The Benefits of Forming an LLC for your Business
Entrepreneurs and other self-employed individuals feel the full brunt of legally setting up and running a business on their own. Not only are they responsible for their own paperwork, such as filing tax returns, but they are also responsible for the debts they assume and their assets. Importantly, should they run into legal trouble, they are in danger of losing everything that they own.
Why Form an LLC?
The best way to remedy the situation is to form a limited liability company, or LLC. LLCs combine a partnership's favorable taxation with a corporation's limited liability. One of the most irritating aspects of starting a business is the discovery that the business owner is taxed twice. Not only are they responsible for paying their individual income taxes, they must also pay taxes on any business profits they accrue. An LLC eliminates this double taxation by allowing the business owner to report profits and losses on his personal income tax return.
Setting Up an LLC
Creating an LLC is actually quite simple. It only takes filing certain documents with the owner's state's filing offices. These documents are called articles of organization. Upon completion of this task, the business owner will receive a Limited Liability Company certificate. This document states that the LLC exists and that it is legally operational.
The Benefits of an LLC
Given the unique structure of an LLC, business owners can save potentially thousands of dollars. The protection from lawsuits alone is worth the decision to file an LLC. The owner is still responsible for running the business in a legal and ethical manner. It is critical that the owner treat the LLC as a separate entity and not as an extension of his personal affairs.
Another unique benefit is the insurance situation that is created. Business insurance can protect the owner's personal assets in circumstances where the LLC's protection fails. To file an LLC may be the only option for individuals who operate in certain industries, especially ones that deal directly with the public. The limited liability company certificate is a shield against the whims of irate lawsuit filers. An LLC is the perfect solution for a small business that wants to think big.
Questions and Answers
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