LLC OWNERSHIP LLC Ownership has many advantages, but should be set up properly. Recently a student asked me about whether a corporation should be the holding company (daddy corporation) for all of their real estate investment LLCs. I would love to hear your comments. Use the box […]
Read more →If you neglect to choose a tax structure for your LLC, the IRS will choose one that may not be in your best interest.
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 →Open a LLC Company Are you thinking to open a LLC company. You can open a LLC by yourself. Just be certain you have a complete organization. Don’t be fooled by the “quick and easy open LLC company in two easy steps” internet sites claiming that you […]
Read more →Creating a LLC Articles of Organization is not a difficult task. The Articles of Organization document is only two or three pages long and is basically used to provide the state with notice about your LLC creation. Once you have filed this document with the state, you are in business. However, to create LLC asset and tax protection requires more effort and more documents, but it is critical if you want to get the most from your LLC.
Read more →The easiest thing to do to start a business is just start making money. If you’re acting alone, you’ll be considered by the law and the IRS as a sole proprietorship. If you’re acting with one or more other people, then you’ll be consider a partnership, unless you file papers with your state and the IRS to say you want to be a limited partnership, corporation, or an LLC.
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