Through the pandemic, many people decided to turn their hobby into a profession. The digital world has become a great opportunity for aspiring entrepreneurs to take matters into their own hands, it is still important to do things right. When you start a new business, you want to be sure that you have the right designation for a few reasons, and forming a limited liability company could be your option. Taking the time to talk to a trusted legal professional can help you to understand if this is the right move for you and your fledgling business.
At The Law Office Of Larracuente & Golden in Milford, CT, we are here to help you make the important legal decisions. LLC formation is a key tool for many business owners, as it helps you to separate your personal finances from those of your company, allowing you to shield your home, savings, and other assets. Should your enterprise experience financial troubles or debts, it is helpful to place a delineation between what you own personally. If you have further questions about the various benefits of LLC formation, give our team a call!
Setting Yourself Up For Success As A Business
When starting a company, the line can be a little blurry between a hobby and a profession, and for some, it seems easy to put of making important decisions. This has been especially true in the past few years, due to a variety of reasons. For instance, there has been an increase in home businesses since the start of the COVID-19 pandemic, as many people found themselves laid off or furloughed.
The spread of the internet has also been a boon for the world of home and small businesses. These days, it is easier than ever to sell your wares online, rather than having to rely on flea markets and art shows. If you have started an online business, it is important to do things right, as you are still subject to federal and state laws, including tax payment.
Limited Liability Protects Your Personal Property
The main advantage of forming a limited liability company is right there in the name. An LLC is a specific designation that can help you to separate your personal liabilities from debts and lawsuits, and this benefit cannot be overstated. Without this designation, your own property and assets can become caught up in a lawsuit related to your company. With a flexible management structure and pass-through taxation, LLCs in Connecticut bring additional advantages.
Learn More With Our Milford, CT Team!
If you need to cement your business in the eyes of the law, talk to our team about forming a limited liability company. To find out more, give us a call at The Law Office of Larracuente & Goulden, LLC in Milford, CT at (203)951-6688.