What Are the Advantages of Forming an LLC?

LLCs are good for small businesses because they combine the advantages of sole proprietorship and partnerships with some advantages of corporations

Here at Swahili Finance, we offer a wide variety of services catered to business starters when they want to register their business with the state

Below are some of the reasons that you might consider starting an LLC :

a. If your business is a sole proprietorship or a partnership, you and your business are legally the same "person." Your business debts are also your personal debts. And if your business partner or employee is accused of negligence, your personal assets might be at risk.

b. LLCs are responsible for their own debts and obligations, and although you can lose the money you have invested in the company, personal assets such as your home and bank account can't be used to collect on business debts. Your personal assets are also protected if an employee, business partner or the business itself is sued for negligence.

For more information on how and why to setup an LLC please email us at mukoto@communitytaxoffices.com or visit our website swahilifinance.com