Quote:
Originally Posted by mav1178
A LLC will also limit your liability in case you get sued.
-alex
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limited liability corp extends far past liability when sued. An LLC primarily exists to be a more dynamic choice for multi partner small businesses and contain mechanisms that work to spread the ownership and equity of the firm between all owners in ways advantageous to most sole props and S corps. These owners (typically called 'members') can be people, organizations, or other LLCs and foreign entities. Most states accept single owner LLCs, however, so there's that
However, like sole props and S Corps, the LLC is a pass-through business entity that taxes all gains to the individual's 1040 section C. For better or worse, gains (profits) will be taxed at the individual level.
Had to chime in, accountancy is my thing
