PMCW Law

Starting a business is a major undertaking, but the rewards can be tremendous. New business owners face a hundreds of decisions as they get their business off the ground, one of which is choosing which business entity to use. Last week, we examined several different options for incorporating your business , specifically General Partnerships, Sole Proprietorships, C-Corps, and S-Corps. This week, we are taking a closer look at the remaining options. Limited Liability Company A Limited Liability Company (LLC) has become a very popular entity choice when starting a new business.  LLCs come with their own set of rules and regulations that govern their policies and procedures, but the advantages that they offer tend to outweigh the extra step of drafting and executing the necessary documents. A LLC requires the owners (typically called "members") to execute an operating agreement that outlines how the company will conduct its affairs. The success ...

Are you an aspiring business owner? If you are considering starting your own business, this blog is designed for you! Owning your own business can be a lot of work, but it can also be incredibly rewarding. Everyone at the Law Offices of Phillips, McElyea, Carpenter, & Welch, P.C. is committed to helping you achieve that dream. In this blog post, we are going to examine how an LLC is beneficial to your business and how to establish your business as an LLC. Why an LLC?  Limited Liability Companies are one of several forms of business ownership. LLCs provide an advantage in that they can protect the individual owner(s) from personal liability. As the owner of a properly formed and operated LLC, you can be insulated from personal responsibility for business expenses or lawsuits. The LLC essentially creates a buffer between you and your business. If your business begins to struggle with debt, for example, your personal property or savings can be protected, provided you hav...