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!
 
 

Orientation to Limited Liability Companies (LLCs) in Zip Code 61073

Orientation to Limited Liability Companies (LLCs) in Zip Code 61073


I've missed more than 9,000 shots in my career. I've lost almost 300 games. 26 times I've been trusted to take the game winning shot and missed. I've failed over and over and over again in my life and that is why I succeed.
 
- Michael Jordan


A Limited Liability Company (LLC), just like a corporation, offers protection from personal liability for business debts. But, unlike a corporation, which pays its own taxes, an LLC is a pass-through tax entity in which the profits and losses pass-through its owners who report it on their personal tax returns.

How to Form an LLC

  • File "Articles of Organization" with your state government including the name, address, and phone number of the business, and the name of the person who is the "registered agent" of the company. Depending on the state, the names of all LLC members are sometimes requested.
  • Create a written LLC operating agreement. This is a crucial document because it includes the rights and responsibilities of the LLC members. It can also include the percentage interest and the shares of profits of the members.
  • Main Features of an LLC



    Limited Personal Liability

    All LLC members are spared from personal liability for business claims and debts. A creditor cannot go after them and demand payment from their personal assets. The assets of the LLC are used to pay off debts, and the only thing members stand to lose is their investment in the business.

    Exceptions to Limited Personal Liability

    Limited personal liability can be enjoyed by an LLC when doing business transactions, but this protection is not fixed. This particular downside also applies to corporations. An LLC owner can be held liable if he/she:

  • Intentionally does something fraudulent, illegal, or reckless that causes harm to the company or to someone else.
  • Fails to pay taxes withheld from employees' wages.
  • Personally and directly injures someone.
  • Personally guarantees a bank loan or a business debt on which the LLC defaults.
  • Treats the LLC as an extension of his/her personal affairs rather than as a separate legal entity.


  • Business Protection

    Your personal assets can be protected by a good liability insurance which is not possible with a limited liability protection. If you are practicing your craft and accidentally injure someone, your liability insurance policy will cover you. In the event of a court proceeding, your insurance can protect your personal assets if the limited liability status is disregarded by the court.

    LLC Taxes

    An LLC is a "pass-through" entity where the business income passes through the business to the LLC members who will report their share of profits or losses on their individual income tax returns. All LLC members make a quarterly estimated tax payment to the IRS.

    LLC Management

    Member management means participating equally in the management of business. Manager management refers to designating one or more owners, or even outsiders, to take responsibility for managing the LLC. In a manager-managed LLC, only those named "manager" can vote with regards to management decisions and act as an agent of the LLC.


    Ending an LLC

    Depending on the laws of your state, or as indicated in the operating agreement, when one member leaves, the LLC dissolves. The remaining members will be responsible for meeting the business obligations left behind, pay the debts, and divide the remaining assets and profits among themselves. The decision to create a new LLC with the remaining members can be discussed. In order to avoid this kind of abrupt ending, your LLC operating agreement can include a "buy-sell" or "buyout" clause with guidelines on what will happen if a member decides to leave to pursue other interests, retires, or dies.

