The decision to open up shop is a big one. Obviously, a strong business plan and adequate funding are both crucial. However, choosing the right type of business entity is also paramount. All small business owners likely consider the protection of their personal assets as a top priority. That’s understandable and strongly advisable. Would a Limited Liability Company (“LLC”) be your best choice?
When you create an LLC as the most suitable form for your business, you are protecting yourself from liabilities and business debts. In the unwanted scenario when your limited liability company gets sued, your personal assets won’t be affected by the court judgment. In plain English, your business will be treated as a separate entity. So, you won’t be personally responsible for your LLC’s liabilities or debts.
All that sounds great, right? However, you should also know there are nuances in the law that pertain to single member limited liability companies. An experienced business lawyer can explain how these laws might apply to your startup as your company prospers.
What Can LLC Lawyers Do For My Business?
Let’s face it. You should not only be concerned about liability but also consider tax consequences. You might decide that you can locate documents online and create your own LLC. However, you put yourself at risk. For starters, working with an experienced business formation lawyer will ensure that you have chosen the correct business entity for your type of company.