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LLCