Why Should You Form an LLC for Your Business?
Jan. 31, 2019
Many people in the Myrtle Beach area have their own business. Small businesses are the backbone of our economy and offer business owners the ability to grow their own business and operate their business in their own way. When a person forms a business, they may want to form an LLC as well.
Many small business owners understand the advantages of forming an LLC. An LLC is a limited liability company. This means that it forms a structure for the business that is similar to a corporation in terms of limited liability. It is a simpler set up that is easier to establish and maintain. The liability portion allows the business owner to limit their liability in terms of business debts and lawsuits that the business may face. The holdings on the business would not affect a business owner’s personal assets. The other advantage of establishing an LLC is the pass through of taxes. An LLC does not require its own tax return. Business owners report their profit and loss on their own personal taxes.
A legal professional who specializes in business formation can help their client set up their business for success. They can advise their client on legal strategies that can help their business. They understand how to create an LLC to limit a person’s liability, along with other business strategies, including a business succession strategy to keep the business in the family for generations to come.
A small business is important not only for its owner, but also for the residents of Myrtle Beach and North Carolina. These businesses meet the needs of our community and hire the majority of our workers. It is important that small business owners protect these businesses and are given every opportunity to grow.