Starting a business is a big decision, and it’s important to take all the necessary steps to protect yourself and your assets. One of the best things you can do is to form your business as a limited liability company (LLC).
What is an LLC?
An LLC is a business entity that is separate from its owners. This means that the owners of an LLC are not personally liable for the debts and liabilities of the business. This can be a major advantage if your business is sued or goes bankrupt.
Benefits of Forming an LLC in Tampa
There are several benefits to forming an LLC in Tampa, including:
- Limited liability: As mentioned above, LLC owners are not personally liable for the debts and liabilities of the business. This can be a major advantage if your business is sued or goes bankrupt. NOTE: limited liability is not absolute if owners have commingled their personal and business assets, committed fraud, or ignored other formalities of operating a legitimate business.
- Pass-through taxation: The profits and losses of an LLC pass through to the owners, who report them on their personal tax returns. This can be a tax advantage, as it allows you to avoid double taxation.
- Flexibility: LLCs offer a great deal of flexibility in terms of how they are managed and operated. This can be a major advantage if you want to have more control over your business.
Contact a Tampa Business Lawyer
If you are considering forming an LLC in Tampa, or if you have any questions about the process, you should contact Halmon Law today at 813.838.7996 or info@halmonlaw.com. We can help you with the process of filing the necessary paperwork to start your business and getting you off on the right track.
