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 38110

Orientation to Limited Liability Companies (LLCs) in Zip Code 38110


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 TN 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 TN 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 38110
    Stanley and Bratcher Attorneys
    210 Larrys Ln
    McMinnville, TN 37110
    (931) 668-9359
    General Practice Attorneys, Attorneys
    Steve R Roller Law Office
    111 W Court Sq Ste 1
    McMinnville, TN 37110
    (931) 506-9250
    General Practice Attorneys, Attorneys, Criminal Law Attorneys, Legal Service Plans
    Total Attorneys - Bankruptcy
    271805 W 33rd St
    Chattanooga, TN 37410
    (423) 408-8730
    Bankruptcy Law Attorneys,  Attorneys,  Bankruptcy Services,  Legal Service Plans,  Banking & Mortgag
    Total Attorneys - Personal Injury
    274270 W 33rd St
    Chattanooga, TN 37410
    (423) 525-8480
    Attorneys, Legal Service Plans
    Newman, Robert W - Galligan & Newman
    309 W Main St
    McMinnville, TN 37110
    (931) 473-8405
    Litigation & Tort Attorneys,  Attorneys,  Personal Injury Law Attorneys,  Accident & Property Damage
    Ryan J. Moore
    115 N Spring St
    McMinnville, TN 37110
    (931) 474-7926
    Attorneys, Criminal Law Attorneys, Divorce Attorneys, Business Law Attorneys, Construction Law Attor
    Tennessee Court Training School
    PO Box 658
    Adamsville, TN 38310
    (731) 412-7808
    Not available
    VCE Video Services
    2604 Foster Ave
    Nashville, TN 37210
    (615) 970-7358
    Seismograph Service, Court & Convention Reporters, Video Production Services, Audio-Visual Creative
    Hiland Edward
    20 Academy Pl
    Nashville, TN 37210
    (615) 251-6968
    General Practice Attorneys, Attorneys
    George J M & Associates Law Office
    1451 Elm Hill Pike # 110
    Nashville, TN 37210
    (615) 360-6200
    Attorneys,  Bankruptcy Services,  Bankruptcy Law Attorneys,  General Practice Attorneys,  Legal Serv
    Margie Rigsby Miller Atty Law
    109 N Spring St
    McMinnville, TN 37110
    (931) 474-6000
    Attorneys,  Family Law Attorneys,  Legal Service Plans,  Bankruptcy Law Attorneys
    Rigsby Miller Margie
    109 N Spring St
    McMinnville, TN 37110
    (931) 474-6000
    Attorneys, Family Law Attorneys, Legal Service Plans, Bankruptcy Law Attorneys
    AARIW Immigration Services
    218 Omahundro Place
    Nashville, TN 37210
    (615) 823-5460
    Immigration Law Attorneys
    Brock Jean
    118 E Main St
    McMinnville, TN 37110
    (931) 474-5326
    Attorneys, Legal Service Plans
    Ross & Ross Law Firm
    114 E Main St
    McMinnville, TN 37110
    (931) 474-5297
    General Practice Attorneys, Attorneys, Family Law Attorneys, Wills, Trusts & Estate Planning Attorne
    Galligan and Newman Attorneys
    317 W Colville St
    McMinnville, TN 37110
    (931) 473-5285
    General Practice Attorneys, Attorneys
    Norris Jason
    203 W Main St # 2
    McMinnville, TN 37110
    (931) 507-5000
    General Practice Attorneys, Attorneys, Legal Service Plans
    Bratcher Thomas O
    100 W Main St
    McMinnville, TN 37110
    (931) 473-4922
    Accident & Property Damage Attorneys,  Attorneys,  General Practice Attorneys,  Legal Service Plans
    Total Attorneys - DUI
    274071 W 33rd St
    Chattanooga, TN 37410
    (423) 972-4822
    Attorneys, Legal Service Plans
    Sharp Bud
    112 College St
    McMinnville, TN 37110
    (931) 474-4357
    Attorneys, Criminal Law Attorneys, Family Law Attorneys, Wills, Trusts & Estate Planning Attorneys,
    Sharp Bud
    100 Center St
    McMinnville, TN 37110
    (931) 474-4357
    General Practice Attorneys,  Legal Service Plans,  Attorneys,  Accident & Property Damage Attorneys,
    Burch Eric J
    200 Woodland Dr
    McMinnville, TN 37110
    (931) 259-4083
    General Practice Attorneys, Attorneys, Legal Service Plans
    Danny J. Baxter
    20 Academy Pl
    Nashville, TN 37210
    (615) 256-3529
    Child Custody Attorneys, Civil Litigation & Trial Law Attorneys, Criminal Law Attorneys, Divorce Att
    Tollison III Billy K
    111 W Court Sq
    McMinnville, TN 37110
    (931) 474-3476
    Attorneys,  Family Law Attorneys,  Legal Service Plans,  Bankruptcy Law Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US