LLC stands for Limited Liability Company, and is one of the options when starting a business. Another common business type for certain situations is a partnership, for example when both husband and wife are working the business together. Many of us, when we entered the world of network marketing, chose to start our new mlm business as a sole proprietorship. This was the simplest one, and presented no hassle.
But is there a time in your business life to move on? Has your online business grown bigger than you first thought it would? Or, if you believe in the idea of multiple streams of income, are you in more than one business opportunity now?
IS IT RIGHT FOR YOU?
Perhaps it’s time to consider an LLC to see if it might be right for your situation. The following infographic should educate as it features key points to consider.
I’m not saying that this is necessarily the right choice for you at this time, but it doesn’t hurt to become familiar with the benefits, as well as the disadvantages that this business type brings with it.
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MAKING A CHANGE
If you do think that perhaps a change would be to your advantage, then maybe the following post will help you make the transition.
You started your network marketing business with one approach, in your own name as a sole proprietorship. Now you … Typically, you can NOT transfer a business license from your sole proprietorship name to your new LLC.
IT’S YOUR DECISION
It’s always good advice to check with your personal tax attorney or accountant to get their input. Whether you decide to keep your business as a sole proprietorship, or look at the option of an LLC or partnership, it’s all up to you, and what you feel is the best solution for your situation.