A limited liability company, also known as an LLC, is a business organization in which the business owners are not held personally responsible for any debts or liabilities the business may accrue. It is a designation adopted by business owners, usually with the help of an attorney, to safeguard their interests and the enterprise itself. An LLC has many advantages in addition to its protective measures. For example, the rules that govern an LLC are more flexible than the rules that oversee a corporation; an LLC can grow and expand at whatever rate it needs to and doesn't demand meticulous records the way a corporation does. There are some potential disadvantages to consider as well; for instance, the owners (known as members) of the LLC are required to pay self-employment taxes, which can add up, depending on the size of the company.

How to Form an LLC

The best path to forming a limited liability company is to consult an attorney. They will set a clear course to creating your LLC and enhancing the future of your business. They will get all of the appropriate documentation and paperwork filed with the proper departments and authorities, and they can help you prepare for the future of your commercial undertaking. Since an LLC formation involves business law, tax law, insurance, and employee's rights, having the support of an attorney is crucial.

The attorneys at Pater, Pater & Halverson Co. have been representing clients throughout the Hamilton, Ohio, region for over 100 years. They are a multi-practice firm providing legal guidance in several different areas, including business law, personal injury, estate planning, and family law. Call (513) 867-1411 or visit their website to learn more about any of their services or to schedule a consultation with an attorney. You can also follow them on Facebook for helpful legal tips and information.