Limited Liability Companies

The main advantage of having an LLC is that in case the company runs into debt, you are not responsible for the debts as the members are treated separately from the company’s affairs.

Tax is paid once by the company as required so you don’t have to pay income tax again from whatever you earn as profit.

You also have the option of employing someone to manage the company or you can do it yourselves hence there is flexibility in the way the company is managed.

The profits can also be shared equally not considering the percentage of each persons shares in the company.