ATMs can be challenging businesses that have a number of liability issues involved. Like any business, you are always better off when you are protected personally. You obtain the maximum amount of protection when you form an LLC.
No matter the type of business, you should form an LLC if there is any sort of risk to you. When you start a business, there is a chance that your own assets may be on the line unless you form an LLC for your business. The “LL” part stands for “limited liability.”
An LLC Protects Your Assets
The main liability that is limited is your own. Then, if there are any business creditors, all they can file claims against are the assets of the corporation. This stands in contrast to other businesses such as partnerships, where the partners’ personal assets can be taken. The last thing you want is to lose more than just your investment if something goes wrong.
When you have an ATM business, many different things can go wrong. There are potential issues with security and technology that could potentially make you liable. Skimming and financial data breaches are common risks that could cost you money.
There are several other reasons why you should consider an LLC:
- Incorporating your business could help your reputation and boost trust
- There are tax benefits if you utilize an S Corporation
When you start your own business, you must choose a corporate form at the outset. An experienced business attorney could review your situation and recommend the appropriate form for your venture.
Contact a Georgia ATM/COAM Business Lawyer
Battleson Law helps both startup and established companies with all of their corporate law issues. We offer commonsense advice that makes your life easier. Call us today at 470.398.1175 or contact us online to discuss your business needs.