Bill adds Limited Liability Companies to business options

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Governor Lolo Moliga has sent to the Fono legislation to include limited liability companies as another business entity option in  American Samoa.

The governor says that in an effort to help spur economic growth, the proposed bill adds the widely used LLC as a permitted business entity  to the list of business options in the territory.

He informed the Fono leaders that LLCs are attractive business entities because of the protection and tax options they offer.

Presently individuals must file as a corporation or risk their personal assets.

LLCs will provide another option that will stimulate business creation and entrepreneurship.

Lolo  adds, “Currently there are few business entity options in the territory.  This legislation will make starting a business easier and more attractive. ”

The governor also points out that LLCs operate in all states.