Why LLC?
Apologies if this has already been discussed earlier. Please point me to it. Am new to Entrepreneurship and was wondering why is it called an LLC (i know it's Limited Liability Company 😊). But was wondering what are the pros n cons of forming this type of a company. Thanks in advance.
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An LLC give you the business owner some protection from liability - this limiting the liability of the owner in case of a lawsuit. This isn’t a bulletproof method of protection and proper insurance is a really good idea.
I have an LLC to purchase and hold real estate and other assets in, as well as one to operate my business in. For both of them I have insurance to protect me in case of a lawsuit. It also buys me more high powered lawyers than I can afford otherwise - these are the insurance companies lawyers who will fight to not have to make the payout.