*Lack of ownership restrictions.* There is no limit on owners with an LLC, and even other LLCs, corporations, and other business entities may own an LLC.

*Business liability protection.* Having an LLC means creditors cannot liquidate your business or sue you personally to gain legal satisfaction. Contrast this to a limited partnership, where the partners will have a personal risk from company-related liabilities. *Limited liability protection.* This means that your personal assets cannot be seized to pay for business-related debts or legal rulings. LLCs offer many advantages to a business owner, such as: For this reason, it is most popular with small business owners who do not want to deal with the complexities of a corporate structure and who will benefit the most from the tax savings it offers. Such a guide may be of great help in understanding the basics of an LLC.Ī limited liability company is a type of business entity that combines the legal protections of a corporation with the flexibility and taxation advantages of a sole proprietorship or partnership. Tips for Naming Your LLCĪ guide to an LLC for dummies may sound rather flippant, but there is no shame in not knowing all the ins and outs of a limited liability company or how one may be formed.

Law for dummies pdf