What is an LLC? Limited Liability Company Information

LLC stands for Limited Liability Company. Limited liability means that the business is structured such that personal assets are protected if the business is sued in court. Limited Liability companies can either consist of one person known as the single member LLC, or they may be formed and owned by several persons known to form what is known as multi-member LLC.

The biggest advantage of forming your startup company as an LLC is that unlike general partnerships or sole proprietorships, your personal assets as an entrepreneur are protected from any lawsuits brought against the business. Moreover, they give your business more credibility and is easier to form and maintain as compared to the standard C-corporation. Another advantage is that you avoid double taxation. Check out this in-depth Legalzoom LLC reviews page

Types of LLCs

Most LLCs have similar features that combine the best feature of other types of business entities including pass-through taxation and limited liability. The following are the most popular LLC types you could form:1) Domestic LLC – This is an LLC that conducts its operations in the state in which it registered.

2) Foreign LLC – When an already registered LLC decides to expand operations to a new state where it has to be registered as a foreign LLC. For instance, a business that was registered in Florida that opens a new office in California will need to register in California as a Foreign LLC.
3) Professional LLC – This is an LLC that is formed to offer professional services such as a legal or medical practice. This type of company needs the professional members of the LLC to have state licenses certifying that they have the necessary professional qualifications to practice in the state.
4) Series LLC – This is the type of LLC that has one LLC provide blanket cover limited liability for several child businesses. These child businesses also have limited liability protection from the actions of the other businesses operating from the single series LLC.
How to Create a Limited Liability Company
The process for creating an LLC is pretty much straight forward:
1) You often need to go to the Secretary of State in your state search, choose and then reserve the legal name for your business.
2) You will then write up and submit your Articles of Incorporation to the Secretary of State.
3) Decide on the persons responsible for running the business (members or managers).
4) Decide how many members your company will have.
5) Apply for your company’s license including other certificates that apply for your given industry.
6) Submit Form SS-4 or if you like, go to the IRS’s website and get your Employer Identification Number.
7) Apply for any other certifications and licenses that are required by local government and state agencies.
Advantages of an LLC
1) Protection of Personal Assets– Your personal assets are protected from any lawsuits or debts of the business, as long as the charges are not related to criminal behavior or fraud.
2) Single Taxation – You avoid double taxation as all the profits are declared on individual tax returns. This is as opposed to a C-Corporation where profits are taxed prior to distribution and then on individual returns.
3) Simplicity – The LLC is one of the easiest type of company to form as the process is relatively pain-free and the company easy to maintain as compared to say S-Corporations or C-Corporations. Moreover, you do not have to record company resolutions and meetings, hold yearly meetings or have formal officer roles.
4) Increased Credibility – An LLC makes your business more credible as business partners and customers love to do business with this type of company as compared to business entities such as partnerships or sole proprietorships.
5) Easy Access to Lines of Credit and Loans – An LLC has better chances of getting access to lines of credit and business loans that other informal businesses cannot access.
Disadvantages of Starting an LLC
Forming an LLC has certain advantages though there are a few disadvantages to it:
1) Growth potential is limited – It is impossible to issue stock or shares to investors as compared to other businesses such as the C-Corp or the S-Corp.
2) Lack of uniformity – The rules and regulations for LLCs vary from state to state which can make expansion quite a complicated affair.
3) Self-employment tax – In many states the earnings of your LLC will be subjected to self-employment taxes.
4) Tax obligations on the appreciation of assets – Your company could be subject to extra taxation when there is an appreciation of its assets. You could be particularly vulnerable particularly if you are converting an existing business into an LLC.

Legalzoom vs Rocket Lawyer – Which is Best?

 

What You Need to Get a Business Loan

 

Are you looking for business loans? Do you want to know more about the requirements? It might not be difficult for you to get a business loan if you have a good credit score and a proper business plan. However, there will be some formalities that every bank will do regardless of your credit score. Here are a few things that you will need while applying for business loans.

