How do you convert a sole proprietor to an LLC? What is personal liability? And what is personal liability protection? This video has these answers, and is a comprehensive guide to protecting your personal & business assets.
The Secretary of State allows company formations of LLCs. Once they’re formed, they have their own corporate personality.
LLC’s also provide liability protection, specifically the charging order of protection. This means that when the business is sued, you won’t face any personal liability. However, with a sole proprietor, you are personally liable. This makes it much easier for taking the biz. As such, we all know which entity is more susceptible to creditor pressure. This is why you’ll want to convert sole proprietor to an LLC.
Other considerations include the management of LLC, as well as getting a business license.
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DISCLAIMER: The contents of this video are NOT LEGAL ADVICE and do not apply to your specific circumstances. This information is provided for general informational and educational purposes only. Viewing this video DOES NOT CREATE AN ATTORNEY-CLIENT RELATIONSHIP. We highly encourage you to seek professional legal advice before acting or relying on any information contained in this video.