| If you have been in business for a while, you know | | | | unlimited members, which gives you the flexibility to |
| how important it is to choose the right structure for | | | | expand your business when you need to. Best of all, |
| your venture.. Your goal should be to think long-term, | | | | the owners don't have to be U.S. citizens or even |
| and at the same time protect yourself against lawsuits | | | | residents. |
| and other liabilities. There are many business-structures | | | | A limited liability company does not have too much |
| to choose from, but some come more legal | | | | paperwork to fill out. You always want to check out |
| requirements while others provide you with less | | | | with your state and local offices to find out if there are |
| flexibility to grow your business. | | | | any requirements. A few cities require you to get a |
| Limited liability companies are great for small business | | | | license to operate. But that's a one-time affair and |
| and start-ups. They are very easy to form, and you | | | | won't cost you too much. With your limited liability |
| won't have to worry about too much paperwork | | | | company, you won't have to hold meetings or report |
| (depending on your state). In some states, you don't | | | | minutes. And if you prefer, you can report your profits |
| even have to file an annual report. LLC protects your | | | | and losses on your personal tax return. |
| personal assets. Whether you are a blogger or own a | | | | Forming a limited liability corporation is not right for |
| small shop, you could always get into financial trouble. | | | | everyone. If you don't own a business, there is no |
| Wouldn't it be nice if your personal assets were | | | | reason to hurry. There will be fees, and you need to |
| off-limits? As long as you keep your LLC compliant, | | | | state compliant with your state's and city's laws. If you |
| you won't have to worry about losing your personal | | | | are in very early stages, you may want to hold off. But |
| assets if you are sued. | | | | if you have a clear business plan and ready to take |
| Forming your LLC allows you to register and protect | | | | your business to the next level, a limited liability entity is |
| your business name as well. That option is not | | | | a good start. |
| available to a sole proprietor. You can also have | | | | |