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 Marlton, NJ

Benefits of a Limited Liability Company (LLC) in Marlton, NJ


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 NJ 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 NJ 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 Marlton, NJ
    Shabel & Denittis
    525 Route 73 N # 302
    Marlton, NJ 08053
    (856) 797-9951
    Personal Injury Law Attorneys, Insurance Attorneys, Attorneys
    Shabel & Denittis
    525 Route 73 N
    Marlton, NJ 08053
    (856) 797-9951
    Insurance Attorneys, Attorneys, Personal Injury Law Attorneys
    D'elia Law Firm
    13000 Lincoln Dr W # 300
    Marlton, NJ 08053
    (856) 797-9777
    General Practice Attorneys, Attorneys, Legal Service Plans
    Jacoby & Meyers-Bankruptcy Llp
    10000 Lincoln Dr E # 201
    Marlton, NJ 08053
    (856) 528-9710
    Bankruptcy Law Attorneys, Attorneys
    Cataline Law Office
    16 W Main St
    Marlton, NJ 08053
    (856) 988-9555
    General Practice Attorneys, Attorneys, Legal Service Plans
    Shapiro & Shapiro, PC
    8000 Sagemore Dr # 8303
    Marlton, NJ 08053
    (856) 985-9300
    Construction Law Attorneys, Attorneys
    Gordon Layne S
    525 Route 73 S Ste 200
    Marlton, NJ 08053
    (856) 988-9055
    Attorneys, Legal Service Plans
    Piserchia, Gary F Parker Mc Cay PA
    7001 Lincoln Dr W # 401
    Marlton, NJ 08053
    (856) 596-8900
    Personal Injury Law Attorneys, Attorneys
    Theiler & Mourtos LLC
    4001 Lincoln Dr W Suite C
    Marlton, NJ 08053
    (856) 797-8700
    Family Law Attorneys,  Child Custody Attorneys,  Attorneys,  Divorce Assistance,  Divorce Attorneys
    Telissa K. Lindsey, LLC
    1 Eves Dr Suite 111
    Marlton, NJ 08053
    (856) 336-8485
    Real Estate Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Child Custody Attorneys,  Crimina
    Richard J Nocella Law Office
    24 S Maple Ave
    Marlton, NJ 08053
    (856) 985-8072
    Attorneys, Legal Service Plans
    Cordell & Cordell
    5 Greentree Center, #104
    Marlton, NJ 08053
    (215) 717-7990
    Attorneys, Family Law Attorneys, Divorce Attorneys, Divorce Assistance, Child Custody Attorneys
    Kane & Silverman P.C.
    1 Eves Dr
    Marlton, NJ 08053
    (856) 482-7898
    Nursing Home Litigation Attorneys, Medical Malpractice Attorneys, Malpractice Law Attorneys, Litigat
    Kane & Silverman P.C.
    1 Eves Dr # 111
    Marlton, NJ 08053
    (856) 482-7898
    Legal Service Plans,  Accident & Property Damage Attorneys,  Personal Injury Law Attorneys,  Attorne
    Lynda Hinkle
    1 Eves Drive, Suite 169
    Marlton, NJ 08053
    (856) 227-7888
    Child Custody Attorneys, Divorce Attorneys, Domestic Violence Attorneys, Family Law Attorneys, Wills
    Malloy Robert J
    30 S Maple Ave
    Marlton, NJ 08053
    (856) 985-7848
    Attorneys, Legal Service Plans
    Daniel & Dochney
    701 State Highway 73 Hwy S
    Marlton, NJ 08053
    (856) 596-7757
    Attorneys, DUI & DWI Attorneys, Legal Service Plans
    Gregory J Sutton
    5 Greentree Ctr # Ce
    Marlton, NJ 08053
    (856) 988-7444
    General Practice Attorneys, Attorneys, Legal Service Plans
    Benjamin Friedman
    1 Greentree Ctr
    Marlton, NJ 08053
    (856) 719-6600
    Labor & Employment Law Attorneys,  Sexual Harassment Attorneys,  Attorneys,  Criminal Law Attorneys,
    Thompson Ronald B
    3002 Lincoln Dr W # J
    Marlton, NJ 08053
    (856) 797-5785
    Attorneys, General Practice Attorneys
    Alterman Stuart J
    8 S Maple Ave
    Marlton, NJ 08053
    (856) 334-5737
    Attorneys,  Legal Service Plans,  Criminal Law Attorneys,  Family Law Attorneys,  Labor & Employment
    John Mifka
    5 Greentree Ctr # Ce
    Marlton, NJ 08053
    (856) 596-5579
    John F. Mifka
    525 Route 73 N
    Marlton, NJ 08053
    (856) 596-5579
    Attorneys,  Malpractice Law Attorneys,  Accident & Property Damage Attorneys,  Personal Injury Law A
    Napoli Bern Ripka Shkolnik LLP
    1 Greentree Centre, Suite 201
    Marlton, NJ 08053
    (856) 988-5574
    Personal Injury Law Attorneys, Medical Malpractice Attorneys, Product Liability Law Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US