If you want to setup your business for the long run, and ensure that you are protecting your family and yourself, then setting up an LLC needs to be your next priority.
We will show you everything you need to know and how to do it. Keep Reading...
One of the riskiest forms of business is the "naked" sole proprietorship. Each day could "literally" be the last day for your business.
Download this free eBook. A step-by-step guide on the problems sole proprietorships can cause and how to remedy them with simple changes to your business.
You would never walk out of your house without clothes on. But every day your business does exactly that....
We call your business a "Naked Sole Proprietorship" and it is the most dangerous form of business there is.
We call it "Naked" because it provides you no protection at all. Each day, each job, each sale you make exposes you to a massive amount of risk.
If there is one goal that we have at Halon besides providing great tax service, it is to ensure every business owner uses a LLC.
The business structure you have right now means that your business is not different from you or your family in an legal way.
This means that if your business loses a lawsuit, that your personal assets can be used to settle the claims.
This could be your car, your house, your jewelry, your investments, or other personal possessions.
When you have a "Naked Sole Proprietorship" there are several tax problems that you can't avoid.
One is Self Employment Tax. While S-corps give you a break, your current structure means you pay thousands more.
Also, your "Naked Sole Proprietorship" could be limited on deductions like the new Sec 199A pass-through deduction. Not good.
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Because your business is tied directly to you personally, that also means that your personal credit is at risk.
If you lose a lawsuit, have an employee problem, or any other claim against the business, that goes against your personal credit score.
If you value your credit and your ability to buy homes and cars, you need to change your business structure right away.
In this fast and easy chat session, we will help you decide if an LLC is right for you. Our LLC specialists can review what you would need to do in your business to make the switch and answer any questions you have.
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