What should I do if I don’t have the financial means to cover the cost of filling for a LLC or other permits/license?

Asked on December 4, 2013 under Business Law, Illinois


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 7 years ago | Contributor

Save more money--if you can't afford to file an LLC or obtain necessary permits or licenses, you're not ready to start a business. You want to be able to establish an LLC, to protect your personal assets from business debts; you need to be able to afford the appropriate insurance; and, speaking from experience, assume your costs will be double your projections, and it will take you twice as long (at least!) to hit your sales projections as you hope--which means you need a considerable cash cushion. If you can't even set up the LLC, you're not in a financial position to start a business.

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