Do I need to form a Limited Liability Company (LLC)?

Within the context of marketing to and networking with other business executives, an owner’s use of a formal structure such as an LLC demonstrates both ambition and prudence. LLCs are a way to protect the assets of their owners against claims from business activity.  If a deal goes bad, or an employee’s negligence exceeds the company’s insurance and assets, the decision to make that company an LLC instead of staying a sole proprietorship can make the difference between losing the business and losing everything.

How is an LLC different from a Corporation?

The differences between LLCs and Corporations vary on a state-by-state basis, but in general LLCs tend to be easier to form and run than corporations, and cheaper in terms of tax and administrative expenses. LLCs and corporations both have significant pluses and minuses, but most start-ups are best served with beginning as an LLC. After becoming established and making enough money to justify it, an LLC can file a form with the Internal Revenue Service (IRS) to be taxed as a corporation. However, if appropriate to your needs, Wheelhouse can help you form an S or C Corporation, or re-form your business into one.

What can Wheelhouse Legal do for me?

Wheelhouse Legal can guide you through the filing of the paperwork to formalize your company’s structure, or draft the paperwork for you, which can include the governing documents, in a process designed to suit your needs.