LLC. LLC. LLC.
Three letters that people think of when they think about starting their own business. When we ask people why did they open an LLC, there are usually 2 common responses we hear: (1) A friend/family member told them they must open one for liability purposes or (2) They received professional advice from a lawyer that told them to do so.
From a legal standpoint, an LLC can protect you and your assets, however, the protection an LLC can provide is limited (hence, why it is referred to as a LIMITED liability company).
But LLCs Have a Dirty Little Secret....
What you don't know and understand about having an LLC can end up costing you ......actually it can cost you a lot more .
Why? People tend to overlook the tax implications of an LLC because everyone consults a lawyer first and not their accountant. To properly determine if an LLC is correct for the type of business you are engaging in, SPEAK TO YOUR ACCOUNTANT IMMEDIATELY!!!!
Already have an LLC and not sure how this will impact you and your business?
Call us. We can help discuss in greater detail the tax implications of have an LLC and how to better position your business and navigate around the various tax issues that arise from having one.