What We Do
When you are starting or growing your business, we help you work through some decisions such as
- How to protect your personal and business assets
- How to minimize liability
- How to save money
There are several ways to form your business that offer you different types of asset protection and different tax issues.
- S corporation
- Limited Liability Company (LLC)
- Sole proprietorships
The type of business entity you select for your business depends on several factors including whether you will lease land, ownership of land, tax issues, and more.
Limited Liability Company (LLC)
An LLC provides limited protection to individuals by protecting personal assets. The LLC is a separate entity in the eyes of the law, thus the liability of the individual is limited.
Protecting Personal Assets
In order to protect your personal assets through an LLC, it is important to keep personal and business accounts separate. It is also important to sign contracts with in your official capacity as a member of an LLC, not as an individual. For example, you would sign it as: ABC, LLC by Jon Smith, member of ABC LLC, not just Jon Smith.
LLCs must file annual reports with the Mississippi Secretary of State’s Office.