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What’s “Limited” in a Limited Liability Company and Other LLC Questions Answered

moneyMaybe it’s the business protection version of “How much does a pound of feathers weigh?” The clients asked, “If a limited liability company is a great way to protect assets, then why is it limited?”

Great question. [Read more…]

Shielding Personal Assets from Business Risks

blank business card

A proprietorship is the business equivalent of nothing. A vacuum. You’re a proprietorship if you never bothered to incorporate or LLC your business. So proprietorships are the cheesecloth of business entities: everything passes through a proprietorship to its owner — including creditors.

On the asset protection scale of what works, a proprietorship is a zero.

So why would someone want to be in a business as a proprietorship?  Well, it’s seductively easy, a real do-it-yourselfer. Pick a name for your business.  Print up some business cards and stationery showing the name.  Get a website. Voilà. You’re now a proprietorship.  But big deal. [Read more…]

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