Small business owners certainly know a great deal about their business or they never would’ve gotten started.
While they may know about online marketing, engineering, financial planning, website design or any of the countless small businesses that are popping up each year, these entrepreneurs often don’t know enough about their business structure to continue moving forward.
Small businesses have to work harder than well-known companies to earn credibility. If you desire greater integrity for the business services you provide in the eyes of your customers, as well as with the competition and banks, then formalizing your business as a corporation or LLC (short for “limited liability company) makes a lot of sense.
Forming an LLC can provide such advantages for your small business and what entrepreneur doesn’t want benefits in this ultra-competitive business world?
If formed and maintained correctly, an LLC can provide the personal liability protection of a corporation, without all the time-consuming record-keeping formalities required to maintain the protective shield of a corporation. And an LLC may be structured to offer similar tax benefits of a corporation.
“Many of our business owners use an LLC structure for their business or to hold commercial assets, which protects the business owners’ personal assets from the liabilities of the business,” says attorney Kevin Lyons. In other words, if your business goes up in flames, creditors, clients, and banks won’t be able to take your hard-earned cash or, worse, your home.
That’s why taking the time to schedule an appointment with a legal professional can go a long way toward achieving the business and personal goals of small business owners. Locally, there’s Lyons Law Group in Downers Grove. They provide a wide range of legal services to small business owners and can give advice on whether or not forming a limited liability company (LLC) makes sense.
By C.R. Walker
To learn more about an LLC, contact Lyons Law Group, located at 5333 Main Street. Call (630) 852-2529.