Starting a limited liability corporation (LLC) can be a good way to protect yourself when you want to go into business. An LLC protects your personal property from claims made by business creditors or anyone who tries to sue your business.
One of the most important protections an LLC offers is the separation between you as an individual and the business as an entity. In order to avoid commingling and other mistakes that could reduce the protection an LLC offers, it is generally advisable for people to form their LLC early in the business development process.
Filing paperwork for an LLC in Pennsylvania takes at least a week
When you file paperwork with the state, they need to review it, document it and then return it to you if appropriate. When submitting documents for LLC formation, you can expect to spend at least 7 to 10 days waiting for document processing, even if you ask for rush or expedited processing.
However, Pennsylvania has a relatively good reputation for being quick in its turnaround times with paperwork processing. It may only take a week from when you submit the paperwork until the LLC is official.
Don’t rush with your documentation
Creating an LLC involves drafting certain documents. Rather than using fill-in-the-blank forms that you get online, it’s usually better to create customized documents that reflect your business model and plans.
Taking your time with the necessary contracts and other documents and getting experienced legal assistance during the business formation process will help ensure that you have optimal protection in the future.