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Understanding Resources

LLCs and Asset Protection Just about ten years ago, our economy went through one of the toughest periods since the depression of the early 20th century. From that experience, there were many businesses and individuals who suffered serious financial losses, even to the point where some have not been able to fully recover yet. A lot of these businesses ended up having to close down for good, while countless individuals and families lost their homes, properties, and other vital assets. Since that time, the economy has been brought back to a positive state, and many of us who survived that experience have been able to learn a great deal about how to stay protected from any potential future economic harm. Going through that rough period, many people have since learned of the great importance of having certain measures in place to protect their assets from being taken away. Surprisingly, there were many people who, up to that point, were not very clear on the distinction between what assets are and what liabilities are. Even in those cases where they did understand that a home or property is considered an asset, they still did not know that other things like cars are considered liabilities, as they generally lose their value over time. With a firmer grasp of what assets really are, many of us have been able to learn more about what steps we can take to both protect the assets we currently have, as well as increase the numbers of assets we 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. With our technologies continuously advancing, along with the immense expansion of global online markets, many people have been inspired to form 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 do not have the protection of the LLC, it is then possible for them to lose both their personal and their business assets if someone were to file and win a lawsuit against them.
Case Study: My Experience With Businesses
By forming your business as an LLC, you are able to get some of the same benefits and protections as corporations, but with less bureaucracy and fewer personal risks. Again, the important factor here is that, with a standard corporation, your personal assets could potentially be taken away if your corporation is sued and loses the case. 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, your personal assets should remain protected, even if your business assets happen to be taken away.
Finding Parallels Between Options and Life
In many ways, this is actually a great time for anyone with enough discipline and will to take that leap and form a business. Learning from our past economic struggles, people have learned the great financial security of forming their businesses as LLCs.