Benefits of Forming an LLC
Benefits of Forming an LLCThere are many things that you will need to consider when deciding whether to form an LLC, including your business’s needs and your plans for the future.
LLC creates a level of separation between owners and their businesses. This means that if their company were to be sued, the owner would not be personally sued, only the business. Besides, the personal assets of owners in a limited liability company are not on the line if the company were to go into debt. Of course, there are exceptions where a court will pierce the veil and hold owners personally liable, but as long as the business maintains independence from the owners’ finances, you should be safe.
Less Complex Than Corporations
A reason that LLC is often favored for smaller individually run businesses is that they require less paperwork to establish and operate. In contrast to corporations, LLC needs less record-keeping and does not require shareholder or director meetings in the same way that C-corporations or S-corporations do. If you find yourself busy and don’t plan on hiring additional staff to help with paperwork any time soon, you might find this attribute incredibly useful. That said, LLC does require more paperwork than a sole proprietorship or general partnership
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