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 62993

Orientation to Limited Liability Companies (LLCs) in Zip Code 62993


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 62993
    Starkman Law Offices
    790 W Frontage Rd
    Northfield, IL 60093
    (847) 564-9511
    Accident & Property Damage Attorneys, Transportation Law Attorneys, Attorneys
    Kusatzky Mark H
    181 Waukegan Rd Ste 306
    Northfield, IL 60093
    (847) 441-9050
    Attorneys, Legal Service Plans
    Howard Z Gopman & Assoc
    1 Northfield Plz # 300
    Northfield, IL 60093
    (847) 965-8910
    Estate Planning Attorneys, Attorneys, Business Law Attorneys, Real Estate Attorneys
    Hayman & Kirshenbaum
    540 W Frontage Rd Ste 2250
    Northfield, IL 60093
    (847) 446-7900
    Personal Injury Law Attorneys, Insurance Attorneys, Attorneys
    Couri & Couri
    552 Lincoln Ave
    Winnetka, IL 60093
    (847) 446-7372
    Attorneys
    Marder & Seidler Ltd
    1076 S Roselle Rd
    Schaumburg, IL 60193
    (847) 985-6767
    Criminal Law Attorneys,  Attorneys,  Traffic Law Attorneys,  Family Law Attorneys
    Irving J. Seidler
    1076 S Roselle Rd
    Schaumburg, IL 60193
    (847) 985-6767
    Attorneys Referral & Information Service, Attorneys
    Transition Life Consultants
    460 Winnetka Ave Ste 24
    Winnetka, IL 60093
    (847) 446-6640
    Divorce Attorneys, Attorneys, Family Law Attorneys, Divorce Assistance
    I S Donald Law Offices
    191 Waukegan Rd Ste 305
    Northfield, IL 60093
    (847) 386-6602
    General Practice Attorneys, Attorneys
    Monzon Erich G
    400 Central Ave # 210
    Northfield, IL 60093
    (847) 386-6185
    General Practice Attorneys, Attorneys, Legal Service Plans
    Law Office Knorr Alfred
    400 Central Ave # 210
    Northfield, IL 60093
    (847) 386-6148
    General Practice Attorneys, Attorneys, Legal Service Plans
    Dallmeyer Suzanne B
    466 Central Ave # 47
    Northfield, IL 60093
    (847) 441-5252
    Attorneys, Legal Service Plans
    Frisch Donald F
    1 Northfield Plz
    Northfield, IL 60093
    (847) 441-5009
    General Practice Attorneys, Attorneys
    Chatzky Paul Attomrney At Law
    790 W Frontage Rd
    Northfield, IL 60093
    (847) 441-4288
    Insurance Attorneys, Attorneys, Criminal Law Attorneys, Business Law Attorneys, Personal Injury Law
    Sommer Law Offices
    400 Central Ave # 150
    Northfield, IL 60093
    (847) 501-4110
    General Practice Attorneys, Attorneys, Legal Service Plans
    King Robin S
    669 Walden Rd
    Winnetka, IL 60093
    (847) 446-3972
    Attorneys, General Practice Attorneys
    Born Dennis
    181 Waukegan Rd
    Northfield, IL 60093
    (847) 501-3388
    Attorneys
    Stephens Todd J
    833 Elm St # 205
    Winnetka, IL 60093
    (847) 446-3100
    General Practice Attorneys, Attorneys, Legal Service Plans
    Attorneys For Children
    964 Happ Rd
    Northfield, IL 60093
    (847) 446-2950
    General Practice Attorneys, Attorneys, Legal Service Plans
    Peters Paul F
    400 Central Ave # 210
    Northfield, IL 60093
    (847) 446-2460
    General Practice Attorneys, Attorneys, Legal Service Plans
    Kanter Mattenson Morgan Gordon
    1 Northfield Plz # 500
    Northfield, IL 60093
    (847) 441-1900
    Attorneys Referral & Information Service, Legal Service Plans, Attorneys
    Dry Fred
    560 W Frontage Rd Ste 300
    Northfield, IL 60093
    (847) 441-1801
    Traffic Law Attorneys, Attorneys, Criminal Law Attorneys, DUI & DWI Attorneys
    Nathan Alan I
    570 W Frontage Rd
    Northfield, IL 60093
    (847) 784-1591
    Attorneys, Legal Service Plans
    Guthrie & Brady
    105 S Roselle Rd
    Schaumburg, IL 60193
    (847) 524-1215
    Wills, Trusts & Estate Planning Attorneys,  Attorneys,  Landlord & Tenant Attorneys,  Real Estate A
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US