Originally Posted by 205mx
What Tax benefits?
The IRS Does not recognize LLC's.
It does not protect you or separate you and your company assets. Especially if you are a single member or you and your wife or you and your single business partner. I think I may have made a mistake going with an LLC. But for $300 a year I figure what the hell.
Um, yes it does, but to an extent. An LLC (limited liability company) won't protect you if you run someone over with your mower, but it will protect you if you underbid a $250,000 job and need to declare bankruptcy. I have no idea why people think that an LLC instantly protects your personal assets from legal situations that you are personally responsible for.