Frogdog1
Well-Known Member
Correct, and I am aware of all of that. Limiting liability is not the only reason for creating an LLC. There can be tax benefits and they can be significant with proper and thorough accounting. I have owned three LLC's for the past 20 years and own one now. Liability is not a concern to me in what I do in my company. Being set up properly for taxes, reporting, and properly handling revenues and expenses is a concern. This tax and business model has served me well and may serve the OP well after his product produces a significant revenue stream for himself, IF he even wants to be in business for himself.An LLC is for much more than "tax purposes". It is for "LIMITED LIABILITY" - if you get sued for the product and if you have properly set up the LLC then only your investment in the LLC is at risk, not the rest of your assets. If you are running it as a sole proprietor then ALL of your assets are at risk.
Limiting your liability is the biggest reason for creating a LLC.
Meanwhile, the OP may well be getting busy, I hope.
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