Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.
Good evening. You are wise to be concerned. Yes, you should form a limited liability entity....either an LLC
or a corporation
...to protect your personal assets from the liabilities of your store. You can still have the entity purchase a liability insurance policy to protect the assets of the entity, but in all cases your personal assets would be protected. I would recommend either an LLC or an S corporation
as both shield you from personal liability and avoid the double taxation of being taxed at both the entity and the individual level. The LLC offers a bit more flexibility for you so I would recommend that. Forming it is simple....i) complete and file a certificate of formation with the Kansas Secretary of State online; ii) obtain an Employer Identification Number from the IRS online; iii) download a simple operating agreement
from www.rocketlawyer.com or www.legalzoom.com and modify it for your facts; and then iv) open an bank account using the documentation in (i) through (iii). Then assign all the stores assets to the LLC. You're done!
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