Owning your own business comes with a great sense of pride, but it can also be accompanied by the fear of losing everything in a lawsuit. One way to protect yourself from liability is to form a corporation or a Limited Liability Company (LLC).

You have decided to take a leap of faith and start your own business. After many late nights and lengthy discussions you have developed a sound business plan that is sure to succeed. Maybe you have even spoken to your accountant who suggested that you form a limited liability company (LLC), but is it really worth the cost? The short answer, YES!

Every new business owner will receive unsolicited advice, some good and some bad. One common tip for the up and coming entrepreneur is to form an LLC, but why?

You have a million dollar idea, a new business partner, and you have just filed your articles of organization to form your new LLC.  Since your LLC is now an official legal entity, your only concern is how to get your new business up and running.  You and your business partner work extremely well together and will iron out the internal details of the LLC when you have more time.  After all, you are not exactly sure what role each of you will take, so you are playing it by ear until you start making money.