Does my business really need one?
Have you ever wondered… do I need an LLC for my business? Don’t worry, we are here to help. An LLC stands for “Limited Liability Company”. An LLC is mainly setup to protect the members’ personal assets and keep them separate from the business’s creditors.
What does that mean exactly? Here’s an example: Let’s say your business were to be sued or have unpaid creditors due to some unforeseen circumstance. If you don’t have an LLC, then lawyers and creditors can come after your business assets PLUS your personal home, bank accounts, and other personal assets. By having an LLC in place, your personal assets can be protected. Even if something happens to your business, your personal assets are safe.
Protecting your personal assets means everything to you and your family, and creating an LLC has even more benefits. When we create your LLC, we also help build the structure for your business. First, we register your name with the state. Did you know two business entities can’t have the same name in the same state? Next, we create your LLC by choosing a registered agent, filing Articles of Organization, and creating an Operating Agreement. Finally, your CPA or our office can obtain an Employee Identification Number that you will use for tax purposes. Have you ever had to use your Social Security Number for your paperwork on your business? With an EIN
number, your SSN is safe and you no longer use it on documents that can end up in the wrong hands.
These are just a few small pieces of an LLC. At 417 Business & Elder Law, LLC, we are well versed in state law and can provide you with expertise to create your LLC and ensure that the specific legal issues that impact your individual business are addressed. Call us today to set up an appointment!