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> * If my business fails, I don't want to incur huge debt or losses, I want the security of a steady paycheck. I am possibly wrong, but I believe starting a co
by quixoticaxolotl 5y ago
> * If my business fails, I don't want to incur huge debt or losses, I want the security of a steady paycheck.
I am possibly wrong, but I believe starting a company as an LLC is meant to protect against this possibility.
- ok_dad 5y agoIf you’re the sole owner, and the only person who benefits from the business, you still can incur legal issues directly to yourself, I believe.
- isubkhankulov 5y agoIn the US, that’s not correct. LLC’s protect you personally from most business debts and liabilities as long as there is no personal guarantee. I think you’re thinking of sole proprietorships.
- ok_dad 5y agoThat’s good to know, thanks.