Before setting up a Limited Liability Company, more research has to be done concerning ownership of LLC ownership. This will be very important in deciding whether a Limited Liability Company is right for your business. The benefits of Limited Liability Company ownership are very numerous in some cases. Its major function is to protect small business owners from the liquidation and confiscation of their personal assets by people who seek a court decision from financial damages.
Some of the benefits include:
- Tax saving where an LLC owner can deduct business expenses since him or her and her business is a separate entity.
- Total control of the business - a Limited Liability Company allows maintenance of full control of the business together with its daily management. There are no compulsory general meetings of shareholders and no board of directors.