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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Choose the right accounting firm for you
Running your own business can be challenging so why not let TaxAssist Advisors manage your tax, accounting, bookkeeping and payroll needs? If you are not receiving the service you deserve from your advisor, then perhaps it’s time to make the switch?
We specialize in supporting independent businesses. Each TaxAssist Advisor runs their own business, and are passionate about supporting you.
We enjoy talking to business owners and self-employed professionals who are looking to get the most out of their accounting firm. You can visit us at any of our locations, meet with us online through video call software, or talk to us by telephone.
Changing accounting firm is easier than you might think. There are no tax implications and you can switch at any time in the year and our team will guide you through the process for a smooth transition.