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Is An LLC Right For Me

To answer the question is an LLC right for me let's start by explanining what it is. It's A limited Liability company that is set up to conduct business. Limited Liability Company’s are setup up to protect the owner from personal liability related to the business. The company becomes its own entity and has the ability to sue and to be sued. I’m going to tell you about some of the legal requirements of setting up a Limited Liability Company and the benefits as well as refer you to experts that can help you along the way so you don’t have to feel nervous about protecting yourself and your business. I will talk about business loans and the requirements to get a business loan.

Incorporation's, LLC's and More!

Legal Requirements of a Limited Liability Company

To set up a Limited Liability Company you will need to complete the following:

Choose and available name
File articles of incorporation and pay the filing fee usually from $500 to $800
Create an operating agreement which outlines the responsibilities of the members
Somes States require you to publish notice of intent to form a Limited Liability Company
Obtain licenses and permits required for you business

Benefits of LLC

The Limited Liability Company provides limited liability for the members by protecting their personal assets form lawsuits. Taxes are passed through to the member’s personal taxes thus avoiding the double taxation that corporations are subjected to. The Limited Liability Company is good for estate planning purposes because you can break it up into units and issue it to your heirs as you wish. That's why when people ask me is a limited liability company right for me I usually tell them yes.

Credit and Your Limited Liability Company

Of course it would be nice to have all of your credit granted to the Limited Liability Company and only the Limited Liability Company but the reality is until you have been in business for an extended period and have established a good credit history you will have to personally guarantee all loans. However, once you have established a credit history you will be able to get credit in the name of the entity and you will be personally protected from your creditors.

Uses of A Limited Liability Company

You can use your entity to start an online business that will provide you the desired protection for you personal assets.
You can set up your Limited Liability Company in Maryland, Florida, Colorado, California or any other state you prefer.
You can set up a savings and checking account in an Limited Liability Company.
You can set up a Limited Liability Company for a consulting job or business.
You can set up an investment Limited Liability Company so you can treat your investments as a business.
You can set up a LLC for your band to protect yourself.
You can set up a holding company to manage other companies. So to answer the questions is an LLC right for me visit our legal page.

SBI!