Georgia LLC: Advantages
February 13, 2009 by admin
Filed under LLC Limited Liability Incorporation
Georgia LLC’s have a number advantages. There are certain advantages inherit in doing business as various corporate entities. Here are some of the advantages people frequently cite when talking about Limited Liability Companies.
Georgia LLC Advantages:
- A LLC has a lot of flexibility when it comes to taxes… The LLC can choose to be taxed as a partnership, s-corp, c-corp, or even as a sole proprietor.
- Unless the Limited Liability Company chooses to be taxed as a C-corporation it can pass through taxes… meaning, there will be no double taxation.
- Avoids corporate formality and requirements necessary to maintain corporate status.
- There is some protection from personal liability – personal assets are not open to court judgement in cases that don’t involve fraud or intentional malevolent acts by individuals.
- LLC members can devise their own contract. This allows for some variance in management duties and responsibility.
- Multiple classes of interest. A LLC can issue many types of stock, whereas a Subchapter S corporation could only issue one type.
- Little paperwork & records-keeping in comparison to a traditional corporation.
- As a default tax classification profits earned by the LLC are taxed personally at the member level and not at the level of the LLC.
- In some states just one individual can create an LLC.
These were some of the major benefits of LLC’s, though there are other benefits if you choose to look into the matter.
If you would like to begin processing your LLC filing with the State of Georgia you can do so HERE.
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