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Understanding LLCs and Asset Protection About a decade ago, we experienced one of the most difficult economic periods since the early part of the 20th century. From that experience, there were many businesses and individuals who suffered serious financial losses, even to the point where some have not been able to fully recover yet. There were a lot of businesses that ended up having to close down for good, as well as countless individuals and families who lost the homes and other vital assets. Since that time, the economy has improved tremendously, and the majority of us made it through with some very valuable lessons about how to protect ourselves financially from such situations. Going through that rough period, many people have since learned of the great importance of having certain measures in place to protect their assets from being taken away. Surprisingly, until then, there were many people who were not very clear on the distinction between assets and liabilities. Even in those cases where they did understand that a home or property is considered an asset, they still did not know that other things like cars are considered liabilities, as they generally lose their value over time. With a clearer understanding of what assets truly are, people have then been able to gain even greater understanding of what they can do to both protect the assets they have and increase the numbers of assets they have. Of the various strategies that we can use to protect our assets, the process of forming a limited liability company, or LLC, as been one that has recently become very popular. As our technologies have advanced, especially with the growth of the online markets, there have been growing numbers of people who have been starting their own businesses. With the majority of these being small businesses, if not sol proprietorships, they have learned that forming these as LLCs is one of the best way to ensure protection of their personal assets if anything were to ever go wrong. If they do not have the protection of the LLC, it is then possible for them to lose both their personal and their business assets if someone were to file and win a lawsuit against them.
Case Study: My Experience With Businesses
By forming your business as an LLC, you are able to get some of the same benefits and protections as corporations, but with less bureaucracy and fewer personal risks. Again, the main factor here is that a standard corporation can be sued, and should that case be lost, your personal assets could then be counted as within the scope of the business and subsequently taken away. With an LLC, however, you will have greater assurance that your personal assets will not be combined with your business assets. Because of this, should your business assets ever happen to be taken away, your personal assets should still be safe and protected.
Finding Similarities Between Options and Life
In many ways, this is actually a great time for anyone with enough discipline and will to take that leap and form a business. Learning from the past, people are less likely to repeat those financial mistakes by having the protection of their businesses as LLCs.

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