I had an LLC at one point. I could be wrong, but I thought that the only real advantage to it would have been if I got sued in business…they’d have to sue “the company” instead of me as an individual..hence “limited liability”…
Am I missing something else?
I don’t recall my tax situation being any better or worse than otherwise.
It used to be that an LLC could be used as a passthrough, and you could mitigate your own earnings by claiming they were the companies. However, they could have changed all the rules since 20 years ago
Right, that's still the way it is, but I'm not sure what the actual tax benefit is at all.
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