Orem, UT (PRWEB) May 28, 2012
LegaLees Corporation has launched a legal self help product, the LLC Wizard, that could be a great help to the boomerang generation and their beleaguered parents. According to a recent Pew Research Center report on the “boomerang generation,” three-in-ten young adults between the age of 25-34 have moved back home in recent years, with an average debt of $45,000 each.
Forbes Magazine estimated that as many as 80% of this year’s college graduates will return home to live with their “baby gloomer” parents. Forbes goes on to suggest five things that parents can do to help encourage their children to become self sufficient.
While it may be a good thing to set limits and charge rent, the real issue is to get those kids working. Lee Phillips, president of LegaLees Corporation, remembers that his grandfather used to say that “hard work and discipline is the way to open up opportunity and success.”
Mr. Phillips continued, “Why not encourage the boomerang kids to start their own businesses? This generation possibly includes the brightest and most creative people in the United States today. Let’s not waste the potential waiting for a government handout or a job that may never come. Let’s encourage this generation to create their own companies and determine their own destiny.”
The LLC Wizard is designed to help the fledging entrepreneurs set up and run their own LLC (Limited Liability Company). The LLC will act as a safety net to protect the creators of the company in the event the company isn’t successful.
Phillips explained that LLC laws protect the owners and managers from personal liability. Congress has given this protection to those who use the LLC in order to encourage them to take the risk of starting a small business. Congress recognizes that small businesses are the engine that drives the US economy.
However, in order to get the desired liability protection, the LLC has to be set up properly and then managed properly. Phillips emphatically states, “Just having a bunch of papers filed with the state and then opening up shop isn’t going to give anyone any asset protection. A lot of other things have to be done in order to establish the LLC and make it a good liability shield.”
“Just getting forms off the internet won’t do it,” Phillips says. The LLC Wizard is unique, because it provides all the forms for state filing, operating agreement set up, tax filings, and maintenance. It also has about five hours of audio instructions to help the user customize the forms with different options and then learn how to operate the LLC.
“When the LLC gets sued, a very high percentage, on the order of 90%, of LLCs don’t provide the liability shield that people thought they had. It’s because the owners and managers never get trained in LLC management,” said Phillips. “Plus, if the owners know the in’s and out’s of the tax laws and design the LLC to take advantage of the tax laws, they will make a lot more money,” he added.
Phillips feels like a huge opportunity is being wasted. “Imagine what all these college graduates living in Mom’s basement could do, if they put their talents to work finding solutions for the needs in our society. These kids have the education and talents to do this,” he said.
“They’re afraid to take the risk, but they don’t need to be if they are trained. Their parents are afraid, because they always had a job. The sad truth is that the days of waiting for a job are over. These kids aren’t going to work 30 years for a nice company and retire with a fat pension. But there is still opportunity. Sure many entrepreneurs fail at their first few attempts, but once they figure it out, they are unstoppable. There is nothing like it.”