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Getting Asset Protection through LLCs It has been just about ten years since we experienced one of the most challenging economic periods we have seen since the depression of the early part of the 20th century. Through that experience, many individuals and businesses suffered such great losses that many of them have still not fully recovered. There were a lot of businesses that ended up having to close down for good, as well as countless individuals and families who lost the homes and other vital assets. Since then, the economy has certainly improved a great deal, and the majority of us who survived that time have been able to learn some valuable lessons about how to stay protected from any future financial harm. Coming out of that rough period, many people have learned the great importance of having measures in place to protect their assets from being taken away. Surprisingly, until then, there were many people who were not very clear on the distinction between assets and liabilities. Even in those cases when someone did understand that things like homes and properties are considered assets, while other things like cars are considered liabilities, since they generally lose their value over time. With a clearer understanding of what assets truly are, people have then been able to gain even greater understanding of what they can do to both protect the assets they have and increase the numbers of assets they have. Of the various strategies that people can use to protect assets, the method of forming a limited liability company, or LLC, is one that has gained a lot of popularity recently. As our technologies have advanced, especially with the growth of the online markets, there have been growing numbers of people who have been starting their own businesses. Especially since a great majority of these are small businesses, if not essentially sole proprietorships, they have learned that forming their businesses as LLCs is one of the best ways to protect their personal assets if anything ever goes wrong. If they were to form their businesses without the protection of an LLC, they are then at risk of losing their personal assets along with their business assets if someone were to file and win a lawsuit against them.
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Forming your business as an LLC affords you many of the same benefits and protections that corporations get, but with much less paperwork bureaucracy and with fewer personal risks. Again, the key factor here is that a standard corporation can be handed a judgment in a lawsuit which could then place your personal assets at risk of being taken away. On the other hand, an LLC provides a greater assurance that your personal assets are not mixed together with your business assets. Because of this, should your business assets ever happen to be taken away, your personal assets should still be safe and protected.
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For anyone that has enough discipline and will to form their own business, this is actually a pretty great time to do so. Learning from our past economic struggles, people have learned the great financial security of forming their businesses as LLCs.