Check out this Kabbage reviews for business loans 

Collateral

To minimize the risk, the bank will ask for collaterals to support fifty or sometimes seventy-five percents of your loan. If your business has hard assets, then you can pledge it as collateral to get a business loan. Banks will carefully access your assets to ensure that they are not risking their money. Almost, all the small business need to pledge their personal assets for collateral to qualify a business loan.

Business Plan & Financial Details

Many loan applications will need a business plan document with a few exceptions. You can prepare a lean business plan with a brief summary of the product, team, market, company, and financials. In addition, you will have to give all the financial details of your business. It will include everything such as your current and past loans, bank accounts, debts incurred, credit card accounts, tax ID numbers, investment accounts, address, and your contact information in detail.

Account Receivable & Account Payable Complete Details

When it comes to the account receivables, it will include aging, sales and payment history, and account-by-account information. For account Payable, you will need the same information as the account receivable. But it will need some extra information. Banks will require the credit references and the information of companies that sell to your business.

Complete Reviewed or Audited Financial Statements

You will need a balance sheet with all the financial statements that include your liabilities, capital, and business assets. Also, you will need your profit and loss statement for three years. If you do not have three years statement, but you have a good credit score and assets to pledge as collateral, then exceptions can be made. It is better to have audited and reviewed statements to boost the possibility. However, it will not help much without collateral and a good credit score.

Financial Details

Final details will include everything such as net worth, social security numbers, asset details, credit card accounts, investment accounts, mortgage, and auto loans. If your business has multiple owners, then the bank will require financial statements from all the owners.

Insurance Information & Copies of Past Returns

The bank will also want your insurance details and the copies of the past returns.

Future Ratio

Some commercial loans will include loan covenants that mean you will have to agree to keep some key ratios such as current ratio, quick ratio, and debt to equity within a defined limit. When your financials will fall below the limit, then you will be in default technically.

These are some basic requirements to qualify for a business loan. Better preparation will make the process fast, easy, and hassle-free.

Finding a Health Care Fraud Attorney

More and more these days, it seems like everyone is trying to get something for nothing. Fraud seems to be becoming rampant, and one of the areas where it is becoming especially prevalent is in health care fraud.

Whether you are an individual that is experiencing it or a health care provider that is the victim of it, you need good representation to defend your case and get the right outcome to make sure that justice is served.

How to Pick an Attorney for Health Care Fraud

First, let’s get into the reasons why a Federal health care fraud attorney may be needed. When the economy is struggling, people or companies try to cut corners and see what they can get away with. An individual may falsify some documents or misrepresent themselves for Medicare claims. A doctor or a physician may break the requirements for Medicaid or Medicare programs.

These are white-collar crimes of a serious nature and require a good attorney who specializes in this area of law to best represent the afflicted party so that they can be protected and get the rightful outcome.

So how do you go about finding the right firm or attorney to represent you? It is very similar to what I talk about here when choosing a personal injury lawyer. The first thing you want to do is reach out to your social network – your family, your friends, your colleagues – and see if they have used these kinds of services before. See if they have any recommendations.

Since this is a less common crime than others, you may not know anybody who has gone through this. In that case, take to the internet and do a Google search for someone in your area who specializes in these kinds of cases. It should pull up a good number of results, and from there you can read their information on their website and also pull up third-party sites that may have reviews of their work from past clients.

After you have a few potential candidates, you need to meet and interview with them. Find out their past case history. Do they have a track record of success? Go into detail about what your case involves, who the parties are, etc. Have they handled a case with these circumstances before? Do they have familiarity with any of the parties, whether it be a particular hospital or insurance company? Their rapport with these parties, as well as experience handling cases such as yours, can go a long way in determining if they will be successful for you.

After you’ve met with a few, go with the lawyer that you feel best embodies all of the above. They know your case, they know the parties in your jurisdiction, and they have a proven track record of winning cases such as yours. Big money is at stake in these types of cases, as well as considerable punishment at a federal level, so it is not something to take lightly or go with an inexperienced representative.

When You Need a Personal Injury Attorney

I have talked in an earlier post about the way to go about finding the best personal injury attorney, but for what reasons would you need one? In this post I will go into detail on the different circumstances you may encounter that lead you look up a legal professional in this field.

