Limited Liability Company, or LLC

An LLC allows a business owner to establish their business as a legal entity separate from themselves with its own federal ID number, banking, and credit. LLCs are one of the most formed entities for small businesses as they are generally the simplest to implement and manage. I highly recommend sitting down and talking with a small business lawyer to understand the intricacies of forming an LLC as well as a CPA or tax professional to find out how it will affect your personal tax status.

Learn more in this short video:

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