Why form your LLC?

  • Limited liability protection! In many cases, you can reduce or even eliminate your personal responsibility for business liabilities and debts. You could protect your personal assets, such as your vehicle, house, and savings account in the event your LLC faces bankruptcy or lawsuits.
  • The record-keeping requirements are generally more simple, compared to corporations.
  • You’ll have the flexibility to choose how your business is taxed.

What are the tax implications?

  • Members of an LLC are generally considered self-employed.
  • LLCs can elect how they are taxed, depending on their structure.
  • You’ll be required to pay tax contributions to Medicare and social security.
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