Legal Armor: How an LLC Can Protect Your Wealth and Limit Liability
Business faces unique challenges that could have an impact on your wealth. Protecting your assets requires structuring your business to reduce the risks. One of the most effective tools for doing this is a Limited Liability Company (LLC). It offers business owners increased flexibility and protections, making it a popular choice. Here are some insights on LLCs and how they can benefit your business.
The Benefits of an LLC
An LLC is a structure that combines the protections of a corporation with the tax benefits and flexibility of a partnership. It is a progressive entity that offers numerous benefits for business owners.
Limited Liabilities
One of the most popular features of an LLC is the protection it offers for the owners’ (members’) personal assets. It is a separate legal entity and gives you safeguards against lawsuits and debts.
Favorable Taxation
LLCs have favorable taxation, known as pass-through income. The profits are not taxed on a business level but pass through to the members. The members report them on their personal income tax returns. It avoids the double taxation that corporations have and lets you keep more of the profits.
Simplicity
LLCs have fewer compliance requirements than corporations. These are attractive for start-ups and small businesses that want less paperwork and fewer formalities, such as having annual meetings.
Improved Credibility
LLCs improve your business’s professionalism and credibility. It is easier to attract customers and investors by showing the LLC designation at the end of your business title.
Profit Choices
Setting up an LLC in Texas allows you to use a federal tax structure. It lets you operate as a corporation or partnership.
A skilled LLC attorney in Texas will help create these entities for your business. The attorneys at the Weisblatt Law Firm have years of experience working with LLCs. We will explain the benefits and how they can help your business.
Contact us at (713) 666-1981 to schedule your free phone consultation with a skilled LLC lawyer. We will review your situation and discuss how an LLC can benefit you.
How to Form an LCC
LLCs are a flexible business structure that allows you to create a business and receive the maximum protection. Forming an LLC requires the following specific steps.
Name Selection
The first thing we do is select a compliant and unique name for your business. The name must meet all legal requirements and not be used by another business. In Texas, the name must include the abbreviation LLC or Limited Liability Company after the business’s name.
Choosing a Registered Agent
A registered agent is the entity or person who accepts all legal documents on behalf of your business. The agent must have a physical address in Texas and be available during business hours to receive all legal documentation.
Filing the Articles of Organization
Formally establishing your LLC requires filing the Article of Organization with the Secretary of State. It details the members’ names, addresses, the purpose of the business, and the registered agent.
Creating an Operating Agreement
An operating agreement is recommended but not required for LLCs. It details the ownership percentages, structure, and rules of the company. It helps prevent issues, misunderstandings, and legal challenges. Your business runs better by having an operating agreement that outlines all contingencies.
We recommend speaking with a skilled attorney about your situation. LLCs offer numerous advantages, and we will help you to maximize them.
How an LLC Can Protect Your Wealth
An LLC protects your wealth through the unique benefits it offers, such as:
Estate Planning
An LLC lets you pass on your interests in the business to your heirs and not expose them to the business’s liabilities.
Asset Protection
Your assets — such as investments, savings accounts, and real estate — are protected against litigation.
Limited Liability
An LLC allows you to segregate your assets from those of the company. In the case of legal action or sizable debts, your assets are safe from being seized.
Protection of the Members
Most LLCs have multiple members, and your liability is protected against deceitful actions from co-owners.
Professional Protection
Professionals such as lawyers and doctors benefit from this structure. For example, if a patient sues a doctor, their assets are less vulnerable to claims made against the business.
We recommend speaking with one of our skilled attorneys about setting up an LLC. We will review your situation and discuss how an LLC could be beneficial.
Why Choose Us?
The attorneys at the Weisblatt Law Firm offer clear and objective legal advice. Working with us helps you realize numerous benefits, including:
Experience
Our team of attorneys has years of experience establishing and working with LLCs. We will use this experience to guide you and ensure maximum protection.
Knowledge
We practice business law and focus exclusively on these areas to ensure you get the maximum benefits. We offer practical legal advice and will guide you through this process. Our team is ready for any possible risks and will help you realize the benefits of structuring your business using an LLC.
Texas Based
The Weisblatt Law Firm is based in Texas, and we understand your challenges. You will always work with an attorney who shares your views and offers comprehensive legal advice. We are current on all local, state, and federal laws to give objective legal advice.
Communication
Our team of skilled attorneys listens to what you say, and we return your emails, messages, phone calls, and texts. Your attorney is happy to answer your questions and update you. We make things easier so you can relax by knowing you are working with skilled professionals who care.
Community Focused
Our attorneys believe in giving something back to the communities we serve. We support different causes, such as the Diabetes Walk. You see us in the community, volunteering to make it a better place.
Contact us at (713) 666-1981 to schedule your free phone consultation with a skilled attorney. We give you objective legal advice and will explain how an LLC could help your business.
Attorney Andrew Weisblatt
Mr. Weisblatt has practiced continuously since becoming licensed in 1992 and has represented businesses ranging in size from one person start-up ventures to multi-national corporations employing hundreds of people in multiple countries. From 2005 through 2009 Mr. Weisblatt was in-house counsel and chief operating officer of a multi-national corporation in the steel products industry. That in-house position provided valuable insight into how businesses work and what they actually need from their lawyers – both in-house and outside counsel. Attorney Bio
