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 49322

Orientation to Limited Liability Companies (LLCs) in Zip Code 49322


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 MI 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 MI 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 49322
    Bari D. Berkowitz, MA., LLP, LLMFT
    5777 W Maple Rd Ste 175
    West Bloomfield, MI 48322
    (248) 207-9911
    Family Law Attorneys, Attorneys, Divorce Assistance
    Fette, Jessica A
    249 Enterprise Way
    Benton Harbor, MI 49022
    (269) 934-9747
    Attorneys
    Dettman Fette & Bell
    249 Enterprise Way
    Benton Harbor, MI 49022
    (269) 934-9747
    Attorneys, Wills, Trusts & Estate Planning Attorneys, Family Law Attorneys
    Coding Compliance Solutions
    7128 Hillside Dr
    West Bloomfield, MI 48322
    (248) 661-9700
    Attorneys Referral & Information Service, Legal Consultants-Medical
    Vince Lorelli Law Firm
    7031 Orchard Lake Rd
    West Bloomfield, MI 48322
    (248) 538-9696
    Attorneys, General Practice Attorneys
    Doyle Group Attorneys PC
    927 Illinois Ave
    Holland, MI 49422
    (616) 335-9321
    General Practice Attorneys, Attorneys
    Bennethum Mary Lu
    5640 W Maple Rd Ste 110
    West Bloomfield, MI 48322
    (248) 851-9300
    Attorneys, Legal Service Plans
    Weiss, Ronald S
    7035 Orchard Lake Rd
    West Bloomfield, MI 48322
    (248) 737-8000
    Attorneys, Lemon Law Attorneys, Legal Service Plans
    Aggressive Attorneys
    4146 Oakwood Blvd
    Melvindale, MI 48122
    (313) 381-7777
    General Practice Attorneys, Attorneys
    Kaly Roger M
    4146 Oakwood Blvd
    Melvindale, MI 48122
    (313) 381-7777
    Attorneys, Family Law Attorneys
    Tall & Tall Attorneys
    107 Water St
    Benton Harbor, MI 49022
    (269) 934-7750
    Social Security & Disability Law Attorneys,  Attorneys,  General Practice Attorneys,  Administrative
    Pugh Charlette
    107 Water St # 201
    Benton Harbor, MI 49022
    (269) 934-7750
    Attorneys
    Shenkan Law Firm
    6775 Daly Rd Ste 104
    West Bloomfield, MI 48322
    (248) 562-7322
    General Practice Attorneys, Attorneys, Legal Service Plans
    Kassab Arabo, P.C.
    6775 Daly Rd, Suite 105
    West Bloomfield, MI 48322
    (248) 865-7227
    Attorneys,  Wills, Trusts & Estate Planning Attorneys,  Real Estate Attorneys,  Bankruptcy Law Atto
    Burch & Banyon
    1211 E Napier Ave
    Benton Harbor, MI 49022
    (269) 926-6135
    Attorneys,  Criminal Law Attorneys,  Employment Discrimination Attorneys,  Family Law Attorneys,  Di
    Stillman, Michael R. - Stillman Law Office
    7091 Orchard Lake Rd Suite 270
    West Bloomfield, MI 48322
    (248) 851-6000
    Attorneys, Business Law Attorneys, Real Estate Attorneys, Litigation & Tort Attorneys
    Wallace and Wallace
    7071 Orchard Lake Rd Ste 255
    West Bloomfield, MI 48322
    (248) 932-5644
    Attorneys, General Practice Attorneys
    Sucher Bruce A
    6230 Orchard Lake Rd Ste 105
    West Bloomfield, MI 48322
    (248) 626-5555
    General Practice Attorneys, Attorneys, Legal Service Plans
    Ross Hickman
    8275 W State St
    Central Lake, MI 49622
    (800) 424-5297
    Attorneys,  Criminal Law Attorneys,  Divorce Attorneys,  DUI & DWI Attorneys,  Legal Service Plans
    Mary G. Falcone, P.C.
    6420 Farmington Road, Ste 106
    West Bloomfield, MI 48322
    (248) 594-4887
    Divorce Attorneys, Family Law Attorneys, Real Estate Attorneys, Attorneys
    Segal Richard E & Associates
    6230 Orchard Lake Rd
    West Bloomfield, MI 48322
    (248) 855-4880
    Attorneys, Corporation & Partnership Law Attorneys, Business Law Attorneys, Real Estate Attorneys, G
    Weberman Paynter Groves Newman Attorneys
    7071 Orchard Lake Rd
    West Bloomfield, MI 48322
    (248) 737-4500
    General Practice Attorneys, Attorneys
    Saroki Allan
    7031 Orchard Lake Rd Ste 201B
    West Bloomfield, MI 48322
    (248) 406-4422
    Attorneys, Collection Law Attorneys
    Bruce H Tobin Plc
    7001 Orchard Lake Rd Ste 312
    West Bloomfield, MI 48322
    (248) 851-4300
    Attorneys, Legal Service Plans
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US