Limited Liability Companies are a preferred asset protectionvehicle of many business owners as well as real estate owners. The LLCis a non-corporate business entity that is taxed as a partnershiprather than a corporation. As a result of being taxed as a partnership,an LLC is not subject to corporate income tax. Income is only taxed aspersonal income when you receive income or assets from the LLC. The LLCalso protects the personal assets of the members and the officers ofthe LLC from creditors. The transfer of shares of an LLC can be greatlyrestricted by the operating agreement of that company. Even if acreditor obtained a membership interest in the LLC, they would only beentitled to their share of profits and would not become a voting memberof the LLC unless the board voted unanimously. This provides themembers greater control over both the present and future management ofthe LLC. The benefits of forming an LLC begin immediately uponformation and registration with the Secretary of State.

 

Advantages of an LLC include:

- Asset Protection

- Avoidance of double taxation

- Limited liability of officers’ personal assets

- Reduced paperwork – no requirement to prepare annual company minutes

- Benefits begin immediately

- Continuity of Life

Ifyou would like to arrange a discussion regarding these matters in moredetail, please feel free to contact our office to discuss yourobjectives.

 

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Call – 877.246.2770