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Discussion in 'Business Operations' started by DFREAMGREEN, Jan 15, 2013.
If I am the only person in a llc do I need a new tax ID number
I do believe you cannot use your SS# anymore.
Also, why do you have an LLC as a solo op? Any employees?
If solo, only reason for LLC is if you are in big biz debt. If debt free skip it does you no good.
I can really tell you why, it not because debit. Somebody just pointed me in that direction
ok - not that llc is bad route, just not nec for a solo op.
DBA is best route for a solo operation right??
LLC can be advantageous to a solo when your income starts to climb. Talk to your CPA, they can advise the best because they know your numbers and business plan.
Doesn't the LLC protect your private/personal liability? Business insurance covers your business.
You have 2 different things here. Normally you get a FIN so that identifies your company with the taxman and if your opening up a business account at the bank. Some guys do a DBA but dump all the money into their personal account and pay from there. I prefer to keep business/personal separate
BINGO! If you had an event that could ruin your company (like a death/serious accident from equip or whatever) your personal stuff can not be targeted by attorneys/people suing you. It would protect your home, personal savings/assets.
Not necessarily. Running a llc as a solo operation does not exclude the owner/operator from a lawsuit or liability. There has been other threads on this, so I will not get into it. People can believe whatever they want to, but I would have plenty of liability insurance if was a sole proprietor or llc.
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