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Business & farm
For federal income tax purposes, a single member LLC is a disregarded entity, just like a sole proprietorship, so the income taxes are the same either way. If you file a special form for the LLC to be treated as an S-corporation, the tax rules are very different. There are plenty of good books about this.
The function of an LLC is not tax protection, but liability protection, and that varies from state to state.
‎August 21, 2022
2:56 PM
1,494 Views