“Does an LLC / Corporation really protect my business?” YES! We get this question every week and I can tell you that with very rare exceptions, creating a properly set up and maintained LLC (Limited Liability Company) or Corporation can build a wall between your business and personal assets protecting you like nothing else can.
It’s also the best way to formalize agreements of ownership and management roles between yourself and your business partners. They are very easy to create but are very often not effective at limiting your personal liability as they are not created correctly or more often not kept up to date.
Please be certain that if you did it yourself (Legal Zoom etc.) or had a lawyer create it for you that you follow through with ALL of the corporate formalities (contracts, licenses, secretary of state filings, minutes, etc) or that pretty corporation or LLC box/binder you have on the shelf may not protect you at all.
Also, if you’re thinking of setting an LLC / Corporation up for the first time make sure to ask your CPA what entity will give you the best tax advantages first.
The legal landscape for California employers is ever-changing. California Assembly Bill 749 was signed into effect on October 12, 2019, and beginning January 1, 2020, California employers’ agreements with its employees […]
You’ve taken great care in setting up your business, including purchasing various insurance policies to protect against potential claims and lawsuits. But what good are all of those hundreds of thousands […]