If you own a business, you may be concerned about personal liability. For example, if you are operating as a sole proprietor or partnership, you can be personally liable for your company’s debts in case of default. If you want to enjoy pass-through taxation but need to protect your personal assets, such as your car or home, you need to ask the following:
- What is an LLC?
- How can this business structure benefit me?
Once you answer the above questions, you will understand the importance of registering your start-up as an LLC.
So, let’s answer the question: What is an LLC?
An LLC is a limited liability company. It features the pass-through taxation of a partnership or sole proprietorship while protecting your personal assets, such as your car or house. That is because an LLC is considered a separate entity.
If someone sues you and your business is an LLC, they are suing the LLC, not you, as a person. You don’t have this type of latitude when you are set yourself up as a partner in a business or work on your own as a sole proprietor.
If you don’t want a business creditor coming after your car and home, it pays to answer the question, “What is an LLC?”
LLC Basics – How to Set Up a Limited Liability Company
Unlike a corporation, an LLC is fairly easy to set up and operate. You will need to do the following to get your LLC up and running.
- Check the Secretary of State’s data base in the state where you plan to form your LLC and check on a name. You must register your LLC under a unique business name.
- Once you have a unique businessname, you need to obtain the services of a registered agent – someone or a company that can accept LLC-related correspondence during regular business hours.
- Fill out the application at the Secretary of State’s website to register your LLC., and submit the proper information, forms, and fees.
- Draw up an Operating Agreement. This form does not have to submitted when you register as an LLC. An operating agreement should be created to resolve any internal disputes about the operation or management of the business.
Filing Your Business as a Domestic or Foreign LLC
It is generally best to register your LLC where you plan to do your primary business. For example, you can save on the cost of filing if you register as a business in states, such as Delaware, Nevada, or Wyoming. However, you will also have to register as a foreign LLC in any of thesestates, if the state isoutside of your normal business hub. If you take this approach, things can get expensive. Filing your papers for an LLC, where you primarily do business, is called a domestic LLC registration.
Do you plan to do business in several states? If that is the case, you may benefit from registering in states, such as Wyoming, Delaware, or Nevada. You will need to sit down with a business lawyer to figure out the best course of action to take.
LLC Tax Advantages
Besides protecting you against personal liability, an LLC provides some great tax benefits. For example, as one owner of a business, you can receive profit distributions that are taxed at your own, typically lower, tax bracket. You can also pass through any business losses, which can be used to offset your non-business or personal income.One owner and multiple owner LLCs can enjoy these advantages.
LLC Taxing Options
If your LLC has more than one owner, you can treat your LLC as a partnership, in which case you don’t have to do anything. You can also choose to be taxed as an S corporation or C corporation. If you wish to keep the profits in your company so you can grow and expand, you should set yourself up, tax-wise, as a C corporation.
Maybe you and the other owners of your company wish to be paid from your business’s earnings. If so, you should set up your LLC as an S corporation. By using this approach, each LLC member or owner receives his or her share of the company’s distribution of profits. This share can be taxed at each individual’s income tax rate, and is not subject to self-employment tax.
What is nice about an LLC is that you can receive the benefits of being incorporated, but you don’t have to go through the formalities. For example, you don’t have to hold formal meetings or follow some of the prescribed guidelines that go along with incorporation. However, you can still reap many of the advantages associated with asset protection and taxation.
That is why it is important to answer the question, “What is an LLC?”
Doing so will allow you to see how this type of business set-up can add credibility to your business brand and operations and keep your personal assets safe. Plus, you can deduct the costs of running your business by forming an LLC.
LLC Common Tax Deductions
What you write off or deduct will depend on the nature of your operations. However, common deductions include the following:
- The rental expense for renting an office or retail space. If you operate out of your home, you can deduct a portion of what you spend on your house each month.
- Any necessary insurance can be deducted, such as professional liability insurance. You can also deduct the costs associated with disability insurance. However, what you can deduct depends on the type of policy.
- Any property that is tangible and used for the LLC can be deducted from the taxes in the year the item was bought.
- Deductions can also be made for the costs related to maintaining a professional license. In addition, you can deduct any costs related to your professional development, such as industry journal subscriptions or webinars.
- Half the cost of what you pay for business-related meals and entertainment may be deducted as well. This type of deduction is highly abused. Therefore, make sure these tax write-offs are proportional to what you receive in income and your other deductions.
- If you are a manufacturer or reseller, you may also deduct the cost of goods sold for your business. This is usually done by adding the cost of goods sold, and subtracting that amount from your gross receipts.
As you can see, becoming an LLC is highly beneficial, especially if you are beginning a business and need a structure that will help you separate your personal assets from your business expenses and assets. Ask, “What is an LLC and how can it benefit me?” Once you realize the advantages, you can enjoy increased earnings, gain a better business reputation, and attract more customers.
What to Expect From Your Car Accident Lawyer
If you or a member of your family has been injured in a car accident, there are several options to help you through the process. Here is what you should know about car accident lawyers.
