Starting Your Own Business
Those starting new businesses should know that the simplest form of business is a “sole proprietorship”. While this popular business form is easy and inexpensive to set up, the owner of a sole proprietorship remains personally liable for all the business’s debts. A “corporation” is separate from its owner, which means that, with some exceptions, it is shielded from personal liability. The “limited liability company” (LLC), which is also protected from personal liability, is not required to adhere to corporate formalities such as annual meetings, recording meeting minutes, electing directors, and issuing stock certificates. Entrepreneurs must be savvy about devising business plans, securing small business loans, and making any number of critical moves that can make or break an organization. If you have legal questions about starting a business and would like assistance, please call Pruitt Law Offices S.C. at 262-633-8301 to schedule a free consultation. Our offices are located at 731 Main St. in Racine. We are your partners for professional service.