When to Hire a Personal Injury Lawyer

It is a question that I am often asked, and there are a lot of different scenarios that would necessitate that you hire a personal injury lawyer. Before I get into that, there are a few things to ask before you go out and spend money on representation. The first thing that you should ask is if the injury is severe enough to bring lawyers into play. If the injury is not major and you have the time and money to go through the insurance claims on your own, you are better off going that route.

If your injury requires medical care, however, or if the pain lasts for more than a few days, then you definitely want to consult an injury lawyer. If you require any hospitalization, physical therapy, rehab, surgery, or anything along those lines, then you will want to have your case evaluated by a professional, especially when the medical costs (both present and in the future) are high.

Another thing that should be asked is if the injury was caused by someone else. If the injury was a result of somebody else’s negligence, you can get representation to prove that the other party was at legal fault. This representation should be secured as soon as possible as to preserve any evidence.

You should also take into consideration whether an insurance company is involved. Insurance companies are notorious for keeping their funds close to the vest and trying to put out the minimum amount of injury claims. Hiring an experienced personal injury attorney can prepare you for that battle to make sure you get the money you are owed or deserve. They can also safeguard you from signing any releases or other paperwork that the insurance company puts in front of you without you knowing what exactly you’re giving away or agreeing to.

Lastly, you should ask yourself whether you truly have a good enough understanding of the settlement process to get the most out of your injury situation. Weigh what you think the settlement would be if you were to handle your own case, versus what you could possibly be receiving with an experienced attorney (minus their fees) and see how they compare. More often than not, it will be more than worth to pay for representation who is better equipped in cases such as these.

I hope you never have the need for this kind of attorney in your life and are always blessed to be kept from danger, but accidents happen. If or when it does happen, now you are more prepared to settle your case the most effective way with these tips.

What to Look for in a Workers Compensation Attorney

In an earlier post, I wrote about things that you should look for when you are in need of hiring a personal injury attorney. Today I’ll be taking a look at another area of law, workers compensation, and the things that you should keep in mind if this is an issue that you are facing and in need of representation.

How to Find a Workers Compensation Attorney

I am fortunate to have a friend that works in this field in South Carolina at the office of W. Blake Cummings, Attorney, and they agreed to share some tips with my readers.

The first piece of advice that they offered when it comes to finding an attorney to best represent you is to seek out recommendations from friends, family, and colleagues. There is no better endorsement than someone who has first-hand experience with a lawyer in this field (or any field), and even more so when it comes from someone you trust. Ask them what they liked and didn’t like about their attorney, and if they would give their endorsement of using their services.

If you’ve exhausted your network and still need a few more potential firms, the internet is your next best resource. You can find many lawyer directories online and many sites where clients can leave reviews where they talk about their experience with that firm or particular attorney. A good place to start is the NOLO lawyer directory. Once you identify a few that you are interested, you can also check out their website to get more information on them. This would include their biographical detail (education, years of experience, past cases and successes) as well as contact information to set up an interview.

workers comp attorney in Spartanburg, SC

Once you have a shortlist of possible attorneys, it’s time to set up some consultations. You should always interview a few different attorneys, rather than go with the first one you find. Treat that first consultation just like an interview. Find out about their history in your area of need, ask for references from past clients that they can put you in touch with.

In addition, pay attention to their soft skills – are they paying attention to you and seem interested? Or are they distracted and you might just be another client and billable hours? You want your case to get the full attention it deserves, and this devotion will be evident during an interview with them.

After you’ve met with a few different potential firms or attorneys, make your decision based on everything you’ve encountered. Go with the one that you feel will be best qualified, in addition to the most dedicated to your case, as well as treats you and communicates with you with the respect and care that your case deserves.

I hope that these tips have been helpful in your search for a workers compensation attorney, and these insights can really be applied to any area of law as well. I’d like to thank my friend for stopping by today to share some wisdom with my readers.

Family Lawyers in Adelaide Give Advice

With the high rate of divorce these days, family law has become huge. That’s why we spoke to some of the top family lawyers in Adelaide to give some advice on what you should look for if you are in need of hiring an attorney in this area. Knowledge is power, and considering the stakes (money, child custody) in these kinds of matters, it’s important to have the right person representing you.

