Georgia Llc Benefits

State:
Georgia
Control #:
GA-00PLLC
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Description

The Georgia LLC benefits document outlines the advantages of forming a Professional Limited Liability Company in Georgia, particularly for state-licensed professionals. Key features include limited liability protections for members and managers, allowing them to avoid personal liability for the company’s debts. The document provides detailed filling and editing instructions, including guidelines for completing the Articles of Organization and Transmittal Forms, as well as information on reserve name requirements. It caters to a variety of target audiences such as attorneys, partners, owners, associates, paralegals, and legal assistants by ensuring compliance with relevant Georgia laws. Specific use cases highlighted include rendering professional services while complying with licensure requirements, and the potential tax benefits associated with LLCs classified as partnerships. Moreover, instructions for obtaining necessary tax identification numbers and establishing business operations are clearly delineated. Overall, the document serves as a comprehensive guide for individuals looking to navigate the formation process of a Professional LLC in Georgia.

How to fill out Georgia Professional Limited Liability Company PLLC Formation Package?

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FAQ

How Are Georgia LLCs Taxed? Members of Georgia LLCs pay state income tax and the federal self-employment tax of 15.3% (12.4% for social security and 2.9% for Medicare). Single-member LLCs (SMLLC) are taxed as sole proprietors (aka ?disregarded entities?) by default, whereas multi-member LLCs are taxed as partnerships.

Tax Advantages Under this system, the LLC does not incur any federal taxes or corporate taxes. Instead, the income and expenses are directly reported on the owners' personal tax returns, with only personal income tax being paid on profits.

The corporate Georgia LLC tax rate is six percent of Georgia taxable income. It is payable by the LLC if C corporation status is elected, and by the members if S corporation status is elected. The net worth tax is also assessed, if the net worth of the LLC is more than $100,000.

Contents Get documents and records in order. Get an employer identification number. Open a business bank account. Register your business with your state and obtain a seller's permit, if needed. Obtain local business licenses. Open a merchant account. Visit an accountant. Get legal guidance and insurance.

Create & File Registration Visit the Secretary of State's online services page. Create a user account. Select ?create or register a business?. ... Fill out the required information about your business entity (listed above). Pay the $100 filing fee by approved credit card: Visa, MasterCard, American Express, or Discover.

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Georgia Llc Benefits