Episode 5

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Published on:

22nd Mar 2024

Mind Your Business - Why an LLC is good for your business!

Host: Sidney Wheelan

Episode Summary:

This episode explores Limited Liability Companies (LLCs) as a business structure, highlighting the advantages they offer compared to other options like sole proprietorships. Key takeaways include:

  • Limited Liability Protection: Protects owners' personal assets from business debts and liabilities.
  • Operating Agreement: Essential legal document outlining ownership, management, and operational procedures. Seek legal counsel for creating this document.
  • Management Flexibility: Choose member-managed or manager-managed structures.
  • Pass-Through Taxation: Profits and losses pass through to owners' personal tax returns, avoiding double taxation.
  • Simplicity in Operation: Less complex formalities compared to corporations.
  • Flexible Ownership Structure: Can have various member types, including individuals, other businesses, and trusts.
  • Versatile Profit Distribution: Profits can be distributed beyond just ownership percentages.
  • Increased Credibility: Projects a more formal and established image.
  • Ease of Formation: Generally, a straightforward process.
  • Perpetual Existence: Business can continue despite ownership changes.
  • Transferability of Interests: Allows members to transfer ownership.

Important New Law:

The Corporate Transparency Act (effective January 1, 2024) requires most LLCs and Corporations to report beneficial ownership information to FinCEN. Filing deadlines apply.

Contact Sidney for further questions - mail@wheelanlaw.com

Additional Notes:

  • This episode is a great resource for anyone considering starting a business, especially those interested in LLCs.
  • The episode emphasizes the importance of seeking professional guidance for legal and financial matters.


WheelanLaw.com

This podcast episode contains general information for discussion purposes only. Each case is different and must be judged on its own merits. Missouri rules generally prohibit lawyers from advertising that they specialize in particular areas of the law.  This article should not be construed to suggest such specialization. Nothing on this site should be taken as legal advice for any individual case or situation.  This information is not intended to create an attorney-client relationship, and the listening or viewing of this podcast does not constitute an attorney-client relationship.  The choice of a lawyer is an important decision and should not be based solely upon advertisements.

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About the Podcast

Law Days & Lattes
Welcome to Law Days & Lattes, a unique blend of law, business, and a warm cup of wisdom. Your host, Sidney Wheelan, is not just an attorney but also a real estate investor and entrepreneur. This podcast is your one-stop source for legal insights, business strategies, and so much more.

Whether you’re a seasoned professional, an ambitious entrepreneur, or someone seeking guidance, Law Days & Lattes is the podcast for you. We aim to empower our listeners with valuable business strategies and insights into navigating the legal landscape.

But we’re not just about law and business. We believe in living a well-rounded life, so we’ll also touch on topics related to lifestyle, finance, health, fitness, and travel. After all, a well-lived life encompasses so much more. Join us on this journey as we explore the various facets of life over a warm cup of wisdom.

www.wheelanlaw.com

About your host

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Sidney Wheelan

Sidney is a seasoned lawyer with over 25 years of experience in the field of law. Throughout her extensive career, she has worked with a wide range of clients, from individuals to businesses, providing them with high-quality legal representation and counsel. Her exceptional legal skills and dedication to her clients have earned her a reputation as a skilled negotiator and litigator.​​

In 2016, Sidney decided to take her career to the next level by opening her own practice, Wheelan Law -- specializing in personal injury, estate planning and business law. However, she understands that all cases are unique and focuses on providing personalized legal services tailored to her clients' specific needs.

​Recently, Sidney embarked on a new endeavor to renovate the vacant Merrell University building in the historic downtown area of Moberly, MO. The commercial space is now home to Wheelan Law and an assortment of other local businesses.

Sidney is known for her compassionate and client-focused approach to law. Her expertise, professionalism, and dedication to her clients have made her a highly sought-after lawyer in Mid-Missouri.