Legal Advice from Adelaide Family Law

The first big thing that they stressed, like I have talked about in other posts on this topic, is to make sure your family lawyer has experience in this area. You want someone who has been around for a while and has seen just about every scenario that has come up and knows how to bring about the best outcome for their client. The wisdom that it takes to settle these matters fairly only comes from having practice in this area for a long time, and exposure to the different circumstances that come up.

You don’t want someone who doesn’t specialize in family law. You’re not looking for a “jack of all trades” who sometimes practices this kind of legal work. You want someone who knows the in’s and out’s of this area of law. They have been there, done that, and can get the most for you.

The next thing that they really pressed on was that you should know your finances going into the dispute. It’s also a good idea to know as much as you can about your soon-to-be-ex spouse’s finances. Most divorce settlements are about money, so the more detailed information you can provide, the more prepared you are to go to battle with your family law attorney. Likewise, if your ex isn’t prepared, it will look that much worse for them and will work in your favor as the relatively more organized one.

Another thing that you should look for, and this will bear itself out in the interview process, is the manner and professionalism of the attorney. Are they patient with you and answering all your questions? Do they return your calls or emails in a timely manner? Do you feel that they will be representing you to their fullest, or do they just see you as some billable hours? You want an attorney who is as invested in the outcome as you are.

I want to think our friends from Australia for sharing some insight on family law. I hope it has been helpful to those of you are in need of this kind of service. Thanks for reading.

Tips for Hiring a Personal Injury Attorney

If you’ve had a mishap that requires that you hire an attorney to make sure you are best represented and gets you the compensation that you are owed, you need to hire the right personal injury attorney. With so many lawyers in this area of the law, how do you go about finding the right one to best protect your interests?

Luckily, just like we did with our tips on hiring a criminal defense lawyer, we are here today to provide you with some tips when an attorney for personal injury is needed. Follow along below and you will get the representation you deserve.

The first thing you are looking for is an attorney with experience. You don’t want someone who is green in this area, taking a stab at their first case. You want someone who has represented hundreds, if not thousands, of clients so they know this area of law inside and out.

They will know how to investigate and assess a claim and properly follow up through all the appropriate channels. They will also know what to look for, and where to look for it, and how it pertains to your case.

Different states have different laws and standards when it comes to statutes of limitations, the assumption of risk, and other factors that are relevant to your case. An experienced attorney who has “been there, done that” will be prepared for anything that comes along and maximizes your case.

The next thing you want is an attorney with reputation. It can go a lot farther than you think. This is an added value because of their relationships with other lawyers, the court system, and insurance companies that they can leverage to get you your compensation fairly and quickly. A good way to get a sense of their reputation is by taking a look at Yelp.

You also want a lawyer who has the proper focus to best represent you. If they are handling too many cases at one time, they may not be fully representing you to the best of their abilities and your case will suffer because of it. A sit-down meeting is best to determine their workload and see the kind of personal attention you will receive.

Another thing to look for is their objectivity. This means that they are coming into the case unbiased and is working for the best outcome for their client, rather than wanting to settle quickly so they can move on to their next client and collect their next check.

Lastly, you want to assess the manner of your attorney. Are they going to be available for you when you have questions? Are they attentive and responsive to your needs? Basically, you want to feel like they are serving you to the best of their abilities and not just seeing you as another source of billable hours.

It can be a daunting task to find the right personal injury lawyer, but keep the above-mentioned tips in mind and you will find the one that is best suited for you.

Tips for Hiring a Criminal Defense Lawyer

Stuff happens in life.  We all face adversity at one time or another.  Whether you are in serious trouble for a legit reason, or have made a big mistake and need to explain yourself, you need to hire a criminal defense attorney you can trust and depend on to represent you and clear your name, and let justice take it’s course.  Today we took advice and notes in a short presentation from a criminal defense attorney Nashville, and hope to convey a message that you can use in life.

When Should You Hire a Criminal Defense Lawyer?

