Legal zoom llc scorp1/8/2023 ![]() LLCs can also elect corporate taxation by filing IRS Form 8832 if they wish to take advantage of lower tax rates or other tax strategies. What are the specific tax advantages of an LLC? LLCs allow their business owners to pass profits and losses through to their personal federal tax returns, rather than paying first corporate taxes on the profits and then separate personal taxes when the money is distributed from the business. ![]() ![]() What are the benefits of operating my business as an LLC? An LLC protects your personal assets (like your home and personal bank accounts) from business lawsuits and debt, offers flexible tax options that allow you to avoid double taxation, and gives you the ability to open business bank accounts, hire employees, and apply for business licenses and permits. What is an LLC? An LLC is a business structure that classifies your business as separate from you individually and allows you to run your business in a more professional manner than a sole proprietorship.
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