Generally, small businesses with employees, more than one owner, valuable business assets, or contracts should form an LLC rather than a corporation. So let’s focus on LLCs.
To make this easier, let me introduce you to my good friend Mr. LLC. That’s right, an LLC is a totally separate person in the eyes of the law. Mr. LLC was conceived, born, lives and dies just like a real living human being. It gets even better than that. Mr. LLC can buy things, sign contracts, own things, go to court, be sued, and do almost anything else a real live person can legally do.
Let’s start with looking at the various types of LLCs.