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sin3 replied to the topic Types of Corporations in the forum Business 101 6 years, 6 months ago
I feel that if I were to come up with an amazing idea for a business, I would start up a Limited Liability Corporation. I feel that this has more benefits and advantages than disadvantages. The biggest reason as to why I would start an LLC is due to the fact that there is a limited liability. The owners will never get “their house taken away” because there is this corporate veil. And because there is no limit on the amount of people owning the company, this allows for a more collaborative company. The company does not rely on one or two people, rather, the responsibility can be split between various people. The only disadvantages that comes with an LLC is the loads of paperwork that is required to set up this company as as well as administrative duties. However, that can easily be resolved with hiring more people to do the job.