Washington DC Limited Liability Company Attorney
A Washington DC limited liability company formation lawyer you can trust is an invaluable resource for your business. At Antonoplos & Associates, we have provided legal services to small and large businesses for over twenty years. As such, our group of skilled attorneys have the knowledge and experience required to guide your business through legal issues associated with limited liability company formation.
Why Every Limited Liability Company Needs A LLC Attorney?
Most business owners face business-related legal decisions on a daily basis. As the owner of a business, this should be no surprise and for many business-related legal issues, an attorney is not necessary. However, when polled, most business owners don’t have a trusted business attorney to represent their business when legal issues occur. The reason many business owners stated that they didn’t already have a relationship with a business attorney was that they thought that a skilled business attorney would be too expensive for the needs of a small business. As such, most business owners only hire a business lawyer when serious legal issues come up.
At Antonoplos & Associates, we don’t think you need a business lawyer for every decision you make. However, consulting an experienced business attorney is an invaluable resource for your company for two reasons. First, a good business attorney will be able to offer guidance on many issues such as reviewing the terms of an office space or storefront lease, drafting contracts that will establish business partnerships, or review limited liability company formation agreements. Overall, incorporating a business attorney in general decision making ensures that your business will not enter into any potential disastrous agreements. Secondly, by discussing important parts of your business with a business attorney, this attorney will be better equipped to represent you in the event that litigation occurs. For these reasons, consulting and incorporating a business attorney into your business’s general decision making can even save your business money.
Below, you will find more information on how Antonoplos & Associate’s business law practice can help your business with limited liability company formation.
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 LLCs.
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, an 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.
REQUEST A CONSULTATION
Fill out the form below to receive a confidential initial consultation.