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 75447

Orientation to Limited Liability Companies (LLCs) in Zip Code 75447


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 TX 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 TX 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 75447
    Dan Vanderwoude Construction
    7200 N Stemmons Fwy Suite 907
    Dallas, TX 75247
    (214) 390-9902
    Attorneys, Carpenters, Building Contractors
    Igwe Law Firm PC
    1140 Empire Central Dr
    Dallas, TX 75247
    (214) 631-9500
    General Practice Attorneys, Attorneys, Legal Service Plans
    Scott Law Firm
    8004 Chancellor Row
    Dallas, TX 75247
    (214) 951-9292
    General Practice Attorneys, Attorneys, Legal Service Plans
    Carlton Hughes
    8204 Elmbrook Dr
    Dallas, TX 75247
    (214) 920-9277
    General Practice Attorneys, Attorneys
    Joseph Reina & Brian K Bates
    1120 Empire Central Pl
    Dallas, TX 75247
    (214) 905-9100
    Immigration Law Attorneys, Attorneys, Legal Service Plans
    Andrea L Bleau PC
    2110 Boca Raton Dr
    Austin, TX 78747
    (512) 282-8900
    General Practice Attorneys, Attorneys, Title Companies
    Paul Esquivel Law Office
    1140 Empire Central Dr Ste 234
    Dallas, TX 75247
    (214) 631-8472
    Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Immigration Law Atto
    Rosalind Kelly
    8500 N Stemmons Fwy
    Dallas, TX 75247
    (214) 951-8100
    Attorneys
    Defoyd and Associates
    103 Eastway St
    Galena Park, TX 77547
    (713) 672-7428
    Attorneys, Legal Service Plans
    R J Daniels Law Office
    1341 W Mockingbird Ln
    Dallas, TX 75247
    (214) 638-7388
    General Practice Attorneys, Attorneys
    Turin Olinger & Associates
    8204 Elmbrook Dr Ste 201
    Dallas, TX 75247
    (214) 688-7080
    Administrative & Governmental Law Attorneys, Attorneys
    Citizens Law Firm
    8500 N Stemmons Fwy Ste 6080
    Dallas, TX 75247
    (214) 631-7000
    General Practice Attorneys, Attorneys, Legal Service Plans
    Coffey Mimi
    3098 N Stemmons FWY
    Dallas, TX 75247
    (214) 219-6464
    General Practice Attorneys, Attorneys
    Mathur Law Offices
    2989 N Stemmons Fwy
    Dallas, TX 75247
    (214) 838-6096
    Attorneys,  Immigration & Naturalization Consultants,  Family Law Attorneys,  Labor & Employment Law
    Capshaw Derieux
    114 E Commerce Ave
    Gladewater, TX 75647
    (903) 845-5700
    Attorneys,  Labor & Employment Law Attorneys,  Banking & Mortgage Law Attorneys,  Business Law Attor
    Cantu & Associates Law Offices, P.C.
    8500 N Stemmons Fwy Ste 2075
    Dallas, TX 75247
    (214) 630-5700
    Attorneys, Criminal Law Attorneys, Family Law Attorneys, General Practice Attorneys, Divorce Assista
    Rise Above Ministries
    15150 Nacogdoches Rd
    San Antonio, TX 78247
    (210) 653-5050
    Bankruptcy Law Attorneys
    Immigration Lawyers - Reina & Bates
    1140 Empire Central Dr., Suite 300, 3rd Floor
    Dallas, TX 75247
    (214) 424-5045
    Immigration Law Attorneys
    Irion Jeffrey C Atty
    240 S Old Gun Barrel Ln
    Mabank, TX 75147
    (903) 887-4050
    General Practice Attorneys, Attorneys
    Kenneth Onyenah
    8585 N Stemmons Fwy Ste M25
    Dallas, TX 75247
    (214) 631-3889
    General Practice Attorneys, Attorneys, Legal Service Plans
    Menes Law Firm
    1140 Empire Central Dr Suite 234
    Dallas, TX 75247
    (214) 631-2751
    Attorneys, Criminal Law Attorneys, Family Law Attorneys, Labor & Employment Law Attorneys, Divorce A
    Blomquist III Harry L
    12915 Jones Maltsberger Rd
    San Antonio, TX 78247
    (210) 497-2600
    General Practice Attorneys, Attorneys, Legal Service Plans
    Larrea Faustino
    1220 River Bend Dr Suite 105
    Dallas, TX 75247
    (214) 920-2512
    General Practice Attorneys, Attorneys
    Lui O Akwuruoha Uwakwe
    1140 Empire Central Dr
    Dallas, TX 75247
    (214) 631-2500
    Collection Law Attorneys, Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US