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!
 
 

Structural Advantages of a Limited Liability Company (LLC) in Eastport, NY

Structural Advantages of a Limited Liability Company (LLC) in Eastport, NY


Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do.
 
- Steve Jobs


A Limited Liability Company blends almost all the structure of business entities like a sole proprietorship, Partnership, and corporation without their respective drawbacks. New business start-ups often choose an LLC as the structure of their business.

An LLC offers several key advantages for new businesses:

1. Chart Your Own Course

As the owner of a business, you want to carve out your own place under the sun by running your own show. An LLC can be run by a single person, and most states recognize you as the sole owner of the business. Being on your own, you can make decisions without Consulting or needing the approval of other members of the company. Like a sole proprietorship, you own, manage, and operate your business without the liability issues of a sole proprietor. If you have a co-owner, you can enter into a mutual or operating agreement to point out the obligations and respective role you each play in order for the business to run smoothly.

2. Bypass Double Taxation

An LLC is treated as a "pass-through" entity that allows profits to be taxed only once on each member's individual income tax return. (You can also opt for declaring your LLC as an S corporation or Partnership in order to receive similar "pass-through" treatment from the IRS.)

3. Limit Personal Liability

One advantage of structuring your business as an LLC is that your personal assets will not be used to pay off the debts or legal liabilities of the LLC. The only thing that the owner or investor may lose is the capital contribution that is invested in the company. There are instances where the owner of the LLC may be personally liable, such as when he/she personally guarantees a business debt, fails to exercise due care resulting in harm to a third party, or breaches his/her duties as an owner.

4. Limit Administrative Hassles and Paperwork

Setting up and maintaining an LLC is less complicated when compared to other types of business structures. An LLC can be formed by filing articles of organization with the relevant state office, and paying the corresponding fees. The application will indicate the name and address of the company, the identity of its member(s), and other information relevant to the business. There are no mandatory meeting or reporting requirements by the member(s) or any annual directors' meeting that is usually required by a corporation.

5. Gain Flexibility in Sharing Profits

Most businesses share their profits (or losses) based on the percentage of investment they have in the company. In an LLC it can also be applied as a basis for distributing the profits, but there are other ways to distribute the profits as indicated in the LLC operating agreement. There is an IRS rule about so-called special allocations that come into play that require allocations not based on ownership interest to reflect a legitimate economic circumstance as opposed to merely trying to gain a tax advantage for the owners.
 
Personalize & Print a Free NY 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 NY 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 Eastport, NY
Forest Jr Lester
299 Route 6N
Mahopac, NY 10541
(845) 621-9868
Bankruptcy Law Attorneys, Attorneys
Schulman Barry E
16 Court St
Brooklyn, NY 11241
(718) 855-8855
General Practice Attorneys, Attorneys, Legal Service Plans
Germano Guy W
4250 Veterans Memorial Hwy Ste 275
Holbrook, NY 11741
(631) 588-8778
Attorneys, Legal Service Plans
Ettinger Michael
75 Crystal Run Rd Ste G34
Middletown, NY 10941
(845) 692-8700
General Practice Attorneys, Attorneys
Proner & Proner
182 E Main St
Springville, NY 14141
(716) 542-8243
Attorneys,  Accident & Property Damage Attorneys,  Personal Injury Law Attorneys,  Wrongful Death At
Akin Ayorinde Law Offices
16 Court St # 2405
Brooklyn, NY 11241
(718) 834-8200
Attorneys,  Accident & Property Damage Attorneys,  Personal Injury Law Attorneys,  Legal Service Pla
Joseph J. Tock
963 Route 6
Mahopac, NY 10541
(845) 628-8080
Attorneys,  Legal Service Plans,  Criminal Law Attorneys,  Business Law Attorneys,  Real Estate Atto
Nelson Law Group P
4250 Veterans Memorial Hwy Ste 4000 - West Wing
Holbrook, NY 11741
(631) 981-7707
Bankruptcy Law Attorneys
Gibbin Leslie
15 Mechanic St
Springville, NY 14141
(716) 592-7452
Attorneys, Legal Service Plans
Klass Richard
16 Court St 29th Floor
Brooklyn, NY 11241
(718) 643-6063
Attorneys,  Legal Service Plans,  Family Law Attorneys,  Divorce Attorneys,  Real Estate Attorneys,
Arnel Curt
16 Court St Suite 1007
Brooklyn, NY 11241
(718) 875-5151
Attorneys, Criminal Law Attorneys, Family Law Attorneys, Divorce Attorneys, Civil Litigation & Trial
Waltzer Law Group
16 Court St, Ste 2600
Brooklyn, NY 11241
(718) 307-5118
Attorneys,  Business Bankruptcy Law Attorneys,  General Practice Attorneys,  Bankruptcy Services,  B
Ladanyi Robert A
643 Route 211 E
Middletown, NY 10941
(845) 695-5100
Criminal Law Attorneys, Attorneys, DUI & DWI Attorneys
Cheryl J. Kinch
16 Court St Suite 1200
Brooklyn, NY 11241
(718) 237-5030
Probate Law Attorneys, Wills, Trusts & Estate Planning Attorneys, Real Estate Attorneys, Constructio
Roond Estelle
16 Court St # 3301
Brooklyn, NY 11241
(718) 596-4800
Attorneys
Hochbaum Charles S
16 Court St # 1800
Brooklyn, NY 11241
(718) 855-4800
Attorneys, General Practice Attorneys
Law Offices Daniel A Zahn PC
1597 Grundy Avenue
Holbrook, NY 11741
(631) 471-3851
Malpractice Law Attorneys,  Professional Liability & Negligence Law Attorneys,  Personal Injury Law
Lynch John H
4250 Veterans Memorial Hwy Ste 302
Holbrook, NY 11741
(631) 467-3233
Attorneys, Legal Service Plans
Schwartz Henry R
16 Court St # 2600
Brooklyn, NY 11241
(718) 222-3118
Attorneys, General Practice Attorneys
Bonacic, Krahulik, Cuddeback, McMahon & Brady, LLP
90 Crystal Run Rd # 104
Middletown, NY 10941
(845) 703-3101
Divorce Attorneys
Rosenberg Minc Falkoff & Wolff
16 Court St
Brooklyn, NY 11241
(718) 399-3100
Attorneys,  Accident & Property Damage Attorneys,  Personal Injury Law Attorneys,  Legal Service Pla
Stephen R. Chesley
16 Court St
Brooklyn, NY 11241
(718) 522-3055
Personal Injury Law Attorneys, Attorneys, Legal Service Plans
Loscalzo & Associates
4250 Veterans Memorial Highway
Holbrook, NY 11741
(631) 564-2754
Bankruptcy Law Attorneys
Friedman Marvin
16 Court St # 2600
Brooklyn, NY 11241
(718) 797-2488
Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US