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One of the great resources for entrepreneurs on the web is Y-Combinator’s library of articles for startups. Included among the articles is a great piece on getting funding for a startup, part of which discusses the difference between a “startup” and a “small business:” A company has to be more than small and newly founded […]

There is much literature praising the benefits of LLCs as a new business form for the small to medium-size business owner. LLCs are indeed an advantageous business model because, unlike corporations, profits and losses can pass directly through to the owner’s personal income tax return while the owner’s personal assets are shielded from liability. But this protection is not unlimited, and if the owners of an LLC do not take adequate precautions, they can find themselves facing a potential lawsuit without the benefit of having their personal assets protected from a judgment against the LLC.