Everyone has their own vision of what the American Dream is. For some, it is to get married, have children, and start a family. Others want to travel the world and learn about all of its people around the globe. Then there are those that are focused on their careers. The ones who want to have a job where they are excited to get up and go to work in the morning and put in long hours without being asked to. In some cases, some of these people would like to be business owners and work for themselves. There are many different types of businesses that people can start, but not many take into account that they can create an LLC.
A limited liability company (LLC) is a corporate structure whereby the members of the company cannot be held personally liable for the company’s debts or liabilities. Limited liability companies are essentially hybrid entities that combine the characteristics of a corporation and a partnership or sole proprietorship. There are three rules an LLC name needs to follow. These include:
Form LLC- Step 1. Being different from an existing LLC in the same state.
Form LLC Step 2. Must indicate that it is an LLC
Form LLC Step 3. Must not include words restricted by the state.
Once these steps have been completed, you can be on your way to form your LLC and running your own business. In 2010, there were 27.9 million small businesses in the United States. LLC ownership can be expressed in two ways: by percentage or membership units, which are similar to shares of stock in a corporation. Starting an LLC may seem scary at first, but it definitely has a large payout. According to the National Association of Small Business?s 2015 Economic Report, the majority of small businesses surveyed are S-corporations (42%), followed by LLCs (23%).
Not only is there a ton of money to be made with owning your own business, but it ca also have other benefits to your life as well. Being your own boss can take off a level of stress about your work. No longer do you have to worry about job security, being replaced, or not performing to the expectations of a supervisor. You will be able to move at your own pace and make sure that everything is run the way that you want it to be ran.
Being a business owner is not a dream shared by everyone, but many people set out with this goal in mind in the work force. A vision that was instilled within you from an early age may finally be able to reveal itself with a little help. Start an LLC today and reap the fruits of all your hard work.