I’m a drone pilot who just got his license (Part 107). I’ve done some shots and gigs for friends but as I am looking into possibly venturing out on my own as a business I keep getting told that it’d be good to be an LLC. Every time I look into it I just get inundated with technical terms. Just wanted someone to really simplify it for me so I can know where I stand. Thanks so much!
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Its a corporate structure that can shield the owner from liability, while passing profits through as owner income.
Lets say you have an LLC and someone sues your business. They can come after your business assets, but they cant come after your personal assets like your home or retirement accounts. You also aren’t usually personally responsible for the businesses debts.
Its not bulletproof. You can still sue through an LLC to the owner in some circumstances. Its limited liability, not zero liability.
Theres a big trend right now in hustle culture where people brag about having an LLC as though its some kind of accomplishment or signal of wealth. This only impresses idiots.
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