Single Member LLC
This is an ideal business entity for a small business. It provides the business owner limited liability protection, but saves the expense of filing income tax returns for a separate entity. The LLC has the characteristics of a corporation when dealing with the public, but the business owner reports the business results on a 1040 return for personal income tax. The single member LLC business entity allows you the flexibility of becoming an S-corporation later when your business may be bigger, and can benefit from the tax avoidance strategies available to corporations.
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