What is a Limited Liability Company and Why Do You Need One? (Hint: It’s in the Name…)
Darryl lost his job recently when his employer cut its workforce in half.
And he couldn’t be happier.
He’s ready to scratch his entrepreneurial itch and realizes that there is no such thing as a “secure” job anymore. This was the push he needed to finally do it. Darryl is ready to start his own business.
Darryl knows that there are many different issues to consider when choosing the best business entity. His biggest concern is protecting himself from liability.
A Limited Liability Company (LLC) protects owners by limiting personal liability. Debts and obligations of the LLC belong solely to the LLC.
Darryl’s personal assets are protected from any of the LLC’s debts and liabilities.
In many ways, the LLC provides the same liability protection found in corporations. However, a LLC also provides these advantages:
1. Fewer formalities than with a corporation (for example, an LLC is not required to have annual meetings or keep written minutes of its proceedings).
2. Pass-through taxation (the LLC is not required to file its own tax return).
3. Fewer restrictions on ownership.
Bottom line: a Limited Liability Company (LLC) provides substantial flexibility. It combines the liability protection of a corporation with the tax treatment of a sole proprietorship or partnership.
For these reasons, Darryl decided a LLC is right for him. At Wyman Legal Solutions, we love helping people like Darryl realize their dreams of business ownership. We help clients choose the proper corporate structure and help them make sure it is set up properly.
Call us today to help you set up your Florida LLC! (561) 361-8700