Finally, to create your LLC, you should also draft an Operating Agreement. An Operating Agreement is a contract describing how your business will operate. The law does not require you to create an Operating Agreement, but it is a good idea, especially if you are partnering with other people to create your LLC. You should think about consulting an attorney for the Operating Agreement to make sure you and your partners draft your contract clearly and thoroughly.
Your Fight Is Our Fight
The major benefit to forming an LLC is that the LLC creates a layer of liability protection between you and your business. If your business goes into debt or is sued for any reason, your personal assets are off limits. This means that the debt-collector or person bringing suit against your business can only collect from the assets of your business. This a huge benefit because it means you can start and conduct your business without worrying about something going wrong and someone coming after your personal bank account.
In other words, the LLC provides liability protection like a corporation but is simple enough for anyone to create! If you have any questions about LLCs or how to form one, contact the attorneys at White Law PLLC!
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