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Mind Your Business - Why an LLC is good for your business!
Manage episode 408260295 series 3550510
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Host: Sidney Wheelan
Episode Summary:
This episode explores Limited Liability Companies (LLCs) as a business structure, highlighting the advantages they offer compared to other options like sole proprietorships. Key takeaways include:
- Limited Liability Protection: Protects owners' personal assets from business debts and liabilities.
- Operating Agreement: Essential legal document outlining ownership, management, and operational procedures. Seek legal counsel for creating this document.
- Management Flexibility: Choose member-managed or manager-managed structures.
- Pass-Through Taxation: Profits and losses pass through to owners' personal tax returns, avoiding double taxation.
- Simplicity in Operation: Less complex formalities compared to corporations.
- Flexible Ownership Structure: Can have various member types, including individuals, other businesses, and trusts.
- Versatile Profit Distribution: Profits can be distributed beyond just ownership percentages.
- Increased Credibility: Projects a more formal and established image.
- Ease of Formation: Generally, a straightforward process.
- Perpetual Existence: Business can continue despite ownership changes.
- Transferability of Interests: Allows members to transfer ownership.
Important New Law:
The Corporate Transparency Act (effective January 1, 2024) requires most LLCs and Corporations to report beneficial ownership information to FinCEN. Filing deadlines apply.
Contact Sidney for further questions - mail@wheelanlaw.com
Additional Notes:
- This episode is a great resource for anyone considering starting a business, especially those interested in LLCs.
- The episode emphasizes the importance of seeking professional guidance for legal and financial matters.
WheelanLaw.com
This podcast episode contains general information for discussion purposes only. Each case is different and must be judged on its own merits. Missouri rules generally prohibit lawyers from advertising that they specialize in particular areas of the law. This article should not be construed to suggest such specialization. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create an attorney-client relationship, and the listening or viewing of this podcast does not constitute an attorney-client relationship. The choice of a lawyer is an important decision and should not be based solely upon advertisements.
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