Form 8453 S Entities 2021-2023

Instructions and Help about Form 8453 S Entities

Music hi brand Avis with David CPA group again I want to talk to you all about LLC limited liability companies talked before about different types of entity structures and I want to talk a little bit more in depth about limited liability companies so a limit liability company which is an LLC isn't any that is created - whenever you're starting a business it's one any selection options that you have and it's used basically to isolate some of the liability you have as being a business owner a lot of people start off a business particularly a small business as a sole proprietorship meaning that they're the sole owner you know my name is Brandon Davis and if I'm going to create you know Brandon Davis's carpet cleaning and I open up a business checking account my local bank and I get some business cards from the website or from the internet and two up a little website start doing business under my personal name and my personal tax ID number which is my social security number I'm the sole proprietor so when I go in and I do that carpet cleaning business and I take care of my customers any any positive thing is is is reflected on me personally any negative thing that might happen maybe I ruined someone's carpet well that liability within following me also well a limit liability company allows you to take that that liability exposure that you have personally and kind of put a box around it and so you're creating a separate legal entity separate from yourself to have its own identity and it's called again a limited liability company so I may call myself you know Brandon's Carpet Cleaning which should you use a smaller name huh LLC meaning...