Legal Brief: What the Fiscal Cliff Tax Deal Means for Small Business

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Should my Business be an LLC? A Question for the Great Oz

Planning for Your Business and Your Wealth

Determining whether your business should be an LLC (or a Sole Proprietorship) is daunting even with a grasp of the basic differences. Ultimately, it’s a question of diligence between you and the corporate veil.

The corporate veil is a legal concept most easily illustrated by the Wizard of Oz. The towering, Technicolorful personality of Oz is all smoke, thunderbolts, and righteous indignation. It is awesome in the truest sense of the word.

But there’s something out of place.

“Pay no attention to the man behind the curtain,” commands Oz, a wizard tragically unfamiliar with the nuance of reverse psychology. So we pay attention, and behind this curtain we find nothing more than a meek, CGI-crazed old man. As soon as the illusion fades, so does our respect and awe.

The LLC is a popular form of business structure because it separates you as an individual from your company, Oz…

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