R. Shawn McBride recently spoke about the freedom of LLC and compares them to a Dictatorship. Here is the full transcript:
Hey there everybody. R. Shawn McBride here with you live sharing this video. Yesterday I talked about why corporations are like democracies and we drew a lot of parallels between the two. Today I want to talk about why LLCs are like dictatorships.
Corporations have a lot of checks and balances. Shareholders, boards of directors, voting, people looking different directions. LLCs don’t necessarily have to have this. The beauty of the LLC is generally you have freedom of contract. You can set up whatever you like, however you like. It is your flavor, your style, your build. If you want an LLC where you are the owner and you get to make all of the decisions and you don’t have to talk to anybody, you can do that. And it can be run like that and you can make your company operate that way. And many of the LLCs we structure, at least initially, are that way.
You can also blend in a lot of other controls. You can blend in other people. You can have alternate management structures. You can have some people who make decisions for some classes of things, other people for other classes. But it is your business. You get to make the decisions the way you like and you get to run it your way. So, it’s beautiful. It is your business.
The LLC, can be a lot like a dictatorship. You don’t have to answer to other people and you get control. It’s a great mechanism.
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This posting is intended to be a tool to familiarize readers with some of the issues discussed herein. This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique. Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Bas van de wiel.
About the Author
R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment (www.rshawnmcbridelive.com/3laws), gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can reach R. Shawn McBride at email@example.com or (214) 418-0258.
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