Ready to launch your own practice and wondering how to legally structure your business? Many accounting firms choose to become a limited liability company or a professional limited liability company. The LLC has become a very popular choice for small businesses. In some ways, it offers the best of both worlds: the limited liability protection of a corporate structure, but with fewer administrative formalities than a corporation. A key purpose of the LLC is to limit the personal liability of the owners from events that happen in the business. Personal liability protection means that if you're one of the owners of an LLC and the business gets sued or can't pay its debts, you won't be expected to use your personal assets to pay off the debts and settlement. Of course, this assumes you've been operating the business according to the letter of the law and have kept the business in good standing.
展开▼
