The LLC company structure is very similar to the old familiar corporate structure, but there are some significant differences. State LLC Company Structure and Corporate Structure Required Filings Both the corporate structure and the LLC company structure require a filing with the state. Basically, you are putting […]
Read more →How to Become an LLC Company How to become an LLC company (Limited Liability Company)? Wondering what do? Hoping you can start an LLC by yourself, thereby saving time and money? An LLC is one of the best ways to structure a small business because it is […]
Read more →Creating a LLC is often the first step people take when they want to “start a business.” A lot of time and money can be spent deciding what business entity to use. The choices are sole proprietor, partnership, limited partnership, corporation (C or S), and limited liability company (LLC).
The sole proprietorship is the easiest form of business for an individual to “set up.” There basically isn’t any set up. You just start doing business. You will file a schedule C with your 1040 form at the end of the year, and you may have to pay quarterly taxes, but that’s about all it takes. There is no liability protection for you operating as a sole proprietor.
The partnership is the easiest form of business for two or more individuals to “set up.” You just start doing business. Keep separate accounting for the business, and any profit or loss “passes through” to the tax returns of the individual partners based upon what they get allocated from the partnership.
Read more →What is an LLC Company-Explained What is an LLC Company? The LLC company or LLC is short for Limited Liability Company. But really, what is an LLC Company? The first LLC company in USA was formed in Wyoming by a group of businessmen who wanted to more […]
Read more →Setting up an LLC has a number of steps. You can get your documents off the LegalDoom websites, at your lawyer’s office, or off the state websites. Whatever you do, go all the way. Just getting a couple of documents will only get you half way there.
Read more →So starting this year, go to your association convention and take the family. A lot of the trip can be LLC tax write offs. Buy computers for your use as a professional at home. When you buy paper, pens, pencils, or other supplies they can be write offs for your LLC, if they go to the office.
Keep track of car mileage and do everything you can to run money through your company. Find all the possible ways you can charge off business expenses to your own LLC, and do it! It isn’t how much money you make. It is how well you live and how secure you are.
Read more →Generally, if you are the only member of your LLC and you have not filed a tax election, you do not have to file a special tax return. For tax purposes, you will file the LLC’s income on your own federal tax return. Your LLC is an ignored or “disregarded” entity. This means that you will report your LLC income and expenses on your own Form 1040, Schedule C, E, or F. Your income is passed through your LLC directly to you. Remember this is only for tax purposes. It does not change the fact that your business is legally a Limited Liability Company.
Read more →If you are forming an LLC there are several different LLC formation forms and “maintenance” forms you should be aware of.
Read more →Attorney Lee R. Phillips, a nationally recognized author in the field of finance, asset protection, and estate planning presented this free Webinar on how to implement his asset protection program. The Q & A session runs about on hour, and for those who missed it, click the link below to access this great information. Lee is licensed to practice law before the United States Supreme Court, and is an engaging speaker who lectures throughout the United States, Canada and the Pacific Rim helping people understand the law and how to use it to make money and protect themselves.
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