(303) 268-3991

Law Offices of E. Christopher Lang P.C.  

Limited Liability Corp.

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Limited Liability Companies (LLC):


Are another very popular entity for small business owners today. The provide the same Liability protection as a Corporation. They also have the same requirements that you must hold yourself out as an LLC to the public via your business cards, letterhead, invoices and telephone adds. Limited Liability companies are also a flow through entity. They are required to file a tax return, generally a form 1065. Limited Liability Companies closely resemble partnerships. They can have managers who run the company on a day to day basis. They also have members. These are the persons that own the Limited Liability Company. Limited Liability Companies are generally more flexible than “S” Corporations. They can send profits and Losses out to the partners in accordance with the operating agreement. Therefore your ownership does not necessarily reflect the amount of profit or loss that you may receive from the LLC on an annual basis. These amounts/distributions can also be changed on an annual basis. The operating agreement is similar to a partnership agreement and sets forth all of the rules of operation for the LLC . However, all the income earned by the Limited Liability Company is subject to self employment tax and as such the tax liability of an LLC is generally higher than that of an “S” Corporation depending on the type of income earned by the entity (eg. Ordinary vs. Passive Income). Limited Liability Companies are a great conduit for passive income so that it retains its passive income classification therefore they are commonly used as the entity for Rental Properties.
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Your Limited Liability package includes the following items:

  1. Articles of Organization
  2. Operating Agreement
  3. Obtain Tax identification number
  4. Colorado Business Registration Form
The legal fees to set up a Limited Liability Company are also $800.00 plus the current filing fee which is $50.00. Therefore, your total out of pocket cost to set up a Limited Liability Company is $850.00. Any type of extraordinary language in the operating agreement would require a separate charge based on its complexity.
 
We can put together either of these two entities in one week from receiving your completed application attached hereto as well as payment in full. We accept personal checks, Visa, Mastercard, Discover and American Express.