Monday, August 17, 2009

Should You LLC It?

As we head off into an economic expansion period, after this rather harsh recession many people will be starting their own business, or their businesses will start making a lot of money. It makes sense to shield your personal assets from potential litigation, and risks. Therefore, it might be wise to start thinking about setting up a limited liability company. Generally, you can start in LLC for under $1000, and usually not more than $2000 depending on the state. Each state also has some fees on top of the money you pay to your attorney for setting it all up.

This is a very small price to pay for the amount of personal liability that you can shield yourself and your family from in case of a lawsuit. Limited liability Companies do come with some responsibility, such as you must maintain your minutes, do your meetings, and pay the fees to the state each year. Still, it is a very wise idea and even though I'm not personally an attorney, and this is not legal advice, from personal experience it is the way to go in my opinion.

Why not find a local business attorney and see about setting up an LLC for your business? Even if you run a small company or do business on the Internet you still should look into it. The time to start a limited liability company is before a lawsuit, because once a lawsuit is filed it won't help you and it's too late to set anything up at that point.

When I advise small businesses who are just starting out, I always recommend that they go talk to an attorney and accountant and give them the rundown of exactly what they are doing and I tell them to ask their attorney about setting up an LLC. Maybe you should consider this as well. Please think on it.

Lance Winslow - Lance Winslow's Bio. Lance Winslow is also Founder of the Car Wash Guys, a cool little Franchise Company;

Note: All of Lance Winslow's articles are written by him, not by Automated Software, any Computer Program, or Artificially Intelligent Software. None of his articles are outsourced, PLR Content or written by ghost writers. Lance Winslow believes those who use these strategies lack integrity and mislead the reader. Indeed, those who use such cheating tools, crutches, and tricks of the trade may even be breaking the law by misleading the consumer and misrepresenting themselves in online marketing, which he finds completely unacceptable.

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