Woodrow Law Chambers Robert Kaan

Robert Kaan is a partner in the firm’s litigation and dispute resolution group, who has experience representing clients in complex commercial disputes.

Robert Kaan is a business attorney who practices in the state of California. He has been practicing law for over 30 years and has extensive experience with both corporate and commercial litigation.

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What is an LLC?

An LLC is a business structure that can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation. An LLC is not a corporation, so it cannot issue stock or be traded on the stock market.

LLCs are popular because they offer personal liability protection and tax flexibility. Depending on how your LLC is structured and taxed, profits may “pass through” to you as an individual owner, similar to a sole proprietorship or partnership. This means that you would only be taxed once on your LLC’s profits (on your personal income tax return). Alternatively, you could choose to have your LLC taxed as a corporation, in which case it would be subject to corporate income taxes.

If you’re thinking about starting an LLC, you’ll need to choose a business name and register your company with your state government. You’ll also need to create LLC Articles of Organization and file them with your stateufffdthis document will serve as your LLC’s founding document (similar to a charter for a corporation). Once your company is registered and has its Articles of Organization in place, you can start operating as an LLC.

How is an LLC Formed?

A limited liability company, or LLC, is a business structure that offers its owners personal liability protection and great flexibility in how the company is run. Forming an LLC is relatively simple and can be done in most states with just a few steps.

1. Choose a business name: The first step in forming your LLC is choosing a name for your business. You’ll want to choose a name that complies with your state’s rules and is easily searchable by potential customers.

2. File articles of incorporation or organization: Once you have chosen a name, you’ll need to file official paperwork with your state to create your LLC. This usually involves filing articles of incorporation or articles of organization, as well as paying any required filing fees.

3. Appoint a registered agent: A registered agent is someone who agrees to accept legal documents on behalf of your LLC. This person must have a physical address in the state where your LLC is formed and be available during normal business hours to sign for any delivered documents.

4. Create an operating agreement: An operating agreement is not required in every state, but it’s a good idea to create one anyway. This document outlines the ownership and management structure of your LLC, as well as how profits and losses will be shared among members

What are the Benefits of an LLC?

If you’re thinking about starting a business, you may be wondering if forming a limited liability company (LLC) is the right move. After all, there are several different business structures to choose from, and each has its own pros and cons. So, what are the benefits of an LLC?

For starters, an LLC offers personal liability protection. This means that if your business is sued or incurs debt, your personal assets (such as your home or savings account) will not be at risk. LLCs also tend to have more flexible tax treatment than other business structures – meaning you may be able to save money on taxes. Finally, LLCs can be relatively easy and inexpensive to set up and maintain.

Of course, there are also some drawbacks to consider before forming an LLC. For example, because an LLC is a separate legal entity from its owners, it can be more difficult to raise money for an LLC than for other types of businesses. Additionally, depending on your state’s laws, you may need to file additional paperwork and pay extra fees in order to keep your LLC in good standing.

Overall, though, the benefits of an LLC usually outweigh the drawbacks – which is why this type of business structure is becoming increasingly popular among small businesses and entrepreneurs. If you’re still not sure whether an LLC is right for you, it’s always a good idea to speak with a qualified attorney or accountant who can help you weigh the pros and cons specific to your situation

What are the Drawbacks of an LLC?

There are a few potential drawbacks to setting up an LLC, including:

1.Complexity: Depending on the state in which you form your LLC, there may be additional paperwork and filing requirements beyond those of a sole proprietorship or partnership. This can make formation and ongoing maintenance more complex and time-consuming.

2.Cost: Setting up and maintaining an LLC can also be more expensive than other business structures due to the filing fees required to form the LLC and the ongoing costs of compliance (e.g., annual report fees).

3.Liability protection: While an LLC does offer some liability protection for its owners, it is not absolute. In some cases, creditors may be able to pierce the corporate veil and hold individual members liable for debts incurred by the LLC.

4.Income tax: Unlike a sole proprietorship or partnership, an LLC is not a pass-through entity for federal income tax purposes. This means that the LLC itself will be taxed on its profits, regardless of whether or not those profits are distributed to the owners.

How is an LLC Governed?

The answer to this question depends on the state in which the LLC is formed, as each state has its own rules and regulations regarding LLCs. In most states, an LLC is governed by a document called the operating agreement, which outlines the rights and responsibilities of the LLC’s members (the owners). The operating agreement also sets forth how the LLC will be managed: either by all of the members (known as a “member-managed” LLC), or by one or more managers who are not necessarily members of the LLC (known as a “manager-managed” LLC).

Some states also require that an LLC have a board of directors, similar to corporations. However, in most states, member-managed LLCs do not have a formal board of directors. Instead, decisions are made by consensus among the members, or by a vote of the majority.

In some cases, an LLC may be required to file annual reports and/or pay taxes to the state in which it is organized. For example, California requires all LLCs to file an annual report with the Secretary of State’s office.

How is an LLC taxed?

An LLC, or limited liability company, is a business structure that provides its owners with personal liability protection while also allowing them to take advantage of certain tax benefits.

LLCs are taxed as either pass-through entities or corporations. This means that the LLC itself is not subject to federal income tax; instead, its owners are taxed on their individual income tax returns.

Pass-through taxation is the most common way for LLCs to be taxed. This means that the LLC’s owners pay taxes on their share of the profits (or losses) on their individual income tax returns. The LLC itself does not pay any taxes.

Corporate taxation is less common but may be beneficial for some businesses. Under this method, the LLC pays corporate income taxes on its profits and then its owners pay taxes on their dividends from the LLC.

The type of taxation an LLC elects will depend on a number of factors, including the size and structure of the business and the owner’s personal tax situation. It’s important to speak with an accountant or tax advisor before choosing a particular method of taxation for your LLC.

How can I find an LLC lawyer near me?

If you’re looking for an LLC lawyer near you, there are a few things to keep in mind. First, LLCs are governed by state law, so it’s important to find a lawyer who is familiar with the laws of your state. Second, because LLCs are business entities, it’s also important to find a lawyer who has experience with business law. Finally, you’ll want to find a lawyer who is willing to work with you on a retainer basis, so that you can have access to legal advice as needed.

How can I learn more about LLCs?

If you’re interested in learning more about LLCs and how they can benefit your business, you can check out our blog post on the topic. Alternatively, you can speak to a lawyer near you who can advise you on whether an LLC is right for your company.

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