Here’s Why You Need an LLC #wealth #shorts #financialfreedom #taxplanning #wealthmindset #wholelife

Why would you consider starting an llc? Well, there's a few good reasons and I'm going to break them down in the next 60 seconds. So reason number one, it gives you liability protection. So if you're in a business and you get sued or something happens, somebody slips and falls as your place of business, it's not you that gets sued personally, it's your entity. So it's like a legal person that can help you to differentiate between you and your business. Two, you get some incredible write offs which include way more write offs than the typical W2 employee and you become essentially a business and you pay tax on whatever's left over. Most employees pay tax when they earn money and they don't even see the money. Most businesses pay tax after they've spent what they're going to spend and they pay tax on the difference. Three, it gives you opportunity to build credit separate from your personal name. So this allows you to have an EIN number instead of your social on your credit cards and start to build lines of credit. Follow me for more like this.