"Rule 1: Never Lose Money. Rule 2: Never Forget Rule 1" these are the two rules that Warren Buffett has lived by all throughout his business career. Now for those that are not aware of who is Warren Buffett, he is an American Businessman who has been named as the "Wizard of Omaha" and is considered one of the most successful and influential business investors in the world. He has been ranked as one of the wealthiest and highly skilled businessmen even in today's generation. Now although Warren Buffett is one of the "big dogs" in the business industry, he has been one of the advocates of starting small, like a startup company and keeping things delightful rather than starting with huge losses and missed business opportunities.
As they say, all businesses that succeeded started from a person who had a small idea and wanted to do something about an inconvenience." It is born from the most unusual and mundane ideas to the grandest and even impossible ones. Starting a business is always a hard decision a person must make especially since most people are used to and conditioned to go to work for someone else. This system has been ingrained in our systems since we started understanding the language that's been spoken to us. It becomes a hard bargain to take especially when it entails being "hands on", losing most of the daily hours in making sure that the business succeeds and most importantly because of the risk that's attributed to starting one's own business.
The risk in starting a business is always there, whether it be a large business or a small one. It is hard to do business or even think of doing business when the numbers of small and startup businesses that continues to fail every year increases in double digits. It is, therefore, a huge burden on the owner of a company or business to ensure that it has longevity. Longevity of a business does not only mean that it sells its products all year round but it also includes having safety nets not only for its employees but to its owner and his or her investors.
There are a lot of business safety nets that may or may not be applicable in the state or country where one would like to start a business. One of the most widely used safety nets in the United States is the LLC. LLC stands for Limited Liability Company. An LLC is a corporate hybrid structure that combines the characteristics of a corporation to that of a sole proprietorship or a partnership. In LLC, the company's members or officers cannot be made personally accountable if the company incurs any debt or liability. This makes it easier to set up an LLC rather than a big corporation. you can learn how to form an LLC through internet sources such as LLC University.
These internet sources are a great way to look at the advantages and disadvantages of setting a business up as an LLC. In the State of Michigan, setting up an LLC requires the business owner to have it registered with the LARA or the Department of Licensing and Regulatory Affairs, after which it is introduced to the taxes needed to legally set up the business. For more inquiries on how to form an LLC in Michigan, it is best to contact the LARA or go to trusted internet sources about it.