All About LLCs

The FI Planner

Is an LLC the best structure for your business? While an LLC is like a corporation in many respects, it is distinct from you as an individual. This week’s episode builds on last week’s discussion on choosing the proper legal entity for your business.

Taxation and the level of liability protection always influence an entrepreneur’s choice in selecting a business structure. Andrew and I explore the benefits of forming an LLC and the standards that you must meet in order to maintain the LLC’s viability and legitimacy.

In this episode, listen for

• Establishing an LLC will allow you to set yourself apart from your business activities. [5:06]
• Guidelines for forming an LLC, especially if there’s the possibility of legal responsibility [14:09]
• Having employees requires the need for an EIN number, which is used to register with the IRS [24:38]

The more prone you are to lawsuits based on the nature of your business, the more likely you are to be sued. Thus, the more important it is for you to have adequate insurance and consult with an attorney who can help you establish the best business structure and type for your operation.

Nolo is a terrific resource if you’re interested in learning more about forming an LLC or if you're looking for information on attorneys.

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