Benefits of a Limited Liability Company (LLC)
A Limited Liability Company (LLC) serves as an alternative to the traditional partnership or corporation. Limited Liability Companies are favored because they are flexible and possess the benefits of both partnerships and corporations.
In such a business structure, each partner is granted the liability protection typical of a corporation, meaning an individual is never solely financially responsible for the other members of the firm or for the firm’s debt (unless funding was personally secured outside of the LLC, like through a mortgage). However, owners of the business can claim the debt against their incomes when filing taxes. This type of tax break is similar to those offered in a partnership.
Business Formation Attorneys
A Limited Liability Company serves as a beneficial alternative to the typical business structure. We have the knowledge and experience to help you plan successfully for your business’s future and help determine if it is the appropriate entity for your business.
We recommend any individual or company interested in seeking more information regarding Limited Liability Companies contact us at Baker Law Group of Massachusetts to provide the legal details and help necessary to develop your business plan.