Wealthion - Be Financially Resilient cover image

Ask The Accountant: Live Q&A with Tom Wheelwright

Wealthion - Be Financially Resilient

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What Is an LLC?

An LLC, a limited liability company, is a legal entity. It is not an entity for tax purposes by itself. You get to choose how you tax an LLC. So let's say you choose to tax your LLC as an S corporation, then you're really an S corporation for tax purposes. And if you decide to be taxed as a partnership, like you would, for example, if you had rental properties and had multiple owners of those rental properties,. Then you'd want to be a partnership and maybe you wanted to be a limited partnership.

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