My HCBW and I are considering starting an LLC to sell some products we make on-line. We primarily want to form an LLC to legally shield our personal assets (just to be safe).

In distributing profits from the LLC, my understanding is that we would simply pay ourselves the LLC’s profits, and then we would need to report and pay personal income tax on those profits at filing time. But that we wouldn’t have to pay social security and medicare taxes. And further that we wouldn’t need to file an additional tax return for the LLC, but we would still only file our personal return. And I would need to file my Utah sales taxes quarterly. Is that an accurate understanding of how it works?