I find that there are a lot more “unknowns” and “concerns” about an LLC (limited liability company) that perhaps any of the other business structures…at least I seem to get more questions about LLCs than the others. So it caused me to conclude that most people really don’t understand all the benefits surrounding an LLC and how they can take advantage of them.
LLC Myths
Let me help to resolve this for you and clarify your thinking…and eliminate some of the myths surrounding LLCs.
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The first big “Myth” is about COST
Whether you are just starting your business or have been operating as a sole proprietorship or general partnership, you may be thinking it is too expensive to create an LLC…false. In most cases, they can be easily created and activated quickly. If you have a well thought out business and know what you want to achieve these can be a very cost effective alternative to some of the other structures.
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The second big “Myth” is about TIME
Many business owners assume it will be too time-consuming to put and LLC together…false. I will take minimal time if you are prepared. The issue I see in the time it takes to put any structure together is how well prepared you are to answer the key questions. If you know the questions in advance (from your attorney) and you have solid answers to them when you meet with your attorney, the process is not time consuming…it can be very efficient.
LLC Benefits
As you can see, there can be many benefits that are bestowed upon the LLC structure for an organization. But it isn’t the answer for everyone. It takes careful planning to fully understand the advantages and disadvantages of ANY structure. This is where you need a “business oriented” planning attorney that can ask the right questions to guide you through to arrive at the right structure for you, your business, and your family. Doing your homework and preparing will save you both time and money in identifying the right structure for you.