Frequently Asked Question - Should I form an LLC?
What is a Limited Liability Corporation?
Like a Corporation, a Limited Liability Company (LLC) limits, in most cases, liability to the company and liability does not extend to the owners of the company. An LLC is in most respects simpler to create and to operate than a Corporation and most people choose this form of business organization over a Corporation. A person operating a business or contemplating starting a business must decide if there is sufficient risk to recommend the use of an LLC. A person might decide that he is adequately covered by insurance and does not need the added protection of an LLC. However, most attorneys will recommend the creation of an LLC in most types of business operations due to the ease and simplicity of forming an LLC coupled with the limited liability it provides.
Advantages of forming an LLC
- You may have flexibility in taxes. An LLC can elect to be taxed as a sole proprietor, partnership, S corporation, or another type of corporation if it qualifies.
- You may have limited liability. The owners of the LLC, called "members" are protected from some or all liability for acts and debts of the LLC depending on state laws
- There is much less administrative paperwork and record keeping than a corporation
Contact the Law Offices of Philips, McElyea, Carpenter & Welch P.C. for questions on LLC formation or other Business entity creationWhether you need help planning and incorporating a new venture from the ground up, or you need legal support and documentation for your established business, the experienced lawyers at Phillips, McElyea, Carpenter & Welch, P.C. can help you with a wide variety of legal issues. Such services available to our business clients include:
- Selecting an appropriate business form
- Incorporation and creation of corporations, limited liability companies, partnerships, etc.
- Drafting contracts and other legal documents
- Winding down and dissolving your business
- Litigation support for disputes with vendors, customers, partners, regulatory authorities or other types of business disputes
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Law Offices of Phillips, McElyea, Carpenter, & Welch, P.C.
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