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Old 01-16-2013, 09:51 PM
GreenLight GreenLight is offline
LawnSite Senior Member
 
Join Date: Dec 2008
Location: Birmingham, Alabama
Posts: 425
Quote:
Originally Posted by Blades Lawn Maintenance View Post
Well wouldn't that make you pay double the taxes? One for your buisness and then one for you??? Send me a pm about it
Single owner llc's (and others for that matter) are capable of pass through taxation. This is also an avenue for sole props, but I personally like the LLC better for the protections it can offer on financial disasters that could occur. Yes there are limitations to this, but if you keep your LLC account separate from personal funds, the business can theoretically go bankrupt without taking you down with it. In all honesty it just offers you a bit more protection for your family if you were to ever find the business completely overextended and on the brink of bankruptcy. As for other liability issues, that's a slightly different story (say you were to do $100,000 worth of damage to a property by accident) you better have a good umbrella policy for your insurance.

Back to the point. Pass through taxation is a very nice perk for anyone in business and is one of the main reasons I decided to go into business for myself. Do some research on it with a simple google search and you will quickly understand some of the benefits.
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