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Considering an LLC? One isn’t the loneliest number

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If you’re in business for yourself, you may be operating without a corporate umbrella. For instance, as a self-employed person you don’t have to worry about the double tax whammy faced by regular C corporations. But you aren’t afforded any real protection from personal liability.

Strategy: Switch to the limited liability company (LLC) form of business ownership. As an LLC, you’re entitled to essentially the same protection as corporate owners without the tax drawbacks.

There’s generally no prohibition against a one-person LLC. In fact, single-member limited liability companies (SMLLCs) are rapidly growing in popularity.

Here’s the whole story: To operate as an SMLLC, you must observe all the legal formalities required by state law. At a minimum, that means filing a form with the appropriate state agency. Plus, you’ll have to pay a filing fee for the privilege.

Most states have a standard form that you can obtain easily through...(register to read more)

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