Starting your business as a solo interior designer is an exciting yet daunting journey. As you embark on this exhilarating path, you must consider the legal aspects of running your business.
One crucial step is setting up a limited liability company (LLC) for your interior design venture. An LLC can help you achieve many benefits and give you credibility in the eyes of clients and partners.
This blog post will explore why establishing an LLC benefits interior designers.
What Are the Benefits of Setting up an LLC for Interior Designers?
There are many advantages to establishing an LLC for interior designer businesses. Here are a few of the most significant benefits.
With an LLC, you can ensure that any legal issues arising from your professional relationships are not held against you. You can shield your personal assets from lawsuits if something goes wrong. The liability protection provided by an LLC also ensures that your personal finances and property remain separate from your business obligations.
An LLC offers credibility to your interior design business. Clients prefer to work with legally registered companies, as it instills confidence in your reliability and commitment to your profession. By presenting yourself as an LLC, you position your interior design services as a serious and established entity in the industry.
An LLC is a pass-through entity for tax purposes, where your profits and losses pass through to your personal tax return, and you will only pay taxes at the individual level. LLCs can also choose an S-Corporation taxation status, which provides additional tax savings and reduces your overall tax burden.
3 Ways To Set Up an LLC for Interior Designers
Now that you know why an LLC can benefit interior designers, let’s discuss the different ways to set up your LLC.
You can choose the DIY route if you understand the legal processes and requirements for setting up an LLC. Remember to comply with state regulations, filing deadlines, and the required fees. While this option can save you money, it’s essential to ensure that you complete all the necessary paperwork accurately.
Use a Valid Online Service
You can also use online services to set up an LLC from reputable sources like Drafted Legal, ZenBusiness, or Legalzoom. These services can walk you through the process. Drafted Legal actually files the LLC for you so you don’t have to do anything except answer a few questions at checkout
Hire a Lawyer
If you have complex business needs, hiring a lawyer specializing in business law is the best option. An experienced attorney can guide you through the process, ensuring your LLC meets all legal requirements. While this option provides peace of mind, it can be costly.
Set Up Your Interior Design LLC With Drafted Legal
As a solo interior designer, establishing an LLC for your business offers valuable benefits. Whether you take the DIY approach, use an online service, or hire a lawyer, you must ensure your LLC is set up correctly to get the liability and tax benefits it offers.
To simplify the process and guarantee accuracy, consider using Drafted Legal for setting up your interior design LLC.
Contact us today, and let’s get your business off the ground.