If you are considering incorporating your business as an LLC partnership, you will need to retain the services of a licensed and experienced business lawyer.
First, it is important to determine if an LLC partnership is the best avenue for your business.
The pros and cons of this decision should be discussed with your lawyer.
As a sole proprietor, if there would be a legal suit, the owner may be held personally liable for any damages awarded. and could possibly be held personally liable for any damages awarded. This means that the home, accounts, and personal assets would be liable for the judgment.
Also, under a sole proprietorship, the business owner may be held responsible for paying employment taxes, and other insurance fees.
With a LLC partnership, personal assets are protected.
Many lawyers will agree that a LLC Partnership offers the best and most comprehensive legal and tax protection for a business, even if it is an Internet or E-Commerce business.
No matter what your business, how many employees you have, or the way your business is currently set up, you’ll find it wise to meet with an lawyer for a consultation.