From the course: Running a Web Design Business: Defining Your Business Structure

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LLC: Advantages and disadvantages

LLC: Advantages and disadvantages

From the course: Running a Web Design Business: Defining Your Business Structure

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LLC: Advantages and disadvantages

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In this video we'll go over my favorite business structure, LLC's. Let's get started. A limited liability company is a hybrid business structure that combines the benefits of corporations and of general partnerships. LLCs are ideal for a small to a medium size business. LLCs are regulated state by state in the US, but most states do not restrict the maximum numbers of owners that an LLC can have. By the way, the owners of an LLC are called members instead of shareholders or partners. Let's take a look at some of the advantages of limited liability companies. Compared to a corporation, an LLC is a simpler business type that is cheaper to maintain. LLCs, like general partnership have less record keeping, because they're not required to have formal meetings and keep minutes. LLCs also offer limited liability. Just like a corporation, an LLC is legally responsible for all the business' debts, losses and liabilities. An LLC protects the member's personal property. If the company is sued or…

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