Another great reason to use an LLC is for succession planning.
Simply put, I could own 100 different assets that I use to operate my business (desks, computers, equipment, buildings, etc.). What if I’m affected by death, disability or divorce? It’s going to be a nightmare trying to equitably divide those 100 assets. However, if those assets are inside an LLC, then all I have to worry about is dispersing shares of the LLC, which can even be fractional. Life-changing events are, by nature, disrupting and sometimes unpleasant. You might be able to take some of the rupture out of that disruption by using an LLC to strategically protect or guide your assets on terms you make instead of someone else’s terms.
Whether its tax savings, liability protection or succession planning; we have just touched on all the great things we can do with LLC’s. If you want to find out if your business structure is the most efficient for you then give us a call.