If you thinking of starting or have already started a business, either as a sole proprietor or as a partnership, do you know the tax and other advantages of filing as an LLC? If not, you should contact a business attorney who can explain the pros and cons to file an LLC.
What is an LLC
LLC is the acronym for Limited Liability Company. It is a structure for your business. It provides limited liability structures between a business and the tax proficiencies and operations. If you want to be an owner of an LLC, you will have to check with your state because states have differing regulations on the operation of an LLC.
What You Need to Do
Before you can file LLC, first, you have to select your business name. Before you can do that however, you should check with the state regarding other business names, as it is not allowed to have the same name as another business in your state and you are not allowed to include specific words in the name. You will have to file a document that has your business name, ownership, address, and other necessary information. Lastly, you need to apply for your business permit or license so you can start doing business. Then, you can now publish information about your business.
Advantage
The advantage of having an LLC for the business owners is their protection. For example, if the LLC has debts or is being charged with legal suits, the owner’s own assets, such as their home and personal items are untouched when it comes to determining the assets of a company. Also, another advantage is that an LLC requires less effort in keeping records.
Need Help?
You may call 855-TAX-TIPS and you will be able to reach Uncle Phil from Ask Uncle Phil’s Tax Advice. Their service is about helping people in the New York city area deal with taxation and legal matters in business or personal finances. He will also be able to help you file LLC if you’re planning to do so. You can connect with them on Facebook for latest updates!
