What is an LLC?
A limited liability company (LLC) is a business structure in the U.S. that protects its owners from personal responsibility for their debts or liabilities. Limited liability companies are hybrid entities that combine the characteristics of a corporation with those of a partnership or sole proprietorship.

Should I choose an LLC?
When it comes to deciding if an LLC is right for you there are a lot of options and things to consider. An LLC lends itself to a lot of flexibility and can in the same way as a variety of business entities. Without knowing specifically your business it’s hard to make a claim to what will work best for you, but Michelle and Shawn discuss generalities that can apply when you consider your industry.

LLC and Taxes
A common misconception is that an LLC is the “cheaper” or cost-effective option when it comes to taxes and tax deductions. In reality, they are going to be pretty much the same whether you're an S Corp or an LLC filing as an S Corp, and so on for all of the business entities.

Modern CPA advises appropriate legal consultation when it comes to choosing how to structure your business. Determine your needs both long-term and short-term, and take business decisions seriously.

What’s Inside: 

• What is an LLC?
• Do you need an LLC?
• Common Tax misconceptions for LLCs.

Mentioned In This Episode:
Modern CPA Online
ModernCPA - YouTube