plans
Willson & Pechacek Plc
1121 7th St
Harlan, IA 51537
(712) 755-1111
Attorneys, Legal Service Plans, Estate Planning Attorneys
Kolln Lonny
1121 7th St
Harlan, IA 51537
(712) 755-1111
Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US