Their (free!)
advice will help you decide if an LLC is right for you.
What Does LLC Mean?
Looking for more advice on starting your own business? Check out our10-step guide.
A limited liability company is a way of organizing your business that also comes with a few extra perks.
Tony Grenier, CEO ofInstrumental Global, an online music instruction site, breaks it down for us.
It basically offers flexibility in management, division of profits and losses, as well as taxation benefits.
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Another unique aspect of LLCs is that the applicant doesnt necessarily need a lawyer to start one.
Depending on the state where you live, you may be able to register your LLC online.
LLCs have less of that and as mentioned before are easier to set up and run.
But LLCs arent just for protection, they also offer greattax benefitsfor business entities as well.
Here are some high-level tips for successfully registering and owning a limited liability company.
Even though there are perks, Gross said, you should stay on top of reporting and tax requirements.
LLC costs depend on the state, said business attorney Hanlon.
Registered agent fees are about $50 a year.
State LLCs range from $100 to $700.
That way, you wont encounter any surprises down the road.
Start simple, and then go deeper if it’s crucial that you.
Frequently Asked Questions (FAQs)
What Does Having an LLC Mean?
Its also a relatively simple business entity to start, and only requires one owner.
What Is an LLC Used For?
It offers certain legal protections and tax benefits as well.
Is LLC Good or Gad?
You should also considersetting aside some cashfor registration and other startup costs.
Contributor Larissa Runkle specializes in finance, real estate and lifestyle topics.
She is a regular contributor to The Penny Hoarder.
It sounds appealing right?
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