Many people confuse the asset protection features of an LLC with the taxing choices. An LLC is great for asset protection purposes, and offers similar advantages of a corporation.
Orem, UT (PRWEB) February 09, 2013
LLC Creation article released by LegaLees Corporation. Attorney Lee R. Phillips wants to help businessmen understand which entity to choose when forming a business, which structures are best, and what tax options to consider.
LegaLees announces a new article, “LLC Creation” to help people understand entity options available when starting a business. There are five entities to choose from. They are sole proprietor, partnership, limited partnership, corporation (C or S), and limited liability company (LLC). Unfortunately, many folks assume that the LLC is the only choice for small business. While it is a good choice, it is wise to make an informed choice. Attorney Lee Phillips has written a new article to help with the evaluation.
Lee Phillips observes that many people ask him, “What about LLC creation?” As he visits with people around the country, he finds that many folks don’t understand the different entity options and what asset protection and tax options are available in each entity.
Mr. Phillips notes, “Many people confuse the asset protection features of an LLC with the taxing choices. Businessmen need to understand both the entity choices and the asset protection implications. An LLC is great for asset protection purposes, and offers similar advantages of a corporation. It can also elect any one of a number of tax entity structures for tax purposes.”
The LLC entity classification can be one of the best tax saving tools available to a small business. It is definitely one of the most flexible tax tools, because someone can choose any tax structure they want. When forming an LLC it may be a good idea to check with an accountant and review the business characteristics of the operation before making the final decision.
Mr. Phillips serves as a counselor to the Supreme Court of the United States. He is the author of 11 books, along with his latest book Protecting Your Financial Future. He has written hundreds of articles for professional people assisting them in finding various strategies to use the law to protect their property, save taxes and make additional money. Lee enjoys helping others to apply the law and reach new financial heights.
LegaLees was founded in 1982 by Lee R. Phillips. It is a legal self-help publishing company and produces products designed to help people understand the law. Based on his own personal experiences, Mr. Phillips realized that people needed to be able to understand how the law works so they can direct their own legal professionals, or do their own work. LegaLees has designed many products to help individuals structure their personal and business affairs.