Don’t Start an LLC Until You Know This! | Dewayne Williams

Join Dewayne Williams, CEO of Mac Enterprise Consulting, as he debunks the myths surrounding LLCs. Learn the IRS's perspective on single-member LLCs, the power of words, and the importance of legal structure for protecting your personal assets. Are you considering starting a business? Don't miss this informative video to make an informed decision about your business structure.

This video reveals surprising drawbacks of single-member LLCs, including being taxed as a sole proprietor and having no real separation between business and personal finances. Learn if a single-member LLC is right for you and explore better structures for limited liability and business growth.

If a single-member LLC does not elect to be treated as a corporation, the LLC is a "disregarded entity," and the LLC's activities should be reflected on its owner's federal tax return. If the owner is an individual, the activities of the LLC will generally be reflected on:

- Form 1040 or 1040-Schedule C, Profit or Loss from Business (Sole Proprietorship)

- Form 1040 or 1040-Schedule E, Supplemental Income or Loss

- Form 1040 or 1040-Schedule F, Profit or Loss from Farming

An individual owner of a single-member LLC that operates a trade or business is subject to the tax on net earnings from self-employment in the same manner as a sole proprietorship.

If the single-member LLC is owned by a corporation or partnership, the LLC should be reflected on its owner's federal tax return as a division of the corporation or partnership.

Taxpayer Identification Number
For federal income tax purposes, a single-member LLC classified as a disregarded entity generally must use the owner's social security number (SSN) or employer identification number (EIN) for all information returns and reporting related to income tax.

For example, if a disregarded entity LLC that is owned by an individual is required to provide a Form W-9, Request for Taxpayer Identification Number (TIN) and Certification, the W-9 should provide the owner’s SSN or EIN, not the LLC’s EIN.

A single-member LLC that is a disregarded entity that does not have employees and does not have an excise tax liability does not need an EIN. It should use the name and TIN of the single member owner for federal tax purposes.

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Hey everyone, Dewayne Williams here! Want to turn your million-dollar idea into a booming business? This channel is your one-stop shop for actionable knowledge. We'll dive deep into crafting winning business plans, conquering startup essentials, and mastering the books and taxes. Plus, we'll keep things positive and motivational to fuel your entrepreneurial journey. Let's build your dream business together!

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[arlosmith]

Remember legal doctrines of "alter ego" (piercing the corporate veil) apply to LLCs and LPs just as to corporations. If an owner isn't careful there may be PERSONAL liability regardless of business form. ⚖️

[kat-]

An LLC is what a man needs instead of a Prenuptial agreement. Get her to match you & put up ½ of her assets too. It's more legally enforceable than a Marrage Certificate.

[NatHenrickClarke]

I wish i had watched this, i started an LLC, with very little knowledge, I've sense them dissolved it and the business venture, and I didn't even need a LLC for the business 🤦🏿‍♂️

[AnnDavis-qczm]

I heard that LLC isn't good , thanks for this info