Search for car accident lawyers near you by location. Look for a car accident lawyer by location and incident. Check out the yellow pages, telephone books and the Internet to find a car accident lawyer near you.
Car Accident Lawyers
Once you find car accident lawyers, talk with them about your case. They will first take a look at the accident and then talk to you about what happened. The goal of the initial meeting is to get as much information from you as possible, so they can better help you through the process. You can easily find good car accident attorney by using your phone browser with your area name. If you are living in Orange County, California. You can search Orange County car accident lawyers.
Cases on a Contingency Basis
Another thing you should do is to check with a car accident lawyer that you have contacted if they accept cases on a contingency basis. If you win your case, the lawyer will get a percentage of any settlement that you receive.
After talking with a car accident lawyer, contact their contact information. They will be happy to talk with you by phone to discuss your case further.
Filing a Claim
Car accident lawyers are just one part of the process of filing a claim against the other party involved in the accident. There is a medical exam you need to go through as well as the filing of a claim, and it can take months to reach a settlement.
Car Accident Lawyer Can Provide Good Advice
In order to help you with the process, a car accident lawyer can provide advice. They can explain the laws and make sure you understand them. They can also tell you about your rights during a claim and give you advice on how to avoid some pitfalls that might occur during the process.
Legal Advice and Guidance
While you may think that you don’t need car accident lawyers, you may need one down the road. When you start having trouble getting to work, when your kids aren’t going back to school because of stress and even when you’re trying to keep up with your creditors, you need to speak with a car accident lawyer for legal advice and guidance.
In addition to providing you with legal advice, car accident lawyers can also offer other things as well. A car accident lawyer can also provide you with information about your rights to file a lawsuit.
If your car is totaled, they can give you advice on filing a claim with your insurance company. They can help you determine if your car is really worth the amount you owe on it or if it’s simply an insurance mistake.
When looking for car accident lawyers, you can also find out about their rates, fees and insurance coverage. before you pay them anything.
There are some lawyers that do not charge much to meet with you but may charge you for their initial meeting and phone consultations. Others charge nothing until you make a case.
Keep in mind that the most expensive lawyers are going to have the best lawyers. For the most part, a good lawyer will have experience, which means they are less likely to make mistakes or misdiagnose your problem. But you should always check references for any lawyers you are considering.
It’s important to ask about the hours that a car accident lawyer is available for you. They may be available throughout the day, evening or night, but there may be times when they aren’t available at all.
Car accident lawyers should also give you information about how they respond to your case. How quickly they get a claim resolved is a good indicator of how fast they will settle your case.
Good lawyers can give you peace of mind knowing you’ll be compensated for your injuries, damages and loss. Even if you can’t afford a personal injury attorney, you should definitely consider hiring one.
3 Things You Need to Know About Drug Charges
One of the most remarkable developments of the past decade has been the sea change in attitudes toward recreational drug use. After decades of investing money and manpower in the infamous war on drugs, many governments at the regional and national levels have begun to explore alternatives to a zero-tolerance approach.
But even as states and countries move to legalize drugs like cannabis, possession of other substances like cocaine and heroin remains a serious criminal matter with far-reaching consequences. To that end, here are three things you need to know about drug charges.
1. Drug Charges Can Haunt You for Life
It’s an unfortunate truth that under our legal system a few poor decisions made in your teenage or young adult years can end up having tragic consequences. In jurisdictions that have mandatory minimums for drug crime, even simple possession charges can mean facing years in prison.
Even after you’re released, having drug offenses on your permanent record can make you ineligible for certain jobs, and make it harder to find work.
2.Aggravating Factors Can Lead to Stiffer Penalties
While most people understand that being caught with any amount of an illegal substance is a serious issue, what you may not know is that the circumstances in which you were caught can also play a major role in determining your sentencing — and if there are judged to be aggravating factors, can lead to stiffer penalties.
For example, in many places all of the following are considered to be aggravating factors that can automatically add years to a sentence:
- Offenses involving violence or the threat of violence
- Offenses involving an abuse of authority or position
- Offenses that take place in or near school grounds
- Offenses involving youth (particularly selling to youth)
If prosecutors can prove that any of these factors were in play, it can make fighting the charges even harder.
3. Drug Charges Can Be Fought in Court
The good news is that just because you’ve been charged with drug crimes doesn’t mean you’ll be convicted. No matter what circumstances the charges were laid under, you are under no obligation to plead guilty, and should always seek the advice of a lawyer before talking to the police.
In many cases, mitigating factors can shed new light on the case, which is why it is so important to know your criminal rights and make sure you are represented by experienced criminal lawyers who can fight for your acquittal, or get the charge reduced.
Given the seriousness with which the law treats most drug offenses, making sure you explore all avenues in your defence is essential if you want to avoid doing hard time.
While many states, provinces, and countries are opting to liberalize their drug laws, arrests for drug-related offenses remain remarkably high. Being charged with possession or trafficking can still have a devastating impact on your life, leading to a jail sentence and a permanent record.
Fortunately, just because you have been charged does not necessarily mean you will be found guilty. Hiring an experienced criminal lawyer who understands the drug laws of your province or state is the best way to ensure that you will get a fair hearing, and a youthful indiscretion does not end up defining your life.
