Taxpayers Guide to LLCs and S Corps
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LLC Popularity (Hype)
By Jason Watson, CPA
Posted Tuesday, July 6, 2021
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.
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