A week or so ago, I started the series on understanding legal business structures for small, home-based businesses. We’ve talked about sole proprietorships and partnerships, but another business structure that some business owners consider is called a “Limited Liability Company” or LLC… This is a fairly new type of business structure that is becoming increasingly popular. One of the reasons for this popularity is that it can function sort of like a partnership, but it allows for limited liability in terms of debts and other “company” responsibilities. An LLC or L.L.C. is formed by state statute or law. The individuals … Continue reading →