Troy Staton: An LLC is a Limited Liability Corporation which protects you from some liabilities if something goes wrong. It however does not protect you from taxation. If you own taxes for the business you are liable for it.A corporation protects you from all personal liability. The down side is there are double taxation with this. If you are a small business, you will have to file tax for your business and also file a personal income tax.With an LLC you file a schedule C and 1040.If you need more help, visit http://confidentialbookkeeping.com...Show more
Georgina Natal: hedad44@yahoo.com
Renita Sefton: I had many of the same questions and I found the answers at my local book store. There are books on the numerous tax breaks you can get for owning your own business, you can even write off the majority of your home and vehicle as well. Find one of these books and you will be headed in the right direction, best of luck in your success.
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