
0:38
An LLC separates your personal assets from business lawsuits. It doesn't automatically save taxes, but you can elect S-corp taxation to get those benefits. Those are the two reasons people form them.

An LLC separates your personal assets from business lawsuits. It doesn't automatically save taxes, but you can elect S-corp taxation to get those benefits. Those are the two reasons people form them.
An LLC is a limited liability company, which is basically just a legal entity that separates you from your business or your 1099 side hustle. So for example, if you sell a product or service that injures somebody or causes somebody financial harm, then the injured person would be able to go after you personally if you didn't have an LLC. Whereas if you did have an LLC, then the person suing would only be able to go after the business's assets. By the way, having an LLC alone does not give you tax benefits. If you want the tax benefits that come with an LLC, then in most situations you'll want to have the LLC taxed as an S corporation.

Discover if your business needs a trademark 🤔 Watch our latest video & protect your brand 🛡️

LLC or Corporation: Which is right for your business? 🤔 Considerations here! 👉 #BusinessEntity

Unlock the secret to signing contracts with an LLC 🤝🔑 Watch now! #LLCContracts #BusinessTips

Moving your LLC to a new state? 🚚 Discover your options! 🌐 #LLCRegistration #BestLLCState

Dive into the battle of business structures: LLC vs Corporation 🤜💥🤛 Unravel the best choice for you!

Minimize personal liability with your LLC! 🛡️ Learn to sign contracts the right way. 💼✍️

Don't risk it! Protect your website with a privacy policy & TOS 😎🔒 #OnlineSafety #LegallySmart

Discover the secrets to safeguard your assets! 🛡️ Learn LLC essentials now & secure your protection.

Discover the power of LLCs for investment property owners 🏠💼 Unlock maximum protection!

Discover the perfect time to consider registering an LLC! ⏰💼✨ #BusinessTips #StartLLC