When you get involved in a situation with the law, you need to get all the facts.  Sure, you can learn a lot about law online, and you’ll find that you can cover many bases just doing that, but you need to be sure you get facts regarding YOUR current situation, and you need to know what moves you should make.

A criminal defense attorney can answer questions regarding your exact situation based on facts that surround your case.  If it’s a complex case, you can expect to spend a lot of time on it.  This also means your financial investment could get hefty, but the alternative is what?  Prison, perhaps.

Get the strategic advice you need from someone who is a professional.

How to Know How Much Help You Need

You need to rely on your lawyer.  After hiring them, you need to turn your entire defense over to them.  If you have been accused of something, you need to stop at nothing to clear your name.  It’s not fun, but it’s a fact.

If you need a little – or a lot of advice – that all depends on your situation.  Basically, how bad did you mess up?  How much damage did you cause?  What are you facing?  These are all questions that will be handled by the attorney and things you need to think about when you hire someone.  Don’t skimp – use someone you can afford yet someone who is reputable.

You can search online to see reviews of lawyers. Yelp is a good place to start.

When you see good reviews, dig into them.  Do they have any similarities to your case or situation?

You can also use the NOLO lawyer directory.  That’s a great resource to find legal representation.

Remember, this is your life here.  Don’t roll the dice on it.

Appleton Wisconsin Divorce Attorney Offers Tips

If you are contemplating getting a divorce, there are a few basic things you should know in advance of making this very important decision.  Today we were taking advice from an email interview with a Divorce Attorney Appleton WI.  Please take these tips seriously, as we spent a good amount of time digesting the information for our legal blog.

divorce tips

Relationships aren’t always a walk in the park.

Ten Things You Should Know About Getting Divorced

#1:  Recovery could take a while.

You may need a therapist, support group, or just people who flat out listen to you.  Things will take some time to heal.  Routines, schedules, even social life events, will indeed change with divorce.

#2:  Choose your lawyer wisely.

Use someone who specializes in divorce.  Don’t go with a jack of all trades, master of none legal counsel.  You may regret that decision later, no matter how well they seem to have their act together.

#3:  Look into your finances.

A financial analyst was quoted in saying that 40% of divorces are about money.  Have your information in hand, know your partner’s finances, and be armed with information to get you what you are entitled to.  You can look into hiring a financial planner if you are looking to really dig into a proper settlement.

#4:  Get your living expenses intact.

If you don’t know what your cost of living is, you could be in trouble. Depending on how you make out with your divorce, you may need to downgrade your lifestyle and spend less money on things that you do in life.  Vacations may become a thing of the past, at least temporarily.  Know what you spend, so you know what you need to live the life you want, or desire.

#5:  Look for Unexpected Costs.
You never know what sort of expenses will surface.  Health, maintenance, air conditioning, auto bills, etc.  They can all pop up out of nowhere, so be ready.

#6:  Hurting Your Ex Can Backfire.

Even when you have damning information about your partner, don’t try to use it against them and do anything hostile.  This can lead to a serious backfire and a judge could use that against you if you get to a court of law.  Especially if you have children involved.

#7:  Divorce Isn’t Considered a Failure.

Know that this isn’t a bad thing.  It’s just a relationship that didn’t work out.  Don’t fret over it, just move on and don’t dwell on the past failures.

#8:  The Holidays are Tough.

When you split up, you lose a lot of relationships, and as stated earlier, routines.  The Holidays can be lonely, and a broken home can be something that hurts.  Think about all of that before you make a move that could impact your life like that.

#9:  Kids Behaviors could be Erratic.

This one can be a tough one, knowing that you can’t truly get what is going on inside the head’s of your children.  They won’t understand it if they are young, but as they mature, they will understand things that happen and may be erratic if they don’t fully support it.

#10:  Divorce can be Worth it – Almost Liberating.

If you are a in a bad relationship, getting divorced can be the best thing that happens to you.  If you are in something toxic, you need to move on.  It can be entirely tiresome and be the best move – to move on – and progress with your life.

Bankruptcy Attorney Las Vegas Explains Foreclosure Process

Today we brought in a bankruptcy attorney Las Vegas to explain a topic that many people hopefully won’t have to go through in life:  foreclosure.  The city of Las Vegas has many, many foreclosures, and these guys are well in the know as to how this process works.

