The setup can be done online at the website of the state government agency in charge of corporations, which is usually the secretary of state. The steps to set up a corporation or LLC are really easy. A group contract with "Bill's Travel" just doesn't have the polish that one in the name of "Bill's Travel LLC" would have. The second advantage, which is especially important for home-based agents, is that, by using a business name that ends in "Inc.," "LLC" or the like, your business will take on a more professional aura in the eyes of clients and suppliers you deal with. However, in general, you will no longer have to worry about losing everything you have if you make bad business decisions. In addition, certain creditors, such as your landlord and your host agency, might make you personally guarantee the company's obligation. There are exceptions for activities that make you personally liable, such as fraud and failure to remit payroll taxes. In other words, your liability (to the judgment holder) is limited to what the company owns.įor example, if you sign, in the name of your corporation or LLC, a hotel contract for 1,000 room nights, and the group pulls out, the most that the hotel can ever get from you is what is in your company's bank account and whatever else your company owns, which might well be nothing at all. Uniworld Boutique River Cruise Collection.On the ground in San Juan: Taking stock of tourism after Fiona Parts of Puerto Rico are hurting, but the island is welcoming visitors.
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