By Katelyn Sweeney

Do you run your own business or have plans of starting a small business? If so, you may need a Limited Liability Company (LLC) set up to ensure you are protecting the assets you earn. An LLC is a business entity with one or more owners that provides liability protection to its owners. Although similar to a corporation, an LLC provides more flexibility in its structure and existence.  LLC’s are also more flexible from an income tax perspective because they are allowed to be taxed as a sole proprietorship, partnership, C-Corporation, or S-Corporation.

With all this simplicity, it is no wonder LLC’s are so popular amongst business owners. However, it is important to remember that filing your LLC online is just the start. In order to be afforded the liability protection provided by an LLC, it is important to follow through with the set-up of an LLC, including the creation of an Operating Agreement. The Operating Agreement is the written agreement of the members as it relates to the organization and operation of the LLC’s affairs. Additionally, LLC owners need to know how and when to use their new LLC title.

If you are interested in learning more about LLC’s, contact Smith Bovill, P.C. Sharon A. Burgess, Danelle E. Harrington, and Katelyn A. Sweeney practice in the areas of probate/estate planning, long term care planning and elder law, and business and real estate transactions at SMITH BOVILL, P.C. Their articles are intended to introduce various issues arising within this field of practice and are not intended to replace individual legal advice. If you have questions, please contact Sharon, Danelle, or Katelyn at one of the firm’s two convenient office locations in Frankenmuth and Saginaw.