Forming and launching a business of your own is the first step to true financial freedom and time flexibility. However, selecting the right type of business formation can feel complicated and overwhelming if you are unfamiliar with your options in the State of Massachusetts.
What is a family LLC formation?
The process of business formation is not extremely complex once you familiarize yourself with your options. A family LLC is similar to a traditional LLC, or limited liability company, only it involves multiple members of one family. A family LLC can include relatives related by marriage, blood, and even adoption.
Cost of a family LLC business
Investing in the formation of a family LLC can range anywhere from $3,000 to more than $10,000, depending on the number of relatives involved as well as the complexity of the business itself and what it may require.
Benefits of a family LLC
When in the process of a business formation, it is important to weigh and compare your options. Some of the benefits and most notable advantages of choosing to form a family LLC business include:
Estate planning: With a family LLC, properly plan your family estate while maintaining complete control over assets as well as taxes and other expenses or liabilities involved with your business.
Asset protection: Protect your assets from potential claims from creditors with a family LLC. Additionally, you can also limit debt liability with the right setup of your family LLC.
If you have an interest in forming a family LLC for your own business, working together with a legal firm in the State of Massachusetts is highly recommended. With the right legal team by your side, you increase your chances of moving forward with your business formation feeling informed, confident, and prepared at all times.