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Business owners spend years building their companies, but too often they fail to plan for what happens when they are no longer able to run the business.

Without a succession plan, a business owner’s family and/or co-owners are forced to make quick and stressful decisions. Having a procedure in place is invaluable.

The limited liability corporation, or LLC, is designed to combine the flexibility and simplicity of a basic partnership with the protection of a corporation. “LLC” stands for “Limited Liability Company” and owes its name to the fact that the members (owners) of the LLC are not personally liable for the debts and liabilities of the business.