How to Find the Best Product Liability Attorney to Win Your Case
Did you recently get injured while using a product that you believe to be defective? If so, you could very well have a strong product liability case on your hands.
To determine just how strong it is, you should look for a product liability attorney to take a look at the facts surrounding your case. A product liability lawyer should be able to tell you within just a few minutes whether or not you could potentially win your case in court. They can also break down the intricacies of product liability law for you.
Prior to filing a product liability lawsuit, though, you should make sure you have the right product liability attorney on your side. Here’s how to find one you know you can trust.
See Which Product Liability Lawyers Operate in Your Area
There are well over 1 million lawyers working throughout the country right now. Not all of them are capable of handling product liability cases, but you should be able to find a few that can in your area.
Google “product liability attorney near me” and check out all the different names that pop up. Look at their websites and see what they might bring to the table if you hire them.
It might be a good idea to create a long list of product liability lawyers and then work your way towards narrowing it down based on what you can find out about each one online. It’ll put you in a better position to hire a product liability attorney for your lawsuit.
Find Product Liability Lawyers With Extensive Experience
One of the main factors that you’re going to want to look for when you’re in the market for a product liability attorney is experience. You want someone who has a wealth of experience on your side.
You should be able to ascertain just how much experience a lawyer has by looking at a website like Bloomsburglaw.com. It should give you some indication of how long they’ve been in the business of handling product liability cases.
Speak With Different Product Liability Lawyers and Choose the Best One
You can learn a lot about product liability attorneys by poking around on their websites. But at the end of the day, the best way to determine which one is going to be the right one for you is by contacting a few of them for phone or in-person interviews.
During these interviews, you can spell out the specifics of your case and see what they think about it. You can also ask them any questions you might have about their services. It’ll help you decide which product liability attorney you want to hire.
Hire the Right Product Liability Attorney to Represent You Today
You shouldn’t have too much trouble tracking down at least a few product liability attorneys in your area. But you shouldn’t just hire the first one that you can find.
You should use the tips found here to locate the right product liability attorney for the job. By doing your homework, you should be able to land on someone that you know you can rely on for your product liability case.
Read through the rest of the legal articles on our blog for more tips on hiring an attorney.
Three Things to Look for When Choosing a Truvada Lawyer
If the medication Truvada has seriously impacted your health, you must consult with a lawyer. Every pharmaceutical company must sell medications that are safe and offer sufficient warning about potential side effects. However, the manufacturer of Truvada, which is an HIV medicine, failed in this aspect. Many lawsuits against the manufacturer alleged that the company did not warn doctors and patients of known serious risks.
A Truvada lawyer who handles drug cases can file an injury claim for you to seek compensation against the manufacturer Gilead Sciences, Inc. But, you must pick the right representation to ensure a positive outcome of your case. Here’s what you should look for when choosing a lawyer for your Truvada lawsuit:
Pharmaceutical companies are big corporations and often don’t admit fault when a harmful drug is responsible for serious side effects. These companies usually have big insurance companies on their defense. Such kinds of cases are often complex and involve huge amounts of claims thus, you must have an experienced and skilled attorney on your side to help you get a fair settlement.
You want to work with an attorney who has a solid track record when it comes to claims associated with dangerous drugs. A skilled lawyer will take your case on a contingency basis; thus, they will take all of the risks by getting paid only when they win your case. It will take some research to learn more about a lawyer’s reputation, but it will be worth it.
A reliable Truvada attorney has the proper resources to fully research and handle your Truvada injury case. Aside from determining financial stability, you must know how many class actions or individual lawsuits they are pursuing. You want to be sure they can handle your case efficiently and effectively as much as they do others.
What Kind of Experience do you Need in a Personal Injury Attorney
When you hire the services of a personal injury attorney, consider looking for the best options meeting your specific needs. It would be in your best interest to look for quality services for at affordable price. The cost of hiring the services of the attorney would be important for you. It would not be wrong to suggest that you should look for quality services rather than saving money on the fee of the attorney. The fee of the attorney would be a hamper for most people. However, that should not deter you from hiring the best attorney in the region. The Bayonne Personal Injury Attorney would ensure you get quality services on a contingency basis.
The cost of hiring the services of an injury attorney should not be a deterrent for you. It would be pertinent to mention here that a majority of people would not be aware of the contingency attorney willing to handle your claim on a ‘no win, no fee’ basis. It implies that the attorney would not charge anything upfront. It would be a boon for you if the attorney were not charging anything upfront for his legal services. The attorney should not hamper your budget in any way. He or she should be aware of your financial condition. Their willingness to handle your claim on a contingency basis would be a boon for you.
The cost of hiring an attorney would not be a hassle if you were looking forward to hiring a contingency attorney. However, the contingency attorney should be competent and experienced in handling various kinds of injury claims in the best possible way. The attorney should be able to handle all kinds of claims not only through negotiations, but also through the court of law. The attorney should have adequate experience in dealing with the insurance company lawyers in the court of law.
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