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 78935

Orientation to Limited Liability Companies (LLCs) in Zip Code 78935


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 78935
    Steven Hayden Law Offices
    1720 Regal Row Ste 230
    Dallas, TX 75235
    (214) 678-9663
    Attorneys,  Criminal Law Attorneys,  Administrative & Governmental Law Attorneys,  General Practice
    Troy Rolling Law Office
    11403 Atwell Dr
    Houston, TX 77035
    (713) 726-8082
    General Practice Attorneys, Attorneys
    Iverson Neal J
    104 E Clayton St
    Dayton, TX 77535
    (936) 258-8025
    Attorneys, Legal Service Plans
    Ferrell, David J
    10514 Montwood Dr
    El Paso, TX 79935
    (915) 594-8000
    Attorneys, Criminal Law Attorneys
    Wayne Wright LLP Injury Lawyers
    10801 Gateway Blvd W # 100
    El Paso, TX 79935
    (915) 855-7722
    Attorneys,  General Practice Attorneys,  Legal Service Plans,  Social Security Consultants & Represe
    Valadez A G
    104 W Callaghan St
    Fort Stockton, TX 79735
    (432) 336-7562
    General Practice Attorneys, Attorneys, Legal Service Plans
    Mark T Davis Law Office
    1554 Lomaland Dr
    El Paso, TX 79935
    (915) 772-7529
    Personal Injury Law Attorneys, Attorneys, Business Law Attorneys
    Munden Law Firm
    5225 Maple Ave Apt 5404
    Dallas, TX 75235
    (972) 803-6835
    Bankruptcy Law Attorneys, Attorneys
    Griffin Law Office
    131 Tenaha St
    Center, TX 75935
    (936) 598-6385
    General Practice Attorneys, Attorneys
    Kubinski & Nichols, P.C.
    10514 Montwood Dr
    El Paso, TX 79935
    (915) 257-6101
    Family Law Attorneys,  Attorneys,  Divorce Assistance,  Legal Service Plans,  Personal Injury Law At
    Troiani
    11910 Chimney Rock Rd
    Houston, TX 77035
    (713) 728-5555
    Attorneys
    Ellis & Ortega
    6935 Doniphan Dr
    Canutillo, TX 79835
    (915) 877-5290
    Attorneys,  Family Law Attorneys,  Immigration Law Attorneys,  Accident & Property Damage Attorneys,
    Shelby County Probation Offcr
    114 Hurst St
    Center, TX 75935
    (936) 598-4587
    Criminal Law Attorneys, Attorneys
    Whitehurst, Harkness, Brees & Cheng, P.C.
    5113 Southwest Pkwy Suite 150
    Austin, TX 78735
    (512) 476-4346
    Attorneys Referral & Information Service, Attorneys, General Practice Attorneys
    Pemberton, William R - William R Pemberton Pc
    306 N 7th St
    Crockett, TX 75835
    (936) 544-4111
    Attorneys,  Civil Litigation & Trial Law Attorneys,  Personal Injury Law Attorneys,  Litigation & To
    Hartman Cornelia
    123 San Augustine St
    Center, TX 75935
    (936) 598-3999
    Attorneys
    Grace Manor
    109 Carroll St
    Center, TX 75935
    (936) 598-3611
    Adoption Law Attorneys,  Adoption Services,  Attorneys,  Legal Clinics
    Fairchild Price Thomas Haley
    413 Shelbyville St
    Center, TX 75935
    (936) 598-2981
    Estate Planning Attorneys, Attorneys, Family Law Attorneys, Divorce Attorneys, Business Law Attorney
    Richards Vern D
    12238 Ridgetop Cir
    Frisco, TX 75035
    (972) 335-2963
    General Practice Attorneys, Attorneys, Legal Service Plans
    Smith John R
    204 Houston St
    Center, TX 75935
    (936) 598-2744
    Attorneys
    The Cagle Law Firm
    4425 S Mo Pac Expy Ste 105
    Austin, TX 78735
    (512) 329-2016
    Attorneys,  Personal Injury Law Attorneys,  Real Estate Attorneys,  Automobile Accident Attorneys,  
    Timmons W Thomas
    1320 Prudential Dr # 202
    Dallas, TX 75235
    (214) 528-1881
    Attorneys, Patent, Trademark & Copyright Law Attorneys, Legal Service Plans
    Brad Shaw
    6723 Telephone Rd
    Fort Worth, TX 76135
    (817) 237-1254
    Attorneys
    Allman Chad C
    4516 Boat Club Rd
    Fort Worth, TX 76135
    (817) 237-1117
    Attorneys, Legal Service Plans
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US