Limited Liability Companies
Take advantage of the most beneficial arrangements available to you.
At TaxAssist Advisors, we make sure that your business structure suits your trade and your needs. We will review this when you join us and continue to monitor it as your business grows and its needs may change.
Limited Liability Companies (LLCs) are corporate structures where the owners are not personally liable for the company's debts or liabilities.
What is an LLC?
An LLC is a business structure allowed by state statute, where the owners are not personally liable for the company's debts or liabilities. An LLC is a more formal arrangement that requires articles of organization to be filed with the state. Depending on elections made by the LLC and the number of members, the IRS will treat an LLC as either a corporation, partnership, or as part of the LLC’s owner’s tax return (a ‘disregarded entity’). We can help with making the determination based on your business needs and file the appropriate forms.
- No distinction between what belongs to the business and what belongs to the proprietor. Therefore, personal assets can be liable if anything goes wrong.
- Generally cheaper set-up and professional fees.
- Fewer reporting requirements.
If you decide to change the structure of the business, we can walk you through and take care of every step of the transition.
- Trading as an LLC can give the business a professional image.
- Loss of privacy, because some financial information and financial data about the LLC and the people involved is available to the public.
- Can be very tax efficient.
How we can help
Choosing the right structure for your business is not always easy, but we would be happy to discuss your individual requirements and undertake a proper assessment, to enable you to decide on the best way forward. Contact us today to arrange your free initial consultation using our inquiry form.
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