More entrepreneurs today are taking steps to protect personal assets and take advantage of a flexible tax structure by forming a Limited Liability Company or LLC.
A Limited Liability Company is a legal form of Business Company granted in the United States offering limited liability to its owners. It is similar to a corporation, but a more flexible form of ownership, more suitable for smaller businesses with a limited number of employees or owners.
For new business owners a Limited Liability Company can be an attractive solution to forming a company especially considering the many benefits to having an LLC. For starters, having a LLC involves maintaining much less paperwork and recordkeeping as a corporation would have.
Many of the primary benefits consist of the various ways you can set up taxation. For many business taxes alone can be a complicated subject matter. As an individual owner you can decide how you wish your taxes to be applied.
For instance, a LLC can elect to be taxed as a sole proprietor, partnership, S-corp or corporation, providing much flexibility. Also using the default tax classification, profits are taxed personally at the...
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