The Social Security system is in place to help us through difficult times. Unfortunately, there are some instances in which the system makes our lives even more difficult than they need to be. The day I received the denial letter for my claim, I wasn't sure what I was going to do. After talking with a few friends, I contacted a lawyer. That was the best decision I had ever made. Even with the professional assistance, getting the denial overturned and getting the money that I was owed took several months. I have kept a clear journal of my experience and loaded it with information that can help others get through what can be an impossible time.
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Social security denial - a journal of assistance
Understanding Some of the Best Benefits of Starting an LLC
Alexis Garcia
If you are starting your own business, then you will be faced with a wide variety of decisions and challenges. Some of the most basic decisions involve setting up your business correctly to protect your own interests, rights, and monetary investments. If you are serious about protecting yourself, then you should work with a corporate lawyer to set up a limited liability company (LLC). If you want to know about some of the benefits of an LLC before setting one up, then keep reading.
Liability Protection
As the name suggests, an LLC provides limited liability coverage to all members or partners of the company. This same protection is similar to what is offered with a corporation. However, the owner or owners of the company place business profits on their own tax returns. Specifically, the business itself is not taxed, but the profits made by each owner of the business are taxed.
One of the main advantages of having an LLC instead of a privately owned business is that you are protected from business losses. In other words, you are not directly or personally responsible for the debts of the company. For example, if you acquire a business loan to start your business and cannot pay back the loan, then your personal bank accounts, house, car, and other property are protected. However, all business assets, like your machinery, products, computers, warehouses, commercial vehicles, and offices are not protected. These things are often sold off to pay debtors if a business loan is forfeited.
This means you will not personally go through the bankruptcy process if debts are not paid, but the business will. The bankruptcy will dissolve the LLC directly, and so will certain situations like the death of one of the partners or a partner leaving the business. You cannot be directly sued for any debts left over after the sale of property and the resolution of the official bankruptcy process. Since the risks of financial loss are reduced greatly by the limited liability, an LLC is often chosen over sole proprietorships.
Fewer Business Requirements
Corporations must follow specific guidelines and requirements to lawfully remain a corporation. If requirements are not met, then the business can face a wide variety of fines. For example, an S corporation will be forced to pay the IRS fairly large penalties for each month that business taxes are not paid on time. If you have an S corporation, you will need to pay the IRS $195 a month multiplied by the number of shareholders in the company. If you have 10 shareholders, then the fine will be $1,950 a month. This number can be incredibly high if you cannot pay taxes.
Fortunately, the LLC will have fines that are much smaller, and fines may not be required at all depending on how taxes are filed. Also, there are a variety of other regulations that your LLC will not have to follow. These requirements are different from state to state. For example, if you have an LLC in New York State, you will not need to take records of committee and director meetings. You will not have to come up with a comprehensive account record or a biennial report. Records of shareholders and their addresses are not a concern of yours either.
Having reduced regulations and requirements means that you may need fewer employees and also fewer meetings and less complicated filing and recordkeeping systems. This can be a great advantage for a business that is just starting out.
If you want to start a business, then an LLC has many advantages that you should look at. A corporate lawyer, such as one from Carter & West Law, can help you set up an LLC and can also explain all of the benefits and drawbacks of the business type to you in detail.
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