Llc Corporations
Should every business be a LLC or corporation?
I have a small business that is growing. I sell Cell Phones. Some over the interent, others to individuals. Im resigning from my current job and taking on the business full time. What legal stuff do i need to keep safe? All sales are Final and no returns but still i feel the need to protect my personal asssets. what should i do from here?
oh and break down the difference betweeen LLC and corporation ( One or 2 sentences only in plain text , not the definition)
THANK YOU!!
I will be sure to vote best answer!
The vast majority of businesses are either sole proprietorships or partnerships. So the answer to your first question: “Should every business be a LLC or corporation?” is no.
The primary reason is that, in most cases, an LLC or a corporation doesn’t do a better job of protecting your personal assets.
For example, if you own a corporation and have an accident while making a delivery you personally are liable for damages.
Given the nature of your business I think that all either an LLC or a corporation would do is increase your cost of doing business.
Hope this helps
Jerry-the-bookkeeper