The LLC form of company ownership generally shields individual owners (known as members) from personal liability for the debts or obligations of the LLC. Creditors of an LLC can normally only go after the assets of the LLC and not the member's individually owned assets. Are you personally liable for business debts? There are certain situations where you can be held personally liable for … [Read more...] about Are You Personally Liable for an LLC?
Federal income tax rates for C corporations have been reduced to a flat 21%, starting in 2018 under the Tax Cuts and Jobs Act (TCJA). But what about pass-through businesses? Calculating the QBI Deduction:It's All Relative To illustrate how the qualified business income (QBI) deduction works, let's suppose you and your spouse file a joint tax return for 2018, reporting taxable income … [Read more...] about New Law Gives Eligible Pass-Through Businesses a Special Tax Break
How does your small business Corporation or LLC pass to your family members upon your death? We have come across many entrepreneurs and small business owners who have taken their business to the next level by incorporating into a C-Corp, or Sub-S Corporation or an LLC. This provides the business with a lot of protection and flexibility, but it doesn't automatically pass down to your heirs upon … [Read more...] about Business Continuity Solutions In Case of Death or Incapacitation