Tuesday, August 16, 2011

Just began making $$ a few months ago, now with LLC?

A Limited Liability Company (LLC) is only a legal term for protection from lawsuits it does not necessarily constitute a corporation. If you are a sole proprietor and do not file your income taxes as a corporation then you will file a Schedule C and pay self employment tax in addition to income tax (that is if you even show a profit after deductions).

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