What is a Foreclosure?

A foreclosure is a civil law proceeding carried out on a condo or home the owner of which has defaulted on the payments pertaining to the mortgage loan he had obtained. The lender is hence given rights over the property and they may dispose of it and try to get back the value of the loan in whatever way they see fit.

The lender may still have to suffer a loss by selling the property for less than it is worth but usually they regain the full amount more or less. There are certain real estate investors who actually consider foreclosed homes as business ventures and aim to buy houses for less than their market price only to be resold later for a larger price.

Foreclosed homes are marketed so that their chances may be increased of attracting a high bidder and they are sold at public auctions. Despite changes in the market the bank usually asks for the same price that they agreed upon many years ago for a loan. Since the price of the house may appreciate overtime, this just means that the new buyer is getting away with quite a bargain.

The house may be listed on the open market if there are few buyers and the bank will then sell it at a later stage. The home owner cannot get back his house at this stage as the bank has completely repossessed it. The house may stay on the open market listings for several months before it is eventually sold by the bank to a new owner.

Schwartz Flansburg Logo

The previous home owner suffers from bad credit after the foreclosure takes place and he or she will not be given a major loan for at least several years. Unless they can purchase a property in its entirety, they will not be able to move into a house regardless of whether or not they have a family.

There are a few different types of foreclosures and they largely depend on the loan itself and the agreement which was initially struck by the borrower and the bank. If the mortgage was a conventional one than the bank has the full right to take possession of the property and then market it off as its own. If however the loan was secured through some government scheme etc than the relevant state department will take possession of it.

In the case of foreclosures lenders are mainly going to be concerned with recouping as much as they can of the loan they gave in the first place. Their interests lie in getting rid of the house quickly whether it is through a public auction or the open market and they won’t keep the asset unsold for long. This gives investors a good chance to pick up the house at a bargain as long as they are paying around the original loan amount for it.

The major issue that arises with foreclosed homes is that previous home owners willingly damage the house from inside because they are being made to leave it which is why many of these houses may need a lot of fixer uppers.

A foreclosure is a civil law proceeding carried out on a condo or home the owner of which has defaulted on the payments pertaining to the mortgage loan he had obtained. The lender is hence given rights over the property and they may dispose of it and try to get back the value of the loan in whatever way they see fit.

The lender may still have to suffer a loss by selling the property for less than it is worth but usually they regain the full amount more or less. There are certain real estate investors who actually consider foreclosed homes as business ventures and aim to buy houses for less than their market price only to be resold later for a larger price.

Foreclosed homes are marketed so that their chances may be increased of attracting a high bidder and they are sold at public auctions. Despite changes in the market the bank usually asks for the same price that they agreed upon many years ago for a loan. Since the price of the house may appreciate overtime, this just means that the new buyer is getting away with quite a bargain.

The house may be listed on the open market if there are few buyers and the bank will then sell it at a later stage. The home owner cannot get back his house at this stage as the bank has completely repossessed it. The house may stay on the open market listings for several months before it is eventually sold by the bank to a new owner.

The previous home owner suffers from bad credit after the foreclosure takes place and he or she will not be given a major loan for at least several years. Unless they can purchase a property in its entirety, they will not be able to move into a house regardless of whether or not they have a family.

There are a few different types of foreclosures and they largely depend on the loan itself and the agreement which was initially struck by the borrower and the bank. If the mortgage was a conventional one than the bank has the full right to take possession of the property and then market it off as its own. If however the loan was secured through some government scheme etc than the relevant state department will take possession of it.

In the case of foreclosures lenders are mainly going to be concerned with recouping as much as they can of the loan they gave in the first place. Their interests lie in getting rid of the house quickly whether it is through a public auction or the open market and they won’t keep the asset unsold for long. This gives investors a good chance to pick up the house at a bargain as long as they are paying around the original loan amount for it.

The major issue that arises with foreclosed homes is that previous home owners willingly damage the house from inside because they are being made to leave it which is why many of these houses may need a lot of fixer uppers.