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Should you operate your business as a corporation? Or is there another, simpler alternative? You've probably noticed that in the past decade there are more and more businesses with their names followed by the letters "LLC" instead of "Inc.". "LLC" stands for Limited Liability Company, is the newest type of legal entity that exists in the United States, and for many
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LLC owners must report their business income and losses on their personal income tax returns Similar to a sole proprietorship or partnership you must report your income to the IRS. An LLC is not a separate tax entity like a corporation. The IRS considers Limited Liability Company a 'pass through entity." Earnings are taxed only once. Profits and losses of the LLC 'pass through' the business
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There are several advantages to establishing a limited liability company and many of these compensations revolve around the tax advantages. A limited liability company if often sought as a third alternative to forming a corporation or a partnership. Many corporations are formed because they offer attractive limits on the personal liability that the business may suffer due to debts or liabilities. Partnerships don't offer the same kind of
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