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Do business the right way and protect your hard business : Benefits of forming an LLC
A limited liability company, better known as an “LLC,” is like a corporation in that it is set up to be its own separate legal entity. This allows it to conduct business under its own name and have its own tax identification number and bank account.
How Having an LLC Can Protect You
One of the most important benefits of setting up an LLC is that whomever owns it (the members), are “limited” in their liability. This means that they cannot be held personally financially liable, under most circumstances, for the liabilities or debts incurred by the LLC.
For instance, if an LLC has to declare bankruptcy, the members who own the LLC are typically not forced to pay off the debts of the LLC with their own personal funds. If the LLC does not have sufficient assets to cover its liabilities and debts, the creditors are usually not able to turn to the members for payment. The reason is that the debt was incurred by the LLC, not by the owners of the LLC.
Benefits of Having an LLC: It’s Easy to Set Up, Flexible and Scalable
LLCs do not have to follow the same strict rules of corporations, yet they offer many of the same benefits. You can have a small one-person business or employ hundreds of workers and your LLC will protect you just the same and allow you to expand and grow your business. When you have an LLC you do not have to conduct special meetings, do a lot of corporate record-keeping or follow many of the formalities required of corporations. Limited liability companies are able to exercise some flexibility in terms of taxes because there are many different options so owners can develop a tax plan that benefits them.
This level of protection, flexibility and ease of use makes setting up an LLC a highly practical option. Many small business owners appreciate the benefits, which makes LLCs very popular in the United States.
A limited liability company, better known as an “LLC,” is like a corporation in that it is set up to be its own separate legal entity. This allows it to conduct business under its own name and have its own tax identification number and bank account.
How Having an LLC Can Protect You
One of the most important benefits of setting up an LLC is that whomever owns it (the members), are “limited” in their liability. This means that they cannot be held personally financially liable, under most circumstances, for the liabilities or debts incurred by the LLC.
For instance, if an LLC has to declare bankruptcy, the members who own the LLC are typically not forced to pay off the debts of the LLC with their own personal funds. If the LLC does not have sufficient assets to cover its liabilities and debts, the creditors are usually not able to turn to the members for payment. The reason is that the debt was incurred by the LLC, not by the owners of the LLC.
Benefits of Having an LLC: It’s Easy to Set Up, Flexible and Scalable
LLCs do not have to follow the same strict rules of corporations, yet they offer many of the same benefits. You can have a small one-person business or employ hundreds of workers and your LLC will protect you just the same and allow you to expand and grow your business. When you have an LLC you do not have to conduct special meetings, do a lot of corporate record-keeping or follow many of the formalities required of corporations. Limited liability companies are able to exercise some flexibility in terms of taxes because there are many different options so owners can develop a tax plan that benefits them.
This level of protection, flexibility and ease of use makes setting up an LLC a highly practical option. Many small business owners appreciate the benefits, which makes LLCs very popular in the United States.
