The Facts -- Starting A Limited Liability Company June 18, 2004 Stephanie Eidolon Are you ready to take the big step toward owning your own business? Starting a limited liability company, then, may be an option for you. Limited Liability Companies, otherwise known as LLCs, comprise a relatively recent trend in business. Since the 1990s, the Limited Liability Company form of business structure has become more and more accepted in the United States, although it has been used worldwide for some time. Now it is accepted in all fifty states. In essence, the LLC has rewritten the books on corporate responsibility and organization.

Interested? -- Here's What You Need To Know

There are a few differences between LLCs and corporations. Starting limited liability companies requires knowledge of the laws and accords surrounding them. First, the members of an LLC can't be held accountable for any debts incurred by the company. Of course, if one of the members of the LLC passes away or goes bankrupt, the company dissolves.

In order to start an LLC, you must first file what are called "articles of organization." These include a fee, as well, and are lodged with the Secretary of State. You must also recognize the individual state's laws before filing, so that you can be sure to have your documents accepted.

Before you make the decision to start your company, it is a good idea to seek legal or tax counsel. That way, you can avoid any mistakes that might detriment your progress and delay the formation of your new limited liability endeavor. Good luck!

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