Damon Ritchhart explains why an LLC shields your personal assets from business debt and lawsuits, costs little to set up, and can save you money on taxes. If you sell goods or services and don't own real estate, you might elect S-corporation status inside the LLC for bigger tax breaks.
Damon Van Fleet here, owner of PayLessTaxes.com and the PLT Firm. And in 60 seconds or less, I need to tell you guys about LLCs and how they will benefit you guys and help you pay less taxes. So LLC, what does it stand for? Limited Liability Company. And in the United States, every single state in the United States has limited liability companies. And what they are good for is, one, they're basically going to help you offset and mitigate any risk that you might have. Number 2, they're the cheapest form of creating a business. They're very easy to set up, very easy to name, very easy to, to make your business legitimate and take that next step. And third, they're going to save you on taxes when you utilize them properly, especially in the event you don't have real estate and you have a business that sells goods and services. You'll want an S corp to maximize those.
