01 Oct When Should You Set Up An LLC?
Most small business owners dread tax time. Rightly so, sometimes writing those huge checks to the government is enough to make you a little queasy. What can you do to make your company run a little smoother and save a little money along the way? Try an LLC!
An LLC is a Limited Liability Company, meaning that you no longer associate your name and social security information directly with your company. Instead, the company becomes liable for everything done under its name. An LLC can help protect you from liability and can offer some tax savings at the end of the year.
You might be thinking to yourself,
I haven’t even made that much this year, why do I need an LLC? While there is no set time that is the best for you to transition to an LLC, we can give you a few tips. While opening an LLC might seem like a lot of time and money, it could pay off big time.
Opening an LLC is not free, there are fees to be paid throughout the year. Every state has different rules referencing the taxation of your LLC and every accountant charges a different rate.
To help you fully understand why you need an LLC, contact us. Every individual and every company have unique situations; there is never a “magic number” or cookie cutter way to run your company!
Do you know where your business is heading? To learn more about how we can simplify your accounting process, call us at 727.828.9945 to schedule your free consultation.
About Accounting & Business Partners
Accounting & Business Partners is a CPA firm with an efficient bookkeeping department. We believe that success lies in numbers. However, the drive behind the numbers is what truly matters. That’s why we look beyond the financial statements.