Solutions of Mike's Tactical Security

Freshman (College 1st year) ・Business ・APA

Mike's strategic defense technologies are security-based companies that provide a wide variety of customized security systems for enterprises, residences, places, and public or executive events. The corporation aims to specialize in delivering these services at affordable rates. Mike's organization understands the basics and provides options under budget limits. Any of the facilities available are video surveillance, volunteer police, search dogs, etc. This is a limited liability corporation that acts as a conventional partnership. A limited liability company distributes income to the partners after reporting it on individual income tax returns but still protects the partners from liability from the company’s debts unless it establishes a separate corporation where owners assume all responsibility for the business debts. This choice is the most preferred for new ventures because the firm may be treated as a sole proprietorship or a partnership for tax purposes. The owners of the business are called members, and they equate to stockholders in a corporation or a limited partners in a limited partnership.

Advantages of a limited liability company

As long as the members are not committing criminal offenses, owners of a limited liability company are not responsible for the company’s debts or lawsuits. Limited liability companies’ profits go directly to its owners. They then report their share of the benefits on individual tax returns, so they are taxed only once unlike in a C-Corporation where profits go through double taxation because the tax is paid before distribution and after all owners report their share profits. The simplicity of a limited liability company makes possible to form the business quickly with little paperwork. Limited companies do not have to assign formal officer roles, hold annual meetings or record label's minutes and resolutions. Limitations engaged in this process of business are few so that an individual can be a single or a double member in the firm. Also, it is possible for a company to elect and get taxed as a corporation.

Why other Types of Business are Unsatisfactory

Unlike in limited liability companies, sole proprietorships handle all the profits and losses alone. Also, sole proprietorships do not protect assets like the way limited liability companies do. Limited liability companies are so much better because in limited partnerships protection is only offered to some partners that are only to those limited partners. Compared to corporations limited liability companies have less tedious corporate formalities and better tax flexibility.

Disadvantages of Limited Liability Companies

Unlike corporations that can generate capital through issuing of stocks, limited liability companies have to work harder and find investors and money. Besides the legal obligations that are involved in adding members to the limited liability company make it harder for it to get funds. The fees involved in filling for limited liability companies are steeper compared to some other types of business like partnerships and sole proprietorships. Because of government regulation, most businesses are unable to file businesses as limited liability companies. So some businesses like hospitals, insurance companies, banks, etc. may fail, but this all vary from one state to another. Besides taxation, lack of case law makes it hard for limited liability companies to protect themselves because it is a new concept and not a lot of case law exists to help businesses protect themselves.

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