LLC – Do You Know What It Means?
What is an LLC, anyway?
Occasionally, I run across something that I simply enjoy. For those of you so jaded by the business world that the meaning of the word is lost, here is what Webster’s says…
Enjoy: to take pleasure or satisfaction in
What is there to enjoy, you ask? How about this…we’ve just added a new writer to our team. I know, that doesn’t really excite anyone. The enjoyment, however, comes from who the writer is and what she reminds me of, so let me tell you about her and why her writing is interesting.
Her name is Lindsey Rife and she knows nothing about business.
That’s right…Nothing! In fact, she is just a few days out of High School. Over the next few years, she gets to do what most of us would love to have a second shot at. No, not the college parties (although that sounds pretty good, too). I’m talking about choosing a career. From scratch. With youth on her side and no preconceptions. If you could do it over again, what would you do? Would you join the corporate workforce or would you chase a dream and start your own company? Why not start a Non-Profit Corporation and try to make a difference in the world?
Some of us take years to decide that the corporate life isn’t for us. When we do, we come right back to where Lindsay is. We ask ourselves the same questions that she is asking, like what is an LLC, anyway? What’s the difference between forming a limited liability company and filing a business incorporation? Which one is right for my business? The fact that she is asking these questions now, rather than when she is 40, is exactly what makes her so interesting.
Most of our customers don’t really know what an LLC is. In fact, I hear customers almost everyday describe it as a limited liability corporation. As adults, we bring our preconceived ideas into business and we often do so to our detriment. Young people change the world with every new generation. Any idea how old Bill Gates or Steve Jobs were when they started their companies? How about the founders of Facebook, YouTube or Word Press? How about this…the average age of the founders of these three companies is 25! They accomplished things I would have told you were impossible or ridiculous, which only shows you that experience can close your mind to opportunity and youth, truly, has no understanding of limits.
If you would like to follow a fresh perspective, start with Lindsay’s first article. It’s titled What Exactly is an LLC? and you might be suprised to learn that you have more in common with her than you think!
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