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What are the benefits of forming a limited liability company?

If you are in the process of starting a business, it makes good sense to consider all your options in regards to the structure it will take on.

For many, a limited liability company, also known as an LLC, is the right decision. If you currently operate your business as a sole proprietorship, you may want to consider transitioning to an LLC.

There are many benefits of an LLC, including the protection it provides against liabilities or judgments made against the business.

Also, it's important to remember than an LLC is a good selection for a one-person company. With the ability to be taxed as a sole proprietor, your financial situation does not become any more complicated by forming this type of business. Of course, this doesn't mean that an LLC isn't the right choice for companies with multiple owners.

There are many types of business structures, with companies of all sizes beginning to realize the benefits of forming an LLC. This isn't the right choice for every organization, but it's one that should at least be considered.

It doesn't matter if you are starting a business or looking to make a change to your current structure, don't take the leap until you first understand the benefits of an LLC.

The way you form this type of business depends on many factors, including the number of owners and the state in which you live. Be sure to pay close attention to all the finer details as you get started, as this can help you avoid complications in the future.

Source: Entrepreneur, "The Many Benefits of Forming an LLC," accessed Oct. 27, 2016

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