Firms and organisations need to register their companies as this helps them to avoid any problem related to the company's name and trademark in the future. Furthermore, trademark protection prevents another firm to copy another firms name, logo or tagline which can create confusion in the minds of potential buyers. Trademark protection costs a very minimal amount but protects a company's name.
Limited liability company is one of the specific types of business structure that is followed in the United States. This structure excludes the partners or the owners to possess the liabilities of the debts and liabilities of the company. This will help the partners limiting the liabilities. An agreement is made which helps in the protection of the liabilities. The owners' personal assets are separated from the asset of the company thereby reducing the debts and liabilities.
In the given excerpt, the best advice to be given to the partners, Dave, Dan, and Darwin as an advisor would be to adopt a limited liability company. This would help them not to keep their personal assets in stake for their business.
