Limited Liability Company (L.L.C.)
You should definitely consider a relatively new legal business form, the limited liability company (L.L.C.). It is cheaper and less complex to set up than an S corporation (described in the following section) but with some of the tax and liability advantages.
L.L.C. businesses are
- can be run by individuals, partners, and groups of partners from a variety of business types,
- taxed according to how they are operated and organized, and
- an attractive alternative to corporations.
Many of the entrepreneurs interviewed in the video clips established their businesses as L.L.C.s.
As you consider the different forms of business ownership, you should seek legal assistance in making the final decision and completing the legal processes. You can save time and expense in the future if you select the right legal form for your business for your circumstances and set it up correctly.