The single biggest reason most new businesses pursue an LLC is for liability protection. LLC stands for “limited liability company.” In the simplest of terms, it establishes your business as an official legal entity through a relatively simple business filing with your state. As your new, growing business starts to expand and bring you into contact with more and more people, it opens you up to more risk, and thus, the need for some legal and financial protection. Whether you are tutoring or training, taking family photos or baking birthday treats, creating crafts or works of art, what may have started as just a hobby or side-hustle, soon starts to grow beyond just your family and friends. For many, it is very likely just you, offering your time and talents for payment. Your new business may be similar, requiring very little in the way of initial start-up costs. Now that you’re up and running, here’s something else for you to consider: why do you need an LLC to protect not only your business but your family too. Maybe you decided to take some of your stimulus check funds and use them to support that great business idea you’ve always had, but never had the extra money to put behind it. Maybe you lost or left your job last year to be home with your kids when schools went remote. Maybe you are one of those new business start-ups. There were 31.7 million small businesses in the United States in 2017, according to the U.S. One of the most surprising and positive economic data points to emerge in recent years is the number of small businesses.
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