Have you been questioning forming an LLC or not? Well question no longer, because summer is the best time to start your LLC. Actually, the perfect time is the earliest time you can form your LLC and seeing as it is currently summer—then summer is obviously the perfect time.
Some may question why they should form an LLC over others though. So let's go over some of the top reasons to form an LLC.
1.) The Limited Liability. Let's be honest, that was a give-in. The primary reason that business owners choose an LLC is because of the protection it has. Forming an LLC is essentially putting you separate from the other owners of the company. A prime example is if your company went bankrupt, then your personal assets would be safe from the court's reach.
2.) Transferring ownership is easy. Members can trade and sell their interest in the party to another party without the hassle of reorganizing the company.
3.) Avoid double taxation. One of the negatives of corporations is the problem of double taxation. An LLC has the power to avoid this, because each owner can file his/her profits on a personal tax return.
4.) The easy setup. Even though LLC's tend to be considered more complex than a sole-proprietorship or a partnership, they have become increasingly simple to setup; especially compared to corporations.
5.) A personal shield for you and your family. With an LLC, you will not be liable personally for the debts of your business. By forming an LLC, you limit the exposure of your personal assets.
6.) LLC adds credibility to your business. An LLC automatically gives a business a more professional sound to clients and garners more respect.
The task of organizing your business is a serious matter. It is not to be taken lightly and thrown together on a whim. However, if you do decide to choose an LLC, it should be clear that a contract is required among owners. These contracts can be drafted by lawyers, but nowadays there are much simpler, faster, and cheaper ways of obtaining a contract. There are many online companies that can produce LLC contracts with ease that are of equal or better quality than one that a lawyer could draft. Along with great quality comes better value as well. We all know that lawyers can cost quite a bit, so it is nice to have these online companies that offer the same product for a much more affordable price.
Summer is a Perfect Time to Start Your Limited Liability Com