     
    Personalize & Print a Free IL 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 IL 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 Zip Code 61073
    Anderson & Associates PC
    1701 E Woodfield Rd Sutie #1050
    Schaumburg, IL 60173
    (847) 995-9999
    Divorce Attorneys,  Litigation & Tort Attorneys,  Adoption Law Attorneys,  Child Custody Attorneys,
    Shaner Donald
    1701 E Woodfield Rd Ste 910
    Schaumburg, IL 60173
    (847) 805-9891
    General Practice Attorneys, Attorneys, Legal Service Plans
    Total Attorneys - DUI
    274079 Stonewall Ct
    Schaumburg, IL 60173
    (847) 871-9729
    Attorneys, Legal Service Plans
    Klest Injury Law Firm
    1701 E Woodfield Rd Ste 909
    Schaumburg, IL 60173
    (847) 969-9510
    Consumer Law Attorneys, Attorneys
    Kwan Angela
    1051 Perimeter Dr # 400
    Schaumburg, IL 60173
    (847) 805-9410
    General Practice Attorneys, Attorneys
    Trubitt Ari
    1701 E Woodfield Rd Ste 910
    Schaumburg, IL 60173
    (847) 805-9347
    Attorneys, Arbitration Services, Divorce Assistance, General Practice Attorneys
    Sandrick Law Offices
    16475 Van Dam Rd
    South Holland, IL 60473
    (708) 825-9320
    General Practice Attorneys, Attorneys
    Jason W. Pappas
    1320 Tower Rd
    Schaumburg, IL 60173
    (847) 485-9292
    Attorneys
    Jackson Meg
    802 E Woodfield Rd Ste 100
    Schaumburg, IL 60173
    (847) 240-9200
    General Practice Attorneys, Attorneys
    Redwood Jude M
    PO Box 864
    Saint Joseph, IL 61873
    (217) 469-9194
    General Practice Attorneys, Attorneys, Legal Service Plans
    Woodfield International Corporation
    1300 E Woodfield Rd Ste 100
    Schaumburg, IL 60173
    (847) 240-9011
    General Practice Attorneys, Attorneys
    Masuda Fanai Eisert & Mitchell LTD
    1475 E Woodfield Rd Ste 800
    Schaumburg, IL 60173
    (847) 734-8811
    Attorneys, Legal Service Plans
    Miriam Cooper
    1515 E Woodfield Rd Sutie 630
    Schaumburg, IL 60173
    (847) 995-8800
    Arbitration Services,  Attorneys Referral & Information Service,  Attorneys,  General Practice Attor
    Glasgow Thomas
    1834 Walden Office Sq # 500
    Schaumburg, IL 60173
    (847) 577-8700
    General Practice Attorneys, Attorneys, Legal Service Plans
    Schumann Ralph
    1701 E Woodfield Rd Ste 910
    Schaumburg, IL 60173
    (847) 273-8700
    General Practice Attorneys, Attorneys, Legal Service Plans
    Chang And Carlin LLP
    1305 Remington Rd
    Schaumburg, IL 60173
    (866) 790-8601
    Attorneys, Bankruptcy Law Attorneys
    Chang & Carlin LLP
    1305 Remington Rd
    Schaumburg, IL 60173
    (847) 843-8600
    Attorneys, Bankruptcy Law Attorneys
    Carol Cadiz , P.C.
    1821 Walden Office Sq
    Schaumburg, IL 60173
    (847) 397-8070
    Attorneys, Legal Service Plans
    The Divorce and Family Wakenight and Associates P.C.
    10 N Martingale Rd
    Schaumburg, IL 60173
    (847) 222-8000
    Family Law Attorneys, Attorneys, Legal Service Plans
    Thomas B Cameron PC
    1345 Wiley Rd
    Schaumburg, IL 60173
    (847) 843-7860
    General Practice Attorneys, Attorneys, Legal Service Plans
    Genson Sheila A
    1300 E Woodfield Rd Ste 210
    Schaumburg, IL 60173
    (847) 466-7788
    General Practice Attorneys, Attorneys, Legal Service Plans
    Bucaro Biagio
    1051 Perimeter Dr # 400
    Schaumburg, IL 60173
    (847) 619-7450
    Attorneys, Corporation & Partnership Law Attorneys, Business Law Attorneys, General Practice Attorne
    Ledford & Wu
    1101 Perimeter Dr
    Schaumburg, IL 60173
    (855) 861-7308
    Bankruptcy Law Attorneys,  Bankruptcy Services,  Attorneys,  Financial Services
    Breslin, Warren J - Warren Breslin Law Office
    10 N Martingale Rd Ste 400
    Schaumburg, IL 60173
    (847) 934-7070
    Criminal Law Attorneys, Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US