By forming your own business, you may be able to lower your taxable income. Plus, you gain the flexibility to decide exactly how you want to file your tax return. In addition to being taxed as an S Corp., a Limited Liability Company (LLC) can choose to file as a sole proprietor or partnership to continue claiming your earnings as an individual or you can petition to file as a corporation for even more options.
There are several additional benefits to forming a business and lowering how much you pay in taxes is just the beginning. Properly utilizing a business entity can also help provide personal liability and asset protection. This added layer of protection is why it’s called a Limited Liability Company.
Find out more about how forming a small business can help you save.
Written and maintained by the LegalShield content team, covering legal and identity protection topics for individuals, families, and small businesses.
Dissolving an LLC can be tricky, and doing it without guidance can lead to unnecessary stress and delays. We’ve put together some helpful information so you can start the LLC dissolution process with more peace of mind.
An employment contract is an important piece of paperwork because it defines the working relationship, your expectations, and conditions. Here are some of the common components included.
Virtual business addresses can be a practical option for those forming an LLC from home, working remotely, or trying to keep their business and personal mail separate.
By the end of this blog, you’ll get a high-level summary of trademarking a name and logo, how logos differ from business names and artwork, and how much it all costs.
A DBA is a name registration that lets you run your business under a name other than your personal legal name or legal business entity. While a DBA offers branding flexibility and market expansion opportunities without creating a new legal structure, it does not provide legal liability protection, tax benefits, or function as a business license.
An indemnity agreement settles the “who is responsible” question ahead of time. One party promises, in writing, to cover certain losses tied to the work, so the other isn't left with the bill. These promises appear in construction contracts, leases, and business sales.
A certificate of good standing is official proof from your state that your business is registered and current on its requirements. Most lenders and agencies want a recent one, so it helps to know how to get it before someone asks.
Whether the goal is selling a company, bringing in a business partner, or passing it to a family member, the LLC ownership transfer often involves reviewing the LLC's operating agreement and the applicable state's rules.
