The benefits of an LLC are many. First of all, if you have an LLC, it means you officially have a business. Of course, an LLC is not just any business entity type. It is popular among small business owners because it involves a lot less bureaucracy than other business structures. It also gives business owners relief from some of the taxes that the proprietors of other businesses have to pay.
How to Form an LLC
In terms of registering your business with the IRS, forming an LLC, or any other business entity, is simple. You just fill out an employer identification number (EIN) application at https://www.govdocfiling.com/. When you submit your application through the Gov Doc Filing website, you will receive your EIN very quickly.Gov Doc Filing will email you your EIN within an hour of receiving your application.
Why an LLC Might Be Right for You
LLC stands for Limited Liability Company. Liability means that, if there is a problem, you are responsible for it. You have probably heard of people losing their personal savings when a business venture of theirs failed. The LLC entity type protects you from some of that risk. The LLC can only lose its money, not yours. Additionally, a court cannot order you to use your personal wealth to pay a judgment against your LLC.
Another reason for the popularity of the LLC designation is that it allows for a lot of flexibility as far as the organization of your business. The business can have any number of partners and divide their ownership as they choose.
Whether you are starting an LLC or some other type of business, you need an EIN. Go to the Gov Doc Filing website to get a Tax ID for your LLC.