Entering into any business venture always has some sort of risk. There are no guarantees that the business will become successful. More often than not, start up companies fall flat before they even get out of the starting gate.
To protect ones personal and professional assets when entering Into such a venture, one of the easiest and smartest things to do is to form some form of corporate shield, namely an LLC.
An LLC is a Limited Liability Company that affords legal protection to a business as allows said business to be viewed as an entity and not as a living breathing person. With said legal entity status comes legal protection and allows the business to stand out on it's own without holding the members of the entity personally liable for any financial issues and concerns. In other words, if the company goes "belly up," under an LLC the members will not have to sell their homes and put their prized baseball collection on eBay.
To form a Limited Liability Company, one needs to first file Articles of Organization with the Department of State. Once approved, the LLC needs to be published in 2 local newspapers for a set period of time. After the required publication period ends, a Certificate of Publication is filed with the Department of State and that is that. The procedure is relatively painless and well worth it.
For more information on this topic and similar legal matters, such as forming a PLLC, LLP, or PC, please visit www.carbonelawyer.com.
Martin A. Carbone, Esq., Carbone & Carbone LLP, Attorneys at Law
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This was very helpful to me. I wish you the best of luck in all your future endeavors.
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