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Corporations and LLCs A corporation or limited liability company (LLC) can help you protect your personal assets by providing a shield between your business activities and your personal assets, like your house, bank accounts, etc. A corporation or LLC is considered a new person in the eyes of the law, which means that the entity can incur debt, can take out loans, can lend money, can acquire property, can earn an income, and other activities that people can do. Benefits One of the benefits of a corporation or LLC is that the entity has a limited liability shield. This means that, if the corporation or LLC is sued (such as by a creditor, customer, vendor, etc.), the liability stops at the entity level. The only assets available for the plaintiff would be assets owned by the corporation or LLC. Therefore, if the corporation or LLC doesn’t own many assets, you can’t lose much in a lawsuit. Keeping the Liability Shield Intact Be aware that there are a few ways to pierce the corporation’s or LLC’s limited liability shield – so it’s VERY important to have the corporation or LLC set up properly and that you be fully educated on how to operate the entity so that you don’t expose yourself to unnecessary risks. Taxes Another benefit of the corporation and LLC is the ability to file for S corporation tax status (all corporations are general corporations when filed, they only become S corporations upon filing for S corp tax status with the IRS). This allows you to flow losses from the business to your personal tax return, reducing your personal income and saving you taxes. You also may receive additional tax deductions or other tax benefits (see your accountant or CPA for more information on taxes). For more information about our corporation or LLC services, please contact us at 623-298-4220 or email us.mailto:Info@BuschLawCenter.com?subject=Corporation/LLC%20Info,%20pleaseshapeimage_5_link_0
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