Starting one's own business is a dream shared by many Americans. Being able to be your own boss and pursue your own passion can be a rewarding and satisfying experience. Before you start advertising and seeking out customers, be sure to hire a Las Vegas business attorney who understands the entrepreneurial landscape. A business attorney can help you to establish a limited liability corporation (" LLC"). Although forming an LLC isn't the ideal approach for every business owner, it can be highly advantageous for many sole proprietors and small business owners. Here are just some of the reasons why.
It Protects Your Assets
An LLC that is filed with the secretary of state helps to protect your assets. If a dissatisfied customer were to file a lawsuit against your business for any reason, your personal assets would be protected under the LLC. Only your business assets would be counted. Your home, retirement fund, car and personal savings would not be at risk.
It Protects Your Name
Your business' name is essential to its reputation. Having a lawyer establish an LLC protects the name of your business. The LLC designation stops anyone else from doing business under your name. This can help to protect you in the event that someone else tries to offer an inferior product or service under the guise of your business.
It Clarifies Your Taxation Status
Once an attorney establishes your business as an LLC, your taxation status as a business owner becomes clearer. The income that your LLC generates cannot be double taxed. Any income that the LLC earns is passed through to its owner, you. You will file the income as a part of your personal income taxes. Your LLC will not have to pay separate income taxes. As the owner of an LLC, you may also have access to privileges such as being able to deduct the full amount of your health insurance premiums.