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LimitedLiabilityCompanies (LLCs) offer flexibility, allowing owners to choose between being taxed as a sole proprietor, partnership, or corporation, each with unique implications. While simple to establish and operate, sole proprietorships meld business and personal taxes, potentially complicating tax filings.
If no shares were issued, the Board of Directors must approve to dissolve the company. If you’ve been operating as an LLC, review the dissolution requirements in your state’s LLCA (LimitedLiabilityCompany Act). Otherwise, members of the LLC can be held liable for debts of the company after it’s been dissolved.
by Tim Steffen , CPA/PFS, CFP ® , CPWA ® , Director of Financial Planning for Baird. Yet too many people put their personal finances at risk to launch a business, but I believe it can be done without sabotaging your financial future. Set up a limitedliabilitycompany (LLC) and separate bank account.
For example, are you a sole proprietorship, limitedliabilitycompany (LLC), or corporation? Set Up Your Business Finances Once you have established what type of business structure you will use, it’s time to set up your business finances.
Earlier this month I hosted Ryan Clower, a CPA from the accounting firm M. I am a CPA, down here certified in the great state of Texas and really just stoked to be here. But basically, your personal finances and business finances are little more intermixed when it’s pass-through entity. Here’s the reason why.
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