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LLC Benefits: Flexible membership
Members or management group can manage the LLC
Protection from business debts and liabilities for the owners
Pass-through taxation or taxed like corporations
Fewer state compliance requirements
Optional steps: • Adopt operating agreement
An LLC is an option sole proprietorships or partnerships should consider.
Single Member Llc Taxes with an Update for 2021
Taxation
Individual Taxation
Refresher on Tax Rates
Pass through Taxation
Member Llcs Do Not File a Separate Corporate Tax Return
Self-Employment Tax as a Single Member Llc
How Do You Pay Yourself as a Single Member Llc
How Estimated Taxes Work
How To Calculate Your Income
WHY YOU SHOULD SWITCH FROM A SOLE PROPRIETORSHIP TO AN LLC
WHY DO PEOPLE ESTABLISH LLCS?
WHAT IS THE PURPOSE OF HAVING AN LLC?
AUDIT PROTECTION
PUT YOURSELF AT A LOWER AUDIT RISK WITH AN LLC
THE GOVERNMENT LIKES TO GO AFTER EASY WINS WHEN AUDITING
BOOKKEEPING
THE SOLE PROPRIETORSHIP CANNOT CLAIM A PAYROLL TAX DEDUCTION
YOU NEED TO BE GENERATING ENOUGH PROFIT TO JUSTIFY PAYING YOURSELF A SALARY
ESTABLISH BUSINESS CREDIT