My sister in law and I are starting a rental cleaning business and I was told that we need a LLC before we can get our license. What exactly is LLC and why do we need it. I was also told that it should cost between $50 and $75 but the places I called said it would be $300
2007-01-26 06:27:00 · 2 answers · asked by trcleaning 1 in Business & Finance ➔ Small Business
A limited liability company has some of the benefits of incorporating without all the trouble. LLC reduces your exposure to lawsuits in the event that something were to go wrong that insurance and bonding would not cover. $300.00? A bargain.
2007-02-02 03:20:55 · answer #1 · answered by dedication62 2 · 0⤊ 0⤋
An LLC is a type of partnership set up that retains the protections of a corporation.
LLC will normally assume liability for the "partnerships" indentures, and will act as an income funnel through entity.
Some will recommend that you set up an S-Corp instead of an LLC.
2007-01-26 14:38:46 · answer #2 · answered by M O 6 · 0⤊ 0⤋