Washington DC Limited Liability Company Attorney
A Washington DC LLC attorney you can trust is an invaluable resource for your limited liability company. At Antonoplos & Associates, we have provided legal services for over twenty years to a wide range of limited liability companies and are ready to assist your DC limited liability company formation.
Why Every Limited Liability Company Needs A LLC Attorney?
Most limited liability company owners face business-related legal decisions on a daily basis. As an LLC owner, this should be no surprise. However, when polled most LLC owners don’t have a trusted limited liability company attorney to represent their LLC. When asked why?
Most LLC owners responded that they thought that an LLC attorney would be too expensive for the needs of their business. As a result it appears that limited liability company owners only hire an LLC lawyer when serious legal issues emerge.
At Antonoplos & Associates we don’t’ think you need a limited liability company attorney for every decision you make, however, having a relationship with a good LLC attorney can be an invaluable resource to your limited liability company. For many limited liability company owners consulting with a LLC attorney before making a major business decision can even help save your business money.
A limited liability company, or LLC, is a business structure that provides the limited liability features of a corporation, but the tax efficiencies and operational flexibility of a partnership. Unlike a corporation, the owners of a limited liability company are referred to as “members,” and the members can consist of a single individual, two or more individuals, and even corporations and other LLC’s.
Much like a corporation, a limited liability company provides personal liability protection for its members against company debts and judgments against the business. A member’s liability is limited to his or her investment in the LLC, therefore, the limited liability company protects its members from personal losses beyond their individual investment. Further, the limited liability company protects members against liability for actions by members on behalf of the LLC. However, unlike a corporation, a limited liability company is not subject to “double taxation” and instead is taxed like a partnership. While a corporation is subject to taxation at the corporate level and then at the shareholder level, a limited liability company is considered a “pass-through” entity and the LLC’s profits and losses are only reported on the individual member’s tax returns. Accordingly, a LLC is a favorable entity as it provides for favorable limited liability protections and tax treatment.
A limited liability company is formed by filing the Articles of Organization with the applicable state entity, either the Secretary of State or State Corporation Commission. Then, the members operate the LLC pursuant to an Operating Agreement, which determines and limits the business purpose of the limited liability company and is the governing document as to how the LLC is to be managed. A limited liability company can either be member-managed, or manager-managed, and the members have the flexibility to choose the managers or managing-members and otherwise determine how the company is run. While the limited liability company structure is generally advantageous, it does not provide for outside funding or investors as it is solely funded by its members. Moreover, the business purpose of the limited liability company is limited by the Operating Agreement, whereas a corporation does not typically limit its business scope.
Contact our DC Law Office for More Information
For more information on DC limited liability company formation, please contact Antonoplos & Associates at 202-803-5676 or on directly schedule a consultation. For general information regarding our business law practice, check out our blog.
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