The Benefits of Using an LLC for
your Georgia Business?
Given the low costs of forming an LLC today, a small business owner is better off operating his
or her business through a separate legal entity such as an LLC as
opposed to a sole proprietorship. The added costs are
so minimal compared to the significant benefits.
·
Protection
against Personal Liability
·
Lower
Your Chances of a
Tax Audit
·
Create
a More Professional
and Official Business Image
·
Privacy,
Privacy , Privacy
Protection
Against Personal Liability With Setup of a Georgia LLC. Based on the numbers, one out
of three people in the US are sued every year. And, starting a
new business raises your chances of being sued even higher!
When you conduct a business, any interaction you have with another
person, whether it be a customer, employee, contractor, or even just
someone who comes on your business premises, can create a potential
lawsuit and liability for the business. Lawsuits can come out
many years later so the exposure is great.
Nothing is fool proof but by operating your business through a
properly formed and maintained Georgia LLC, you minimize the risk of
lawsuits and better protect
yourself and your family by benefiting from the legal liability
shield offered by properly setup Georgia LLC.
If you operate your business without a legal entity, you will have unlimited personal liability
for the debts and obligations of your business.
Lower Your Chance of a
Tax Audit. Tax audits are painful- no doubt about it. The
business structure that is much more likely to be audited is the
sole proprietorship. This is because anyone can just say they
run a sole proprietorship business and many do so in order to claim
unlawful tax deductions. By officially forming an LLC, you are
creating objective evidence of the legitimacy of your business.
After all, forming and maintaining a properly setup Georgia LLC takes some effort. While you can never eliminate
the potential for a tax audit, it is worth
doing what you can to reduce the chances. Audits will require
a lot of money and time away from your business.
Boost Your Business
Image. It is no secret that
customers prefer to do business with official business entities such
as an LLC . . . rather than John Smith’s sole
proprietorship business. An LLC evidences a more
professional and serious business. Customers prefer this and do
more business with legal entities.
Privacy,
Privacy, Privacy. By
using an LLC for your business activities, there will be a layer of
privacy between you as the owner of the LLC and the business.
As a result, you and
your personal information will be subjected to more
privacy.
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