You do an LLC to protect personal assets.

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Nov 30, 2015
11:15:18pm

SoValleyCOUG All-American

You do an LLC to protect personal assets.

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SoValleyCOUG

Bio page: SoValleyCOUG
Joined: Nov 13, 2010
Last login: Apr 18, 2024
Total posts: 19,716 (33 FO)

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Messages

Author

Time

I am moving to 1099 contractor in my field, do I need to set up an LLC?

1manwolfpack

11/30/15 10:44pm

I think the main reason is that it saves you in taxes

4mack

11/30/15 10:48pm

How so?

byubyu

11/30/15 10:50pm

Nope. Setting up an llc alone wont do anything to save on taxes.

RexIdaCoug

11/30/15 11:07pm

This. An LLC by definition doesn't do anything for your taxes. Its pass-thru

cheezedawg

11/30/15 11:59pm

You do an LLC to protect personal assets.

SoValleyCOUG

11/30/15 11:15pm

This. An LLC or S Corp protects your personal assets in the event of a claim

Saxa

12/1/15 5:44am

Not required, but I did an LLC

blucoug18

11/30/15 10:51pm

Other factors have to match as well. Contracting for a single company can

RebelScum

11/30/15 10:54pm

Here is the IRS link.

JAGA97

12/1/15 12:46am

It is expected to be full time work with this client

1manwolfpack

11/30/15 11:08pm

What is it you'll be doing?

BlueTooth

11/30/15 11:47pm

Don't answer this. ^ Works for Uncle Sam.

RebelScum

11/30/15 11:48pm

Ha! No, small engineering firm always looking out for some talent when there is

BlueTooth

11/30/15 11:51pm

Contract Clinical Research

1manwolfpack

11/30/15 11:58pm

If you form an LLC and you follow corporate formalities, then the LLC will help

Pasadena

12/1/15 12:21am

Pros and cons

CocaColaRecovery

12/1/15 12:22am

Buy good insurance. Protects you better than LLC.

JAGA97

12/1/15 12:22am

Will limit your personal liability & you can elect to be taxed as an S corp.

Real Men Wear Blue

12/1/15 10:37am

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