LLC Protection & what it means!
Let’s talk about LLC protection & what it means. Hello, this is your LLC Guru, welcome to our site. We help regular people get their own LLC’s quickly, inexpensively, and with confidence! If you need an LLC, you are in the right place – we can help you get your own LLC in about 10 minutes!
Before we talk about my opinion of the protections an LLC offers I want to make it clear that I am in no way giving legal advice here!
One of the main reasons people set up LLC’s for themselves or their business is because of PROTECTION. In today’s litigious society you do not want to be doing any kind of business at all without some type of protection.
The way that an LLC protects you, in general, is that in the eyes of the law anyway, it separates you from your business. Let’s look at a hypothetical example….So let’s say that your business gets sued by an individual….if you are a sole proprietorship then it’s YOU who will be on the hook! Without an LLC you ARE the business. It is possible you could lose your assets, including your, savings, vehicle and home in the lawsuit.
IF however, you had set up a simple LLC, then in most cases your personal assets are out of reach as far as the lawsuit is concerned. See, your business would be the one being sued since it was the business that triggered the lawsuit.
As far as the court is concerned, there is YOU and there is your LLC and they are two separate things or “entities”. YOU don’t get sued your LLC does and you are separate. This is an incredible advantage that is so easy to get that most people would be very foolish to continue to do business with the public without having an LLC in place.
A corporation offers protection but is much more complex and expensive to operate. The fact is that an LLC is usually the best choice for most small businesses. We have a page on our site explaining the current State fees to start and operate an LLC in each state. Most are very reasonable. See our site to know the cost to open and operate an LLC in your state!
To sum this all up, an LLC offers INCREDIBLE protection for business owners from tiny one person shops to huge companies…did you know IBM and NIKE were formed as LLC’s?
If you are dealing with the public and don’t have an LLC or other protection we urge you to protect yourself ASAP. If anything ever comes up for your business, you’ll be VERY glad you took the 10 minutes or so it takes to protect yourself and your family!
In my next post, we will unpack more details about LLC’s. If you are considering an LLC, please check out some of my other posts here on this site or our videos on YouTube so you can learn more helpful information about LLC’s and how to use them to protect yourself in business.