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Set up a limited liability company for your own protection

On Behalf of | Jul 28, 2020 | business formation & planning |

You’ve been living in Kentucky for a while, and you finally feel like this is the place you want to put down roots. Part of doing that is opening your business so that you can build up an income and give back to your community.

If you’d like to create a business, you may want to consider forming an LLC. An LLC is a Limited Liability Company. While you could open your business as a sole proprietor, an LLC gives you a few more legal protections and may help you protect your personal assets and income in the case of a lawsuit or debt collections.

Why start an LLC?

There are many reasons to form LLCs. One reason is that it’s so easy to do so. It’s affordable, too.

With an LLC, you get legal protections that are similar to those granted to larger corporations. The primary purpose is to limit your personal liability and to create the business in a way that is more separate from yourself compared to a sole proprietorship. That doesn’t mean that your business is its own entity, though, because you’ll still file the LLC’s taxes on your personal tax return.

Creating an LLC is simple because you just have to choose a business name, file the Articles of Organization, appoint a registered agent and pay any required fees. You may also be asked to publish a notice of intent in the newspaper and to have an LLC operating agreement.

An LLC can be a good way to protect yourself when you’re creating a new start-up company. Our website has more on business formation and planning if you’re ready to get started.