Reasons you Should be Creating an LLC (Limited Liability Company)

 

When starting out as a small business owner you will have the opportunity to create an LLC or Limited Liability Company. You may be wondering how an LLC could benefit you. Consulting with the attorneys at Robinson, Seiler & Anderson will help you in deciding which path is right for you and your business. Listed below are just some of the reasons as to why you should be creating an LLC for your small business or business ventures.

 

To Give your Business Customization

LLCs are great for small businesses because they’re adaptable to all situations. No matter whether you have 100 silent investors or are a two-person small-business operation, the LLC is so flexible that you can pretty much write the operating agreement to suit your needs. Your operating agreement gives you the legality you need when it comes to running your business.

 

Protection of Assets

If you’re in the business of renting out homes you will have a few properties under your care. An LLC can give you and your real estate assets the protection it needs. If someone tries to sue you they can’t go after your assets that are under or “purchased” by your LLC.

 

Planning your Estate

This could also fall under the category of protecting your assets. As you sit down and prepare your Estate Plan you can also have this fall under the protection of your LLC. LLCs protect you not only from creditors, but also from probate lawyers and court costs. They allow you to avoid probate altogether, which means that your estate isn’t subject to the nickel-and-diming that probate attorneys siphon from estates as the court divvies up assets.

 

Minimize Tax Burdens

Building up a business takes time, and in the first year or two, you probably will incur thousands of dollars in losses. A lot of entrepreneurs, eager to soften the financial blow of the startup phase, decide to form an LLC. With an LLC and its default partnership taxation, the losses of the business flow through to the members so that they can use them as deductions for other income.

 

There are a lot of aspects when it comes to creating an LLC and how it can benefit you and your business. To get more insight on the set up of an LLC make sure you schedule a consultation with one of the experienced attorneys at Robinson, Seiler & Anderson in Provo.

View Our Testimonials Announcement

Norman H. Jackson, Utah Court of Appeals Judge, Retired, has joined the law firm of Robinson, Seiler & Anderson, LC, effective April 2017.  Judge Jackson was one of the seven founding Judges of the Utah Court of Appeals and served terms as Presiding and Associate Presiding Judge.
 
Judge Jackson was the senior attorney in a Richfield law firm for eighteen years.  The firm engaged in legal, business and tax cases, including practice before State and Federal Courts, U.S. Board of Land Appeals, Utah Public Service Commission and Arizona Corporation Commission.  Clients included counties, cities, banks department stores, communications and credit associations, irrigation companies, auto dealers, building supply stores, farmers, ranchers and small businesses. They took “every type of case that came through the door,” from criminal defense work to a patent royalty dispute for the inventor of the Frisbee. Judge Jackson has been a lifetime rancher doing business in Utah as Jackson Cattle Company and Arizona as EJ Cattle Ranches.
 
Judge Jackson’s professional service includes terms on the Utah State Bar Commission, Bar Foundation (President and Vice President), Air Travel Commission, and Utah Information Technology Commission.  He served on the Judiciary’s Alternate Dispute Resolution Committee for thirteen years and initiated and supervised the Appellate Court Mediation Office.  He developed and advanced a realistic and workable framework for both of Utah’s Appellate Courts to use in reviewing trial court and administrative agency decisions.  He published three editions of Utah Standards of Appellate Review while participating in more than 2,000 appellate court decisions.  
 
Judge Jackson’s experience will complement the other outstanding lawyers at Robinson, Seiler & Anderson, LC.  The firm will continue its representation of injured individuals, as well as clients in real estate, business, estate planning, tax, contract and education matters.
 

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