If you’ve been following my posts, you know that I have been jumping on Periscope when the inspiration strikes and sharing #legallovetips with you.
They are totally spontaneous, on-the-fly, and, well, let’s just say that my camera shakes sometimes, and I’m not all glammed up like in my videos for my courses and launches. #itsgettingreal
In fact, I filmed this video by holding my phone outside on lunch break while I was at a continuing legal education training! (We’re going for content here, peeps -not form!)
Interestingly, what I have found from doing a bunch of these Periscope videos is that people LOVE seeing the “real” me.
They tell me that they can see that I’m much more approachable than a stereotypical attorney, and they can see first hand that I sound more like a Legal Coach® and entrepreneur than a traditional Attorney. (Hence the #legallove!)
In this Periscope video, I share 2 big reasons why an LLC can protect your business.
Watch it above and find me on Periscope @lisa_fraley for future broadcasts.
Here’s the skinny:
Forming an LLC can do 2 big things for you:
- Separate your business assets from your personal assets
- Help to limit your liability – big time!
If you’re already are financially successful or have a lot of business assets or personal assets, you want an LLC in place to legally separate them.
Why is that important?
Generally speaking, it means that when you have personal assets (like a house, car or investment accounts) and someone comes after you for a problem in your business, it means that they can only go after your business assets, and they can’t get their paws on your personal assets.
Having an LLC is like putting a protective cloak around your personal assets to keep them safe and secure – separate from your business.
The idea is to keep things separate. You know, like separating paper from plastic. Or the church and state. Or the men from the boys. #youvegottokeepthemseparated
The other reason you want to have an LLC in place is that it limits your liability.
In case you aren’t aware, “LLC” stands for “Limited Liability Company.”
An LLC is a company that limits your liability! #bingo
The whole other purpose of an LLC – besides protecting your assets – is to limit your liability so that people can’t reach too deep into your pockets if they come after you or sue you.
As you watch the video, you’ll see that I was asked some great questions by viewers during the broadcast like:
- Can you set up an LLC on your own – or do you really need a lawyer? (My answer may surprise you!)
- Can you create an LLC just with one person?
- Do you need a board of directors if you have an LLC?
- Do you need to incorporate your LLC?
I love getting questions like these to help you get legally covered in your business! Be sure to watch the video to hear my legal As to these Qs.
If YOU have questions about forming an LLC, feel free to shoot me an e-mail at firstname.lastname@example.org.
And stay tuned next week for a very special announcement on how to get legally covered (for free!) in one key area of your business that could cost you THOUSANDS. (Yep! That’s right! Thousands. You won’t want to miss it!)
Here’s to understanding how LLCs can protect you, to #legallovetips on Periscope and to videos on the fly!