You, LLC: Form your own Limited Liability Company

You, LLC By William L. Gigliotti Every year, over 20 million lawsuits are filed in the U.S. according to an American Bar Assn. study. Many were against small businesses and home businesses. If you are a sole proprietorship, you could lose everything, including your personal assets such as your home, car and savings. Your attorney and accountant can advise you of the specific risks for your unique business. Fortunately, there is a way to minimize the risks to your personal assets. Have you ever wondered why so many businesses have “LLC” after their name? LLC stands for Limited Liability Company. As your attorney can advise you of the many advantages. An LLC will give you the protections and benefits of a corporation with the simplicity of a Sole Proprietorship. Although your situation may be unique and different, many small businesses become LLC’s to protect their personal assets. This book is designed to help you fill out the forms and organize your business. Throughout the book I have used Utah as an example. Many of the same procedures apply in other states. The forms may look different, but the required information is the same. Some of the topics/chapters are: PART 1 – BUSINESS STRUCTURES Sole Proprietorships, corporations and other entities, including how to decide upon the structure. PART 2 – LIMITED LIABILITY COMPANIES about Limited Liability Company, the advantages of an LLC and definitions. PART 3 – FORMING AN LLC Licenses & Permits, State Registration and banking PART 4 – OPERATING ISSUES Branding, Comingling of Funds, recordkeeping, and taxes PART 5 – ADDITIONAL INFORMATION About the Author, Other Books and Miscellaneous Information APPENDICES Appendix 1 – LLC Setup Information Appendix 2 – Sample Articles of Organization Appendix 3 – Income and Expense Items to Track Appendix 4 – Vehicle Mileage & Trip Report Appendix 5 – Home Office Deductions OnTarget Development Co., LLC is a document preparation firm, and we do not provide legal or accounting advice. We prepare documents according to your specific directions. When setting up your business, you should research the market, talk to your attorney, your accountant, family members and others in the field. It is up to you to determine the suitability, feasibility and legality of your business. In short … use due diligence.