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An LLC stands for Limited Liability Company. This is a popular business entity because it allows the member's personal assets to be protected from business creditors. The LLC also offers flexibility in taxation and management. Each member may have different roles, such as manager or director, to name a few.
An LLC is the most popular business formation in most states. It offers the flexibility of being taxed as a corporation or partnership, and it reduces the personal liability risks associated with incorporating. For example, If a corporation is sued for damages (and loses) those damages are paid directly by the business entity and not directly by shareholders. By contrast, if an LLC is sued for damages (and loses), these damages may be paid by members in proportion to their ownership interests. To reduce this risk further, members may want to purchase an umbrella insurance policy that covers them personally while they own part or all of a business.
If you're looking to start a business, we can help! We offer a variety of services that will ensure your are fully protected. We can help with registering your business, forming an LLC and more. The initial step to get your LLC registered is a simple and affordable one with us.
Click the video below to view successful businesses that Ivy Financial Consultants has assisted in Business Formations. Become part of the story and let us help you properly set up your business.
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