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One of the most important choices an organization will make when forming a new business is which legal structure to choose: limited liability company, partnership, sole proprietorship, corporation, nonprofit, cooperative, etc. The type of business entity that will ultimately be the right fit will depend on a variety of factors such as liability, taxation, and record keeping. Many early stage small businesses often find that the flexibility and simplicity of a limited liability company (LLC) make it the best choice for them compared to other legal business structures. Here are some reasons why:
Of course, an LLC is not the perfect solution for every business. It has its limitations. For example, some jurisdictions don’t even allow certain professional groups (lawyers, doctors, accountants, etc.) to operate as an LLC. And since there are no official titles and reporting structures like there are in a corporation, there may be some confusion on roles and responsibilities within an LLC; and by default, an LLC dissolves when a member leaves the organization. However, many of these issues can be addressed and further defined in the operating agreement.
Please contact my office at firstname.lastname@example.org or 651-631-0616 if you would like us to help you organize your business as an LLC, corporation, nonprofit or other legal structure.
Virginia Ryan provides trust, will, probate, estate planning in Maplewood Minnesota, and surrounding areas of North Oaks, White Bear Lake, Lake Elmo, Grant, Mahtomedi, Dellwood, Woodbury, Oakdale, Roseville, Little Canada, Shoreview, Vadnais Heights, St. Paul, Hugo, Lino Lakes, Stillwater.