Although starting a business is an exciting endeavor, there are numerous considerations to be made. Whether or not to create a Limited Liability Company (LLC) is one of the most crucial decisions you’ll have to make. An LLC is a type of business structure that shields owners from personal liability while yet enabling them to reap the tax advantages of a partnership. But is an LLC genuinely necessary to launch a business? Let’s look more closely. A T-shirt business is what kind of business?
A sole proprietorship or a partnership are both appropriate business structures for a T-shirt company. In other words, you can start selling T-shirts without creating an LLC. To protect your personal assets, it could be a good idea to create an LLC if you want to sell a lot of T-shirts or develop your business in the future.
The procedure for forming an LLC for an internet business is the same as for forming an LLC for any other kind of business. Make sure the name you want for your LLC is available in your state before deciding on it. The next step is to submit your articles of incorporation and associated filing fee to your state’s Secretary of State office. You must open a separate business bank account as well as secure any relevant licenses and permissions after your LLC has been approved.
Online retailers frequently use Depop as a platform for selling apparel and accessories. You don’t need an LLC to begin selling on Depop if that’s what you intend to do. To safeguard your personal assets as your company expands, you might want to think about creating an LLC.
Yes, a single person may hold an LLC. This type of LLC has only one member. The liability protection offered by single-member LLCs is the same as that offered by multi-member LLCs, but they need less setup and upkeep.
In conclusion, even if you don’t necessary need an LLC to start a business, it’s a good idea to think about creating one if you want to safeguard your personal assets or have any plans to grow your company. It’s always a good idea to speak with a lawyer or accountant if you’re confused about whether an LLC is the best choice for your company.