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.
Running a small business involves many considerations. Among them is the decision about what types of payments you will accept for your goods or services. At some point, many businesses decide to extend credit to their customers to facilitate sales.
You are starting up a new business. What legal form should your business take? That legal form will depend somewhat on the nature of your business and the number and profiles of the owners. The following are general considerations for which you should consult your attorney and your accountant.