Letter Re: Protecting Your Assets With an LLC
James, One of your SurvivalBlog Glossary entries deserves some comment. A Limited Liability Company (LLC) gives you as much or more protection from liability as a corporation, but passes profit through to your personal taxes like a 1099 independent or a subchapter S corp. However, unlike a corporation, once you file your ‘Articles of Organization,’ in most states your LLC has no more paperwork requirements some states require an annual status report, but it is solely for informational purposes and has nothing to do with the IRS or other government agencies except to notify the IRS how you choose to …