Starting a new small business involves a lot of preparation. You need funds, space, and equipment to start your operations. Aside from these immediate needs, you also need to comply with local and national requirements to ensure that your business operates legally.
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One of these legal requirements is choosing a business structure that determines your company’s day-to-day operations, such as management, taxation, profit-sharing, and legal recognition. Many small business owners prefer the arrangement brought on by a limited liability company (LLC).
What is an LLC?
It is a business structure that allows business owners to enjoy limited personal liability without the sky-high tax rates of a corporation.…Continue reading