Historically, a small business owner in Kernersville needed to form a corporation to shield himself from being personally responsible for business liabilities such as debts or lawsuits. Thankfully, legal evolutions now provide alternatives to the complex, time-consuming, and inflexible route of corporate formation. One such alternative is the popular Limited Liability Company (“LLC”).
Business formation attorneys, such as the competent team of attorneys at Apple Payne Law, are ready to assist small business owners in choosing the business format best suited to their unique needs. At Apple Payne Law, our seasoned business formation team will explain your business format options and help you determine whether an LLC is the right fit for your business; we will then draft the necessary documents for you to register your new LLC with the Secretary of State’s Office, and we are prepared to provide on-going business advising so you can rest assured no matter what issues crop up, our help is just a phone call away.
Limited Liability Companies [“LLCs”] are a preferred business format for business owners seeking immediate and tangible benefits because they shield owners from personal liability for all business debts and other legal concerns. For example, even if your LLC files for bankruptcy or has a lawsuit filed against it, you typically won’t be “on the hook” for any company actions—protections historically reserved for shareholders of corporations, as long as the proper legal precautions are followed.
While LLCs and corporations offer similar protections, LLCs are considerably more flexible for members. For example, if two people enter an LLC with equal profit sharing, they may equally split company proceeds and each claim their portion as direct personal income, thereby lowering their overall tax liability and simplifying year-end tax returns.
Contact the knowledgeable business attorneys at Apple Payne Law in Kernersville to learn more about LLCs and get help deciding whether an LLC is the right business option for you.
Whether your business is owned and operated in Kernersville, Winston-Salem, or anywhere else in North Carolina, it must be registered with the State. For Limited Liability Companies (“LLCs”), registration starts with choosing a unique company name that meets certain legal requirements. The Secretary of State’s Office maintains a list of current registered company names so you can learn which names are already in use, and the seasoned business law attorneys at Apple Payne Law in Kernersville can assist you with cultivating a company name that best fits your business, meets the required legal parameters, and is not already in use.
After choosing a name, the next step in registering your business is to select a “Registered Agent”. Your Registered Agent acts as the face of your organization and is the point-person for receiving important documents and legal notices on behalf of other LLC members.
The last step in registering your LLC is crafting “Articles of Organization” and ideally, an “Operating Agreement”. These documents define your LLC members’ obligations and specify your company ownership and company purpose to third parties; North Carolina General Statute § 57D-1-20 requires these documents be signed by a company manager or official.
The dedicated business attorneys at Apple Payne Law in Kernersville are prepared to guide small businesses through the legal process of registering and certifying your LLCs and clearing the path for you to jumpstart operations and watch your new LLC grow.
When starting a business, many people want the protections of a corporate structure without undertaking the complex process of incorporation. Likewise, they may wish to claim business profits as direct income and avoid obligatory board meetings. If this describes your circumstances, you might consider starting operations as a Limited Liability Company (“LLC”) which provides many of the same benefits as a corporation without the complicated structural and procedural requirements. While forming an LLC is considerably less rigorous than incorporation, the process for starting and operating an LLC still involves important legal considerations and certain steps for registering your business with the State
A Kernersville limited liability company (LLC) formation lawyer at Apple Payne Law is ready to help guide you through the LLC formation process. At Apple Payne Law, we can clarify the purpose and structure of LLCs and explain how an LLC functions to protect your personal assets—we will take the lead in crafting operating agreements and other necessary documents for registering your LLC. Reach out to the experienced legal professionals at Apple Payne Law today to schedule a consultation and start building your business today.