Making decisions regarding a new business venture can be difficult. Without a decent amount of research, it is easy to make mistakes when a business is just starting out. Among the most important things to figure out about your startup is how you will file on your taxes. If you are like most newcomers to the world of small business, making this choice will be difficult without professional help. Learning file LLC in NY can allow you to take advantage of a number of benefits and here are some of them.
Tax Flexibility is Always a Good Thing
Among the biggest advantages you can gain when you file LLC in NY is tax flexibility. Initially, the IRS will not tax your LLC directly. Instead of directly taxing your business, the IRS will give you and your partners options on how you want to be taxed. You can file a single member LLC, which is basically the same thing as a sole proprietorship. If you have a number of partners in your business venture, you may want to use the LLC filing as a corporation option. Getting advice from a small business tax professional is a great way to avoid making mistakes.
A Great Way to Protect Yourself
When you file LLC in NY, you will also be able to provide protection for your personal assets. Should your business go under, you will be able to keep your personal holdings safe regardless of what happens to your company assets. Instead of making mistakes during the LLC filing process, you will need to work with professionals. They will be able to offer you the guidance needed to get all of your proverbial ducks in a row.
The team at Uncle Phil’s Tax Advice can help you file LLC in NY with ease. Visit their website or call them at 855-829-8477 to find out more information about this company. You can connect with them on Facebook for more information!