One Horrible Mistake You Can Make With Your LLC Ownership
Do you remember when Oprah Winfrey was giving stuff away on her show? I watched a promotional clip one day, where she was pointing to people and saying, “and YOU get a car, and YOU get a car.” But what I was thinking was, “and YOU get a tax bill, and YOU get a tax [...]
Continue Reading...LLCs and Salaries
I get asked all the time about how to set up an LLC with a salary. It’s not hard, but there are some things you need to make sure you do ahead of time to make it work. First, you need to make sure your LLC has made the right tax election. Only LLCs that [...]
Continue Reading...LLCs and Operating Agreements
The document that defines how an LLC is to be structured and operated is called an Operating Agreement. It’s a vital document, essentially forming the skeleton of your business. In a properly-worded Operating Agreement, you can expect to see the following key points, in addition to other administrative functions: Whether the LLC is member-managed, manager-managed [...]
Continue Reading...Does a Single-Owner C or S Corporation Offer Better Protection for an Asset Protection LLC?
Because of some highly-publicized legal cases concerning single member LLCs, and courts not upholding the asset protection rules, we’re seeing strategists suggest you use a corporation, or an LLC taxed as a Corporation instead to hold certain assets. However, there are some strong downsides to that method, from both a legal standpoint and a tax [...]
Continue Reading...Choosing a Resident Agent for your LLC
A resident agent can also be called a statutory agent or a registered agent. A resident agent is your LLC’s legal face in each state where your business structure is formed or registered. Largely the primary purpose of a resident agent is to accept service of legal documents on behalf of your LLC. That’s why [...]
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