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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It stands for “Limited Liability Corporation”. Ostensibly this is to protect you and your assets from something you might be liable for like injuring someone or causing damage to someone’s property to use a couple of examples.
So if you were to injure someone with one your drones, for example, they couldn’t sue you personally only your LLC. This is how it’s supposed to work but I have heard of ways around this in some cases, and IANAL.
It also affords you some other benefits like tax breaks, anonymity (to some extent), and some other things.
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