What is an LLC?

Are you one of the many Kentucky entrepreneurs looking to kick off the new 2017 year with a new business venture? If so, one of the decisions you will need to make about your new company is what type of organizational and operational structure to use. From a sole proprietorship to a C corporation, there are multiple options from which to choose. No selection may necessarily be wrong but one may well be better suited to your company and your needs than the others.

Many people today are finding that a limited liability company offers a degree of flexibility that is beneficial for their companies. The U.S. Small Business Administration explains that an LLC gives you some of the perks that you may like from a standard corporate structure but without some of the requirements that may simply be overkill for your company.

In your LLC, you as the owner would be referred to as a member. Just as with a corporation, you would be protected against personal liability. In rare situations, such as those in which fraud or other illegal actions were found to be involved, such liability protection may not be extended to you. To start an LLC, you would need to create what are called Articles of Organization along with your Operating Agreement. From there, you would identify a company name that includes the LLC designation and register that.

This information is not intended to provide legal advice but is instead intended to give Kentucky entrepreneurs an overview of how a limited liability company structure works.

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