Does Every Small Business Need an LLC?

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You don’t need an LLC, but you might want one.

An LLC is a limited liability company, a popular type of business structure that limits the liability of the business owner or owners, called members. If someone sues your company, has a lien or judgment against your company, that person or entity cannot attempt to take your personal assets, only business assets, when you’re structured as an LLC.

Starting a Business Without a Formal Structure

You can start your own business without creating a formal business entity. When you do this, your business will default to a sole proprietorship if you are the only owner.…

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