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When choosing a small business structure, many owners go for a limited liability company (LLC) because of the protection from liabilities it provides. If you’ve thought about starting an LLC, follow this guide for step-by-step information. 

What is a limited liability company?

LLCs are a type of business entity that are similar to corporations in many ways. As the name suggests, LLCs provide personal liability protection to their owners. They also boast a lot of flexibility in management, taxation, and the allocation of profits and losses. 

As a company, an LLC can own assets and bank accounts; sign leases, loans, and other contracts; and file a lawsuit or be sued. Since it’s legally a separate entity from its owners, no one person is liable for business obligations or debts.

Related: Need a Business Idea? Here Are 55.

A step-by-step guide

Let’s take a look at the six steps dividing you and your limited liability company.

1. Select the state

It’s best to open any company, including an LLC, where you plan to do your business. If the company exists physically abroad, make sure to

Damien Meyer | AFP | Getty Images

Much of the recent trade discussion has focused on how the coronavirus has increased tension between the United States and China, energized efforts to localize supply chains, and spawned countless export control measures.  But the coronavirus has also contributed to another disturbing trend – momentum for digital service taxes in countries around the world. 

The United States is engaged in bilateral trade negotiations with many of the key culprits, and must condition outcomes on clear commitments to refrain from adopting unilateral and discriminatory tax measures that target America’s most innovative companies.

Digital services taxes are nothing new, of course. France, a primary proponent, has been working on its policy for years and encouraging its European neighbors to follow suit. France claims the tax is necessary to address the under-taxation of digital companies, but the measure’s design and comments by local politicians suggest a more discriminatory intent. 

Indeed, the U.S. Trade Representative’s Section 301 investigation into the French measure reveals that policymakers carefully calibrated it to squeeze as much revenue from American companies as possible while exonerating local competitors. And many French politicians did not even try to hide the true purpose, simply calling

The European Union’s executive arm will propose a new fiscal stimulus package of as much as 750 billion euros ($823 billion) in an unprecedented push to overcome the deepest recession in living memory, according to a tweet by European Commissioner Paolo Gentiloni.

Of the total amount, 500 billion euros from the package will be distributed in the form of grants to member states, and 250 billion euros could be available in loans, according to an official, who asked not to be named, in line with policy. To fund the package, the EU would borrow up to 750 billion euros on financial markets.

Italy would get 81.8 billion euros under the proposal, Spain 77.3 billion euros, Greece 22.5 billion euros and France 39 billion euros, according to another official familiar with the details. Peripheral EU bonds rallied on the news.

Italian bonds rallied, with 10-year yields falling eight basis points to 1.47%, the lowest level in almost two months, while German securities erased gains. The euro snapped …

Good morning.

“Plastic is my passion.” So says Surendra Patawari, Zooming with me yesterday from Belgium, where his giant global recycling company is based. I spoke with him about the state of plastics recycling, and it was not an encouraging conversation.

I’ve noted in this column before that an increasing number of big companies are targeting plastic recycling as an important goal. The Alliance to End Plastic waste includes companies like Dow, Pepsi, P&G and ExxonMobil, who have committed $1.5 billion to solving the plastics problem, and I believe they are sincere in their ambitions. Patawari, who sits on the board of the Alliance, believes they are sincere as well.

But here’s the thing: plastics recycling has pretty much collapsed. That was happening even before the pandemic, after China made its decision to stop importing plastic refuse for recycling. And it has gotten worse, in part because collapsed oil prices have made virgin plastic less expensive, and in part because other countries are regulating waste shipments, causing trade in plastic for recycling to shrivel. While companies like Pepsi and Unilever have set goals of using 25% recycled plastic packaging by 2025, Patawari says in fact only 16-17% of plastic …