Q. What are the benefits of forming an LLC?
1 Answer
There are many great benefits to forming an LLC. One of the most important advantages is that your personal assets are protected from your business dealings. What this means is that your creditors for your business cannot attack your personal assets – your house, savings accounts, other personal assets, etc. Other forms of companies can have restricted allowances for changing members and managers; however, an LLC has the freedom to add and change members, even if they are a partnership, trust, or corporation. There is also no limit on the number of members who can join.
Another enjoyed benefit of owning an LLC is that you typically do not have to pay taxes at the business entity level. All business income and losses are passed to owners and reported on their personal income tax statements. Another advantage is that attaching the LLC to the end of your business name gives your organization a level of credibility not seen with other forms of businesses.
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