Basically, LLC is the security to safeguard your personal assets from being at stake or risk. Yes, the major reason to form an LLC is the liability security it gives. LLC adds limited liability security to its owners who usually aren’t responsible for the company’s debt and obligations of the LLC. Thus, when you fill LLC application, lenders will have no right to use the personal assets of the owners to clear out the debt of the company like their savings account, home and personal property.
Whether you are in a partnership or sole proprietorship, the owner as well as the company as regarded as the same which complete exposes your personal assets! But, if you are a member of an LLC, then you are no longer liable to meet the debt of the company. Your personal assets aren’t at risk at all.
Some of the other reasons for going for LLC filing are mentioned below:
- Secured assets: LLC gives limited liability security to its owners who aren’t the in charge of debts and obligations of the company. It prohibits your lenders from capturing the personal assets of the owner.
- Easy passage through tax: LLC doesn’t allow you to pay tax on business or company level. Any income or loss of the business is passed to the owners account and showcased as their personal income tax returns. Thus, it gives you the flexibility to pay tax on individual level. Just fill the tax id form online and get your Tax ID via email.
- Better credibility: when you form an LLC you get new credibility amongst your associates, potential clients, sellers, colleagues. It showcases your official commitment to your organization.
- Lowest compliance required: LLC comes under lesser annual and on-going state enforced demand in comparison to C corporations and S corporations.
- Flexible management setting: LLC can be easily set up on the organizational structure set up by the business owner. It can be managed by supervisors. You do not really need a complete board of directors to handle the day to day operations.
- Lowest limitations: You have very less restrictions on being an LLC member.
With so much of freedom and ease, you can easily file for LLC. It will give your company a boost and show your commitment and sincerity towards your company. And not just this, with regards to tax filing, things get a lot simple and easier for you. You can fill the tax form online by choosing your entity type, application form and get your Tax ID.
If you have filed for LLC, then you will surely be needing a Tax ID. So, you get both together. You have several online services to help you in it. For instance, just open a bank account, apply for business license and you can easily file a tax return by mail. So, you literally have your business on your fingertips. It is so simple to manage and take care. Do not waste a single minute. Go for LLC application and secure your personal stuff now!