Tagged: LLC business ownership
- July 17, 2017 at 6:19 am #27680
I resurrected this very informative thread rather than starting a new one on the same subject. From reading, it sounds like an LLC does not give protection for [unintentional] infringement. Since one can file a Schedule C as a sole proprietor / claim income without an LLC, what would be the reason(s) for a composer to have an LLC if it is not beneficial for infringement? (e.g. it benefiting a composer specifically, not talking about bank loans). Possibly to get an ID number instead of having to use the SS number with libraries, or can you do that without having an LLC? Thank you!July 17, 2017 at 7:49 am #27681
Our initial reason for an LLC was for health insurance. This was before Obamacare when it was difficult to get health insurance for pre-existing conditions. As Robin had a pre-existing condition we could get group health insurance under the LLC and she could not be denied.
Since then we have kept the LLC as there does seem to be some tax advantages and we can use the federal ID number instead our SS#.
I haven’t really analyzed if there is a true advantage to keeping it.