Hi and welcome to the tax implications podcast with Sam Hicks

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Thank you for tuning in. Today I’ll be discussing how an LLC might be the most suitable form of business for a new venture.

You should consult with experienced tax and legal professionals before making any decisions for your business.

Thank you for listening.

A limited liability company (LLC) is somewhat of a hybrid entity in that it can be structured to resemble a corporation for owner liability purposes and a partnership for federal tax purposes.

The owners can operate the business with the security of knowing that their personal assets are protected from the entity's creditors.

An LLC that is taxable as a partnership can provide special allocations of tax benefits to specific partners.

LLCs are not subject to the restrictions the Internal Revenue Code imposes on S corporations regarding the number of owners and the types of ownership interests that may be issued.

An LLC would give you corporate-like protection from creditors while providing you with the benefits of taxation as a partnership.