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HOME EXPERIENCE COMMITMENT PHILANTHROPY TESTIMONIALS CONTACT US CALL US AT 1-866-TRUST- 99 |
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. Our goal is to provide outstanding client service at an affordable cost to you. . LIMITED LIABILITY COMPANIES
A limited liability company (L.L.C. or LLC) is a business entity offering limited liability (personal asset protection) to its owners. In that respect, it is similar to a corporation, and is often a more flexible form of ownership. A limited liability company can help to protect your personal assets that you have worked hard to own. |
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Durable Power of Attorney Children Guardianships Limited Liability Company Health Care Directive Trust Administration Corporations . . Experience & Commitment Experience About Cynthia About Greg . . Flahive Law Corporation financially supports many charitable organizations. Members of the firm also volunteer their time to support events with these organizations. We believe that as an active member of our society, its our duty to contribute to our community. . . Flahive Law Corporation has formed key strategic alliances with other companies that may be able to provide valuable services to you. . . Flahive Law Corporation’s Education Center allows you to access the information you need to research your legal questions to make informed decisions. With our education center, you find useful information related to estate planning, family law, bankruptcy, business planning, and IRS tax debt. .. . Gregory and Cynthia Flahive and their team of experienced attorneys have dedicated their practice to providing you outstanding legal representation. They frequently post information in the media to better educate you. Visit back often to check for updated information you need to know. ( Learn More)
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The firm is also a proud member of the American Bar Association
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LLCs are organized with a document called the "articles of organization" and must have an "operating agreement" between the owners or "members."
LLCs are more like a partnership, providing management flexibility and the benefit of pass-through taxation. Pass through taxation means that taxable income of the business will "Pass-Through" to the owners' individual tax return. Federal and State Tax Laws treat a LLC like a partnership. For a single member LLC, it will be treated like a sole proprietorship.
An LLC structure basically allows the owners or members of an LLC to record their taxable income on their individual income tax returns like a partner and sole-proprietor would. However an LLC can be treated for tax purposes like a corporation by electing corporate tax treatment. |
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You should consider an LLC since it allows for pass-through taxation. There is no corporate tax on an LLC.
Members of the LLC are not typically held personally responsible for the debts and liabilities of the business. Also, LLCs generally have no ownership restrictions and the members have flexibility in structuring the management of the company. An LLC does not require as much annual paperwork which generally makes it more favorable than a corporation. The last item you may want to consider is that customers and the public generally perceive an LLC as a more professional entity than a sole proprietorship or partnership. |
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