What is an “inc” company? In simple terms it is a business unit that controls more than one company. A “group” CEO is a type of CEO but holds shares in more than one company. A “Limited Liability Company”, or LLC, is a legal entity that limits the liability of the owners, so that they are held personally liable for the actions of the LLC.
Why would you want to be the group CEO of Inc and Co? It certainly seems to make more sense. With the current economic issues, many companies are being forced to downsize and sell off their businesses in order to survive the economic downturn. If you own your own business, owning an LLC or Limited Liability Company means that you will only have limited liability for the actions of your LLC. This can be a very attractive thing, especially for small business owners who want to expand and/or diversify their businesses Group CEO of Inc & Co.
For instance, let’s say you own a restaurant in downtown Denver that serves some great Mexican food. Your family and you decided that you wanted to open a Mexican Restaurant in the alley behind your restaurant. Well if you own your own business, you wouldn’t be able to open up that particular alley because if your business is sued for damages, you lose your assets, and you run the risk of shuttering your business or even filing bankruptcy.
Now, let’s say you decide to open up another version of your popular Mexican restaurant in the same alley. Now, your family and you, along with your “co-venturers”, who happen to be some very wealthy entrepreneurs decide to invest some money into the new business. Now, you have limited liability, and now you can open up your “Mexican” restaurant and serve whatever you’d like during the day, and of course, nighttime. Your “business partners” would be protected by LLC, and you could go about your daily routine, as usual, and perhaps make a few extra bucks, while protecting your assets and business.
This scenario is so common these days, that there are a lot of businesses set up like this all over the country. These types of set ups are called, “Forfeiture Mediation” or “Unified Ownership” businesses. If you were to start such a business, you’d be protected by laws such as those in our State. The laws in our State are designed to keep real estate owners from being able to benefit financially from their property. If you were to gain control of your business and use it for personal gain, then you might be facing serious troubles with the law.
There are many other reasons why LLCs are popular, but these were just two of the most common. You should do some research on the subject of how to set up an LLC for your own business. As always, it is very important to consult a qualified attorney before making any business decisions. If you’re still not sure what an LLC is, then the link below will help point you in the right direction.