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WebDec 8, 2024 · You form a company by filing articles of incorporation with the state. A company shields its owners from personal responsibility for business obligations, such as debts or lawsuits. Partnerships are owned by the partners, who confirm to jointly run a business. In partnerships, one does not have to file paperwork with the state. WebJul 7, 2024 · Limited Personal Liability. This is the key advantage for LLC owners (also known as members). An LLC is legally separate from its owners, so it’s responsible for its own debts and obligations. This means that, although you can lose any investment you’ve made in your company, your personal assets are protected if the business gets into legal ... habarana beach hotels
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