Congratulations, you want to start a new business and have great ideas and financial backing. You’re ready to get started, but have you thought about protecting yourself financially from liability, taxes, and other perils or contingencies that a proper business organization can help you with?
Anyone who owns rental properties has probably thought about using an LLC to manage them. Property owners see this as a way to insulate themselves from liability, and to keep their business operations separate from their personal matters.
When you operate a business, it is critical that you choose the right business structure. This decision will have significant consequences on the future success of your company. In general, the type of structure will affect the way you operate on a daily basis and both your tax and personal liability. Many business owners opt for an LLC as a compromise between the two other common designations. See why this can be a benefit or disadvantage depending on your circumstances.
You may have started a business with the best intentions in mind. Unfortunately, the business world is risky and unpredictable. A lot of new companies fail to make it. When this happens, you need to have an exit strategy in place. If you started your business as an LLC, there are some important steps to take in the legal sense. Learn what you need to do to dissolve an LLC when you decide it's time to close up shop.