Do you have a business idea or an existing business you want to expand? You may want to consider forming a limited liability company for your business.
A limited liability company, or LLC, is a business entity that offers personal liability protection for a business owner. Operating through an LLC is an effective way to separate the personal assets of an owner from the assets of a business.
An LLC can also offer tax advantages that are not available to individuals operating a sole proprietorship or operating as a DBA.
An LLC can also provide additional credibility to your business in the eyes of prospective partners, customers, suppliers, and lenders.
Whether you are a small business owner or a group of like-minded business associates who are considering working together, an LLC is an excellent vehicle to provide structure to the business deal while at the same time providing limited liability for those involved.
If you have questions about an LLC or any other business related question, contact the Southern Aroostook Development Corporation at 521-0157.
Do you have plans to start your own business in or around the Houlton area?
Choosing a name for your business is an important step in the planning process. Not only should you pick a name that reflects your brand identity, but you also need to ensure it’s properly registered and protected for the long term.
When choosing a name – consider how it will look, what connotations does it portray, and it is unique? Do a quick web search to see if a similar name, or variations of it, is trademarked.
You’ll also need to register your business name. Registering your DBA “Doing Business As” name is simply the process of letting your state government know that you are doing business as a name other than your personal name or the legal name of your partnership or corporation.
After your business name has been established, there are various types of business insurance that should be considered. Most will require some type of general liability insurance and many businesses obtain an “umbrella policy” that covers a variety of risks including personal property, liability, fire, and theft.
Learn more about how to get your business started at maine.gov.
Recorded by Krista Putnam