Before you start planning to form an LLC, you should know that even though there is no additional fee to form your LLC, there may be government creation fees, annual reports, and other required taxes. Now let's learn what an LLC is. An LLC and how to form an llc is a business structure that is a combination of sole proprietorship and partnership. It has a lot of advantages. After creating your LLC, you will still need a few things. The most important thing is to separate the business and personal assets. LLCs have limited liability protection that protects your personal assets from business liability. This is called a corporate veil. However, the corporate veil can be removed or pierced by a court if the LLC is sued. In this case, the owners of the LLC are personally liable for their corporate debts. A few things, such as appointing a lawfully registered agent, having sufficient capital, and filing all the basic documents with the state, can save an LLC from entering the corporate veil.
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