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 Saint David, IL

Benefits of a Limited Liability Company (LLC) in Saint David, IL


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 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 Saint David, IL
    Fay Farrow & Associates P.c.
    1730 Park St
    Naperville, IL 60563
    (630) 277-9930
    Attorneys, Employee Benefits & Worker Compensation Attorneys, Labor & Employment Law Attorneys
    Thinking Outside The Box, Inc.
    40 Shuman Blvd Ste 320
    Naperville, IL 60563
    (630) 225-9840
    Corporation & Partnership Law Attorneys,  Attorneys,  Legal Service Plans,  Bankruptcy Law Attorneys
    Brian Trenteman
    251 E Saint Louis St
    Nashville, IL 62263
    (618) 327-9795
    Attorneys, Legal Service Plans
    Csukor Karl A
    190 E 5th Ave # 27
    Naperville, IL 60563
    (630) 637-9750
    General Practice Attorneys, Attorneys
    Walters Todd
    7330 W College Dr # 201
    Palos Heights, IL 60463
    (708) 361-9700
    General Practice Attorneys, Attorneys, Legal Service Plans
    Heitz & Bromberek LTD
    300 E 5th Ave
    Naperville, IL 60563
    (630) 687-9632
    Employment Discrimination Attorneys, Attorneys
    Heitz & Bromberek
    300 E 5th Ave
    Naperville, IL 60563
    (630) 687-9632
    Attorneys, Employment Discrimination Attorneys
    Zega Robert
    1645 Apache Dr
    Naperville, IL 60563
    (630) 579-9511
    General Practice Attorneys
    Smulinski Paul
    6446 W 127th St
    Palos Heights, IL 60463
    (708) 371-9500
    General Practice Attorneys, Attorneys
    Worldwide Recovery Inc
    5729 Saint Charles Rd
    Berkeley, IL 60163
    (708) 660-9411
    Bankruptcy Law Attorneys, Attorneys, General Practice Attorneys, Bankruptcy Services, Legal Service
    Ryan & Ryan
    1555 Bond St # 103
    Naperville, IL 60563
    (630) 668-9400
    Criminal Law Attorneys, Traffic Law Attorneys, Attorneys
    White Mc Cann Donna
    500 Illinois Ave # K
    Mound City, IL 62963
    (618) 748-9134
    Attorneys
    Americall Group Inc
    1230 E Diehl Rd Ste 300
    Naperville, IL 60563
    (630) 955-9100
    Malpractice Law Attorneys, Attorneys
    Fuenty Janet D
    519 Main St
    Pecatonica, IL 61063
    (815) 239-9044
    Attorneys, General Practice Attorneys
    Daniel J Florey PC
    7000 W 127th St
    Palos Heights, IL 60463
    (708) 385-9021
    Attorneys, Family Law Attorneys, Divorce Attorneys, Legal Service Plans
    Daniel J. Florey: Chicago Suburbs Cook Criminal Defense, DUI, Divorce Attorney
    7000 W. 127th Street
    Palos Heights, IL 60463
    (708) 385-9021
    Criminal Law Attorneys, Attorneys
    O'Grady John
    7480 W College Dr # 101
    Palos Heights, IL 60463
    (708) 671-9000
    General Practice Attorneys, Attorneys, Legal Service Plans
    Toscas Angelo J
    12616 S Harlem Ave
    Palos Heights, IL 60463
    (708) 448-8901
    General Practice Attorneys, Attorneys
    David W. Senneke
    1730 Park St
    Naperville, IL 60563
    (630) 357-8887
    Attorneys, Wills, Trusts & Estate Planning Attorneys, Real Estate Attorneys
    Delaney Law Offices
    12416 S Harlem Ave
    Palos Heights, IL 60463
    (708) 361-8819
    General Practice Attorneys, Attorneys
    Burnett & Caron LTD
    1300 Iroquois Ave Ste 100
    Naperville, IL 60563
    (630) 355-8686
    Accident & Property Damage Attorneys,  Attorneys,  Automobile Accident Attorneys,  Personal Injury L
    Ernest Stanton D
    631 N Market St
    Mount Carmel, IL 62863
    (618) 262-8611
    General Practice Attorneys, Attorneys
    Johnson Seibert & Bigham Attys
    146 E Saint Louis St
    Nashville, IL 62263
    (618) 327-8241
    General Practice Attorneys, Attorneys
    Sosin Arnold & Leibforth LTD
    11800 S 75th Ave # 300
    Palos Heights, IL 60463
    (708) 448-8141
    General Practice Attorneys, Attorneys, Legal Service Plans
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US