If you are in the process of starting your own business, then chances are you have considered forming a Limited Liability Company (LLC). Over the years, it has risen to become one of the most popular legal structure for a startup business. Forming an LLC is a simple process and may take an hour or less depending on the structure of your organization.
Why establish an LLC?
Typically, an LLC is preferred as it provides the limited liability protection of one corporation. However, it is flexible as there are no formalities, paperwork, or fees. LLCs allow for a pass-through taxation. This said, only the owner is taxed. So what are the different steps to form an LLC?
- Choose the State and the Name of the LLC.
Different states have different rules and regulations. It’s important to choose where you will set up your business. However, for convenience and to …