I'm considering forming an LLC through LegalZoom. What is the initial cost to set one up? Can you tell me the main advantages of an LLC, particularly how it protects personal assets and offers flexibility in managing the business? Also, what's one significant disadvantage of an LLC that I should be aware of?
Navigate to the LegalZoom homepage. Click on 'Start my business'. Locate the 'Limited Liability Company (LLC)' section and identify its starting cost. Click on the 'Limited Liability Company (LLC)' tab to expand its details. Scroll down to view all information within the expanded LLC section. Identify information related to personal asset protection and business management flexibility. Locate the 'Drawbacks to consider' section for LLCs and identify a major limitation.
State the starting cost for an LLC as '$0 + state filing fees'. Identify that LLCs protect personal assets by stating 'You're not personally on the hook for business liabilities' or similar phrasing. Identify that LLCs offer business management flexibility by stating 'max flexibility in how you manage and run your business; board of directors not required' or similar phrasing. State one major limitation of an LLC, such as 'LLCs can't go public' or 'Not recognized globally; you may be taxed as a corporation in other countries'.