Posted by Brad Crouch on April 29, 2000 at 14:22:52:
Bob,
An important aspect of a single member LLC is that it is taxed by default as a sole propriortorship. In order to get the “charging order” protection from judgement creditors, it needs to be taxed as a “partnership”. That means two or more members have to be involved.
www.nvinc.com . . . click on April reports and then “snake oil . . .”
Brad
Benefits of an LLC - Posted by Joel David
Posted by Joel David on April 28, 2000 at 22:36:38:
What are the benefits, in a nut shell, in setting up an LLC? Is it simply for protection? Taxes? What is the process and how big do you have to be before it makes sense?
Thanks -
Joel
Re: Benefits of an LLC - Posted by Bob In Indy
Posted by Bob In Indy on April 29, 2000 at 11:30:19:
In Indiana it costs $90 and a folder mailed to the Capital. The benefits are that you have another entity that can hold assets and protect you from excessive liability. You can have your LLC own you business, property, etc. If sued, the LLC takes the hit, not you personally. You can create a ‘disregarded’ entity (IRS term), if you create an LLC with only yourself or with your spouse. This is called a ‘single member’ LLC. You don’t have to fill out a separate tax return for this type of LLC. You simply put your info on your personal 1040, schedule C or E. There is a lot more to LLC’s, but they are very simple to create and operate.