LLC is the most flexible legal tool any entrepreneur can ever have. It gives you double asset protection and allows you to pick your own tax structure. But alongside its many benefits are also some pitfalls you need to avoid. Lee Phillips joins Julie Houston to discuss the right way to maintain an LLC, as well as its legal differences compared to corporations and partnerships. He explains the importance of having an operating agreement, picking the best tax structure, and keeping your business safe from the cunning claws of the IRS.