A limited liability company (LLC) is a business entity that can be created to protect assets and provide other business advantages. When creating an LLC, it is important to comply with the legal requirements to ensure that it is valid. Creation of an LLC should also include the drafting of certain documents to determine how the organization is to be managed. Business lawyers in Longview Texas can help create an LLC and address the issues that may arise.
What are the advantages of an LLC?
An LLC separates a business from the individuals involved in the organization. This protects the individuals from personal liability in the event an issue arises. For example, if a person is injured on the premises of a business that owns the property and operates under an LLC, then only the business could be liable. This allows individuals to protect their assets from potential liability.
There may also be financial and tax benefits to operating as an LLC as opposed to a sole proprietorship or other type of organization. An attorney can advise you about the different advantages an LLC provides.
How can a business lawyer help?
In order to create a valid LLC, there must be certain filings made with the state. Property that is to be owned by the LLC should also be transferred into the name of the LLC. The LLC should also obtain a tax identification number for reporting purposes. A business attorney can assist with each of these tasks.
An LLC may also require an operating agreement to set forth the ownership interests and terms of management. An operating agreement can be important to minimize the potential for dispute when there are multiple members of the business. It can also designate duties and establish how interests are to be transferred if membership changes arise.
The business lawyers in Longview Texas from Boon Calk Echols Coleman & Goolsby have experience assisting businesses in creating, modifying and managing LLCs. Contact Boon Calk Echols Coleman & Goolsby if you need legal assistance with an LLC.