A friend told me I shouldn’t have made an LLC since I don’t have any liabilities to worry about. I don’t have employees, my biggest invoices are $5K, and I work digitally online with no physical location.
So, did I really need to become an LLC?
Besides liability protection, what other benefits are there to forming an LLC?
I sell design services and illustrations, mostly digital, sometimes physical prints or merchandise. I became an LLC at the start of 2021.
Hi folks,If you’re uncertain about whether an LLC is necessary for your situation, it’s advisable to seek advice from a business attorney or accountant. They can evaluate your individual requirements and suggest the most suitable business structure for you.
It is not much benefit for you right now, but it doesn’t hurt either.
Having an LLC can make it easier to grow your business if you want to own a company office or vehicle someday. You can own things under the LLC’s name instead of your own. If you plan to buy an office and rent out space, you can do that through the LLC. You can also get commercial insurance and have separate bank accounts for the business, which won’t be linked to your personal accounts. You’ll still be listed on the business account, but it keeps things separate from your personal finances.
Don’t worry about it too much. Having an LLC is not a bad thing.
It doesn’t really help your circumstances, but it also doesn’t harm or impede you in any manner.
If you ever intend to acquire a corporate car or office, having an LLC will make growth easier. Not in your name, but under the LLC, you may possess property. Under the LLC, you are able to purchase an office and rent out space to other people in addition to yourself. Under the LLC, you are eligible for commercial insurance. can maintain independent bank accounts that aren’t connected to your personal ones. Although you can keep it separate from your personal account, you will still be mentioned on the company account.