There are many important tasks involved in owning and operating a small business. The day to day duties involved in operating your business may be confusing and overwhelming at times, but some decisions can be very important to the long-term success of your business venture.
As a small business owner, you may have asked yourself, “How important is an LLC?” If you have already decided on this task, you may have wondered how to get an LLC. The following paragraphs are designed to provide small business owners such as yourself with the proper definition of LLC, as well as answer the question, “How important is an LLC?”
If you are a small business owner who has decided to take this step, we will also provide you with useful information on how to get an LLC initiated for your business.
LLC stands for limited liability company . An LLC is a business structure in which the individual members of a company cannot be held liable on a personal level for any of the company’s debts. An LLC can be described as a unique business structure that combines certain traits of a corporation with specific traits of a sole proprietorship.
An LLC is a business structure in which the individual members of a company cannot be held liable on a personal level for any of the company’s debts.
An LLC is the least complex of all the types of business structures and provides the most flexibility in terms of perks and benefits.
How Will an LLC Help Your Business?
Now that we know the definition of an LLC, why is an LLC important to your business? Well, having an LLC in place can provide many benefits. The following is a brief list of a few of the perks associated with an LLC .
- You do not need to file a corporate tax return. You avoid issues with double taxation since all owners file their own individual tax returns annually.
- Owners do not need to be US citizens or permanent residents to qualify for an LLC.
- Owners have limited liability protection from business debts and similar financial obligations related to the operations of the business.
- An LLC gives your business enhanced credibility in terms of partnerships and relationships with lenders or suppliers.
Should You Get an LLC?
Why is an LLC important to the overall functioning of your business? Aside from the benefits listed above, an LLC provides your business with enhanced protection from losses and liability while still offering the most flexibility. An LLC is much less confusing and overwhelming than the structure of a corporation but comes with many unique benefits that most business owners appreciate.
How To Get an LLC
There are several steps involved in setting up your LLC for your business. This process normally involves the preparation of several legal documents that are later filed with the Secretary of State on your behalf. If you are in need of legal assistance with setting up an LLC for your business, please contact our offices today.
Making important decisions about the daily operations of your business is an important task you are all too familiar with. While some decisions can be taxing and overwhelming, deciding on a proper structure for your business shouldn’t be one of them. The professional and friendly legal team at Platinum Paralegals is here to assist you with setting up your LLC and establishing a proper business structure to ensure your continued success.