If you currently run a business, or intend to, it is a good idea to form a traditional Limited Liability Company (LLC). LLCs are legal entities which protect the business owner’s personal liability. While other business structures, such as sole proprietorships, are easy to setup, your business would not exist as a separate entity, but as an extension of you. This opens the door for personal liability for all of your company’s debts. For instance, if your company gets sued, your business’s assets, along with yours, would be paying the bill. LLCs, on the other hand, limit this personal liability. As the owner, you would not be personally liable for your company’s debts or legal liabilities.