April 17th, 2017
Many businesses have the letters LLC following their business name. LLC stands for Limited Liability Company. A limited liability company is a relatively new form of business ownership. According to the Small Business Administration (SBA), a limited liability company is a hybrid type of legal structure that provides the limited liability features of a corporation and the tax efficiencies and operational flexibility of a partnership. One of the distinguishing features of an LLC is that it protects the owners of the business from personal liability from business claims or debts. Only the assets of the business are at risk. This provides some peace of mind to an entrepreneur because personal assets, like a home or a car are protected. If a business owner decides to start a limited liability company in Maryland, the name of the business must include LLC, L.L.C., L.C., or L C, thus the reason you saw those letters after a business’s name.
According to the SBA, other advantages include ease of paperwork and the ability of the members to decide who has earned what percentage of the profits or losses. For more information on the different legal business structures, consider taking a free online video course through the library’s Lynda.com service titled, “Become a Small Business Owner.” This course can be accessed with your library card number and pin through CCPL’s website at https://www.cecil.ebranch.info/digital-library/lynda-video-trainings/ along with other hundreds of other business courses.
Cecil County Public Library’s Small Business Information Center (SBIC) provides free information and assistance with the process of starting or running a small business. This is a no cost, focused service for potential and existing small business owners. In addition to access to up-to-date business info, the SBIC also works with a team of local business organizations to get you the help you need. Make an appointment with the SBIC by calling 410-996-5600 ext. 128 or by emailing firstname.lastname@example.org .
Don’t miss our upcoming business program: “How to Succeed at Network Marketing” Monday, April 24 at the Elkton Central Library at 6:30pm.