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Is an LLC Worth It for Sole Proprietors?

The Motley Fool

Image source: Getty Images If you're starting a small business, generally the first step is setting up the legal structure of your business. LLC stands for "limited liability company," which is a business structure that combines the pass-through taxation of a sole protectorship with the limited liability of a corporation.

Legal 246
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How to Choose the Best Legal Structure for Your Startup

The Motley Fool

But to me, maybe no decision you can make when starting a new venture is more important than what legal form the business will take. You essentially have four choices for how you will legally form your business. The legal issues and potential liability are the same, so no, we don't like this option much either.

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Is Your Small Business Ready for This New Federal Reporting Requirement in 2024?

The Motley Fool

Image source: Getty Images Small business owners have to deal with a few different types of legal compliance and document filing requirements throughout the year. In most states, with just some simple paperwork and a small fee, you can set up a small business that has its own separate identity for banking , taxes, and liability purposes.

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Top 5 Tips to Make Your Side Hustle More 'Serious' (and Successful)

The Motley Fool

Whether it's a graphic design consulting business, a small online craft store, a cupcake bakery, or a home-based meal prep service, a side hustle can be a great way to earn extra cash. Form an LLC or other legal business entity There's no one right answer to the question of when you should form an LLC for a side hustle.

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Unexpected Risks That Your Small Business Insurance Should Cover

The Motley Fool

Image source: Getty Images Buying a general liability insurance policy is a simple, must-have way to protect your business and personal finances. Small business general liability insurance can protect you from this situation. If you have a product liability insurance policy, your insurance company can help.

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Top 3 Lessons From the CrowdStrike Outage: Why You Need Small Business Insurance

The Motley Fool

But one ominous lesson from this episode is that even small businesses can be affected by tech outages -- and might owe big financial liabilities. Nevertheless, contractual obligations may play an important role in determining liability. The update might have impacted their clients and other dependent client businesses. "The

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The Single Best Insurance Policy Every Small Business Needs

The Motley Fool

Maybe you've heard of it: small business liability insurance. Let's look at what small business liability insurance is all about, and why your business needs it. What is covered by small business liability insurance?