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Limited Liability Corporations
What is limited liability?
Limited liability means that the owner of the business is not personally liable for the debts or obligations of the business. Choosing the correct business formation can help protect your assets in the case of debt, a lawsuit or a claim against your business.
How long will it take?
You are organized as soon as the Articles of Organization are filed with the Georgia Secretary of State. Generally, you will have all of the documentation and have your LLC set up in around three weeks.
Prior to filing the Articles of Organization, there are three things that need to be finished. First, the availability of the corporate name must be verified by the Secretary of State. Second, your approval of the Confirmation of Order is needed. (This step is quicker if you provide us with a fax number and respond as soon as possible.) Third, payment must be filed via check or credit card.
Obtaining a Federal Employer Identification Number
You obtain a FEI number by completing an SS-4 application and faxing or mailing it to the IRS as soon as possible as the final approval of the corporate name by the Georgia Secretary of State.
If you are organizing an existing business you will need to apply for a new number, however, if you are forming an LLC from an existing partnership, you can use your current FEI number.
Should I incorporate or set up an LLC?
There are advantages to both business structures, and owners should carefully consider what will be most beneficial to their business before reaching a decision. Keep in mind that LLC owners can elect for the IRS to tax the business as a sole proprietorship, partnership, or C or S corporation.
Advantages of an LLC:
- No limit on the number of owners
- Profit and loss are passed through the owner’s individual tax returns
- No annual meeting or minute book requirements
Disadvantages of an LLC:
- Cannot issue stock
- Cannot engage in corporate income splitting to lower tax liability
Advantages of a Corporation:
- May issue shares of a stock to attract investors
- Corporate income splitting may help lower overall tax liability
Disadvantages of a Corporation:
- Double taxation of corporate profits and shareholder dividends
- Must hold annual meetings and record minutes
- S Corporations have restrictions on the number of owners
Georgia Areas We Serve
Coleman Legal Group, LLC handles cases in the following cities and communities: Atlanta, Alpharetta, Roswell, Johns Creek, Milton, Cumming, Marietta, Sandy Springs, Woodstock, Kennesaw, Gainseville, Norcross, Lawrenceville, Midtown, Inman Park, Duluth, Buckhead, Dunwoody, Vinings and Smyrna.
Our attorneys frequently handle cases for clients residing in the following counties: Fulton, Gwinnett, Forsyth, Cobb, DeKalb, Henry, Cherokee, Douglas, Carroll, Coweta, Paulding, Bartow, Hall, Barrow, Walton, Newton, Rockdale, Henry, Spalding, Fayette and Clayton.
Coleman Legal Group, LLC’s Georgia lawyers practice in the areas of Business Law, Divorce, Family Law, Immigration and Bankruptcy. We have two convenient offices located at:
Alpharetta Georgia Office
5755 North Point Parkway
Alpharetta, GA 30022
Atlanta Georgia Office
659 Auburn Avenue Northeast
Atlanta, GA 30312
Copyright © 2013 | Coleman Legal Group, LLC | All Rights Reserved. Coleman Legal Group, LLC • 5755 North Point Parkway, Suite 52 • Alpharetta, GA 30022 • 770-609-1247 DISCLAIMER: The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation.
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