Working for yourself is both rewarding and challenging. You’re in complete control of your business. For some people, a limited liability company (LLC) provides a solution. An LLC can offer a bridge between operating as a sole proprietorship and acting as a corporation for tax purposes. Fo individuals, a single-member LLC (SMLLC) is a great place to start.

 

When a business is formed as a single-member LLC, the company becomes its own legal entity. That means its owner (member) is typically not held personally responsible for debts or if legal action is taken against the business.

Single Member LLC Setup

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What Makes a Single-Member LLC Unique?

 

LLC: Pros

  • Limited Liability

  • Pass-Through Federal Taxation on Profits

  • Management Flexibility

  • Easy Startup and upkeep

 

Before registering your business as an LLC, consider these possible drawbacks:

LLC: The Cons

  • Limited liability has limits

  • Self-Employment Tax

  • Consequence of member actions

Business Membership Plans

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