How many companies out there are LLCs?

OasisTree

OasisTree

Branched out member
Location
Central Missouri
I talked to my tax man today and he recommended that I register my business as an LLC for employee liability reasons. I am looking to let my employees do more work on their own this year, so I am thinking seriously about going ahead with this. Just curious how many business owners have this or what you think.
 
Its cheap to do and if your crew dose something where you can get sued for everything you have just your LLC will be effected not your whole life. Like your house and stuff. Really not a bad move IMO.
 
My business is also an LLC and taxed as an S Corporation. However, I don't have any employees so I don't know the benefit there, but the piece of mind that the business is a separate entity from my self and family is nice to know.
 
Not familiar with teh LLC being taxed as an S corp. I'd be curious to learn about that.

I'm a single member LLC taxed as a sole prop. That way I only have to fill out a schedule C at tax time.

If it were multi-member it would be taxed as a partnership.

Just remember, no type of organization will keep you from getting sued, at best it will limit what they can take in judgment.

And they can still take your house if they succeed in getting you for personal negligence.
 
Protect your family assets by having them in your spouse's name as long s/he aren't also part of the business.

This is common practice of business owners big and small. Banks and other creditors can't take seize them or put a lien on them.
 
Many Many ways to "pierce the corporate veil"your personal belongings aren't as safe as you might think.Small tax benefits are all it's really worth.
 
True enough, make sure your accountant is knowledgeable about the pros and cons and how you'll need to structure the company to best protect you and your family assets.
 
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