In today's video
I'm going to talk to you about whether or not you need an LLC
So you probably clicked on this video because you want to learn a little bit
more about whether or not you need an LLC for your business ventures
I'm Andrew. I'm an attorney from Mollaei Law where we help entrepreneurs
just like you start your businesses without having
to deal with the complicated legal forms
We are the highest rated business law firm
And as I'm speaking to you
we currently have over 2,150 five-star Google reviews
In today's video
I want to go ahead and talk about whether or not you need an LLC for your
business ventures
So I'm assuming that you've been searching online on Google
whether or not you need an LLC for your business
You've been doing your research and you've heard these point of views
And those point of views
The thing with searching this question up is that there are so
many different types of opinions out there that it's hard to determine
whether or not this answer or that answer is correct
Well, I'm here to provide you with more clarity. In fact
I'm going to go ahead and provide you with steps
a concrete answer that will save you time on doing
even more research that is unnecessary
When it comes to forming and registering a LLC
also known as a limited liability company,
registering an LLC is the most simple business structure for
individuals who are starting their business on their own
or if they are a smaller business
One major reason is the operation and management of the
daily activities
The management and operation of the daily activities are extremely straightforward
When it comes to owning and operating an LLC
Additionally
you will be able to experience tax benefits
And this basically means that you will not be subject to double
taxation, many individuals
and many clients that I've worked with in the past
Start off with the mindset that my business is just
going to specialize in this specific niche
but with all things good, if you dedicate your time
if you're disciplined and you stay consistent
your business will grow fast your initial
niche thoughts
Basically what will happen is you'll begin your business ventures
You may start off with an email list and then those email will
turn into something more. You'll start getting referrals
And those referrals will start referring other individuals. And by the time
you know, it you'll have so much responsibility
so many different types of questions being asked to you
This brings us to the main question of this video
Should I form an LLC?
We'll definitely get into that answer
but if your business has already been producing
customers, if you've already had clients
if you're at the beginning
stages of planning everything out in LLC
we'll provide you with major benefits as a
first time business owner
it's important to separate your personal from your business
Having an LLC will protect you and your personal assets
from any sort of liabilities or obligations
the beautiful aspect and benefit of having an LLC is that right?
You'll be able to separate your personal from your business
This not only applies to you
if you have another partner or if you have another business owner that
isn't in the same business endeavors
you not only will your personal assets be protected
but that other individual's assets will be protected as well
If this is you
if you're currently early in the stages of setting up your own business
if you've been speaking with potential client
if you're on the edge of adding a new owner or you have a
partnership
then LLC is best for you
Now
one of the main reasons why you should consider forming an
LLC is because you have different types of assets
that aren't necessarily connected to the business that you plan to operate
So what I mean by this is say, for example
you want to be able to expand into the online market
Like many entrepreneurs are trying to achieve in today's age
Not only are they trying to achieve that
but they are obtaining that goal ended up itself
One of the major reasons why you want to consider forming an LLC
is that if you have different types of side gigs going on, say
for example, you have your own house, but on top of owning your own house
you also have different side hobbies that you like to attend to
And that you like to grow
Having an LLC will separate your business endeavors and
business actions from those personal endeavors and personal
ownership interests
Now let's go ahead and ask how much risk does my
business really face. Now
this is a real driving reason as to why you should
consider registering a LLC, one positive
And one benefit is that you'll be able to separate your business from your
personal
but when thinking a little deeper into the type of business
that you'll be conducting
you have to take into consideration other people and other
business entrepreneurs that have gone before you
you have to ask yourself, what did those individuals face?
What sort of liabilities that those individuals have?
What is a possibility that the business that I want to enter into will
have a legal obligation or legal liability
This is very important to keep in mind when deciding whether or
not you want to start your business in the first place
but you shouldn't let this hold you back from creating a brand
from creating a company that you yourself can build and grow
Don't let the legal liability hold you back from becoming your own
boss from being your own president and CEO
And from being able to hand down a business from generation
to generation
the benefits of starting a business definitely outweigh
any sort of potential claims
As long as you have the correct business structure set up
for yourself
as well as for the future owners of your company
Something to keep in mind is that if you begin to see a lot of interaction
with pupil from around the world
this means that not only is your business doing well
not only is your business growing
but the percentage of risk arises as well
But as I mentioned earlier
you cannot let the risk outweigh the benefits
As long as you have the proper business structure, those risks
and those benefits will take care of itself