Watson CPA Group - Knowledgebase

Knowledgebase

LLC Popularity (Hype)

Article ID: 166
Last updated: 04 Oct, 2018
Revision: 7
print  Print
share  Share
comment  Add comment
Views: 0
Comments: 0

By Jason Watson ()
Posted October 24, 2016

The power of advertising, the ease and the hype have created this fervor surrounding the limited liability company. Note the word company. An LLC is not a limited liability corporation. An LLC is a company and a corporation is a corporation. Woefully different.

Some people think they must create an LLC just to operate a business- not true, you can be considered a sole proprietor the day you woke up, decided to ruin your life and started operating a business. Some people also think they save taxes by creating an LLC- not automatically true unless you take the additional steps to either elect S Corp status and / or implement executive benefits that are otherwise unavailable.

While there are benefits as explained throughout this book, there are also many misconceptions and downright pitfalls to forming and operating an LLC. Don’t be fooled, or at least keep it to yourself if you are.

Taxpayer's Comprehensive Guide to LLCs and S Corps
This KB article is an excerpt from our book which is available in paperback from Amazon, as a PDF from us, and as an eBook for Kindle, Apple iBook, Barnes and Noble Nook, among others. You can cruise through these KB articles, click on the fancy buttons below or visit our webpage which provides more information at-

www.watsoncpagroup.com/book

This article was:   Helpful | Not helpful Report an issue


Prev     Next
Section 199A Qualified Business Income Tax Deduction       Formation of an LLC or S Corp