Limited Liability Companies (LLCs)
By Thomas DuffyWhen first selecting the format for a new business, many smaller business persons (particularly) rarely consider an LLC, unless they are alerted in the beginning by their lawyer or CPA. Their usual concerns are only:
- “Whether to incorporate or not.”
- And if so, “whether to select a C or S corporate form.”
Yet an LLC, for tax purposes, can be classified into whatever form of business is desired. So it should at least be considered as part of the initial process in formation of any business or investment entity.
LLCs are business entities created under state laws. They are owned … Read the rest