I'm looking into forming an LLC with LegalZoom. What's the initial cost to set one up? Could you also explain the main benefits of an LLC, specifically regarding personal asset protection and business management flexibility? Finally, what's a significant drawback 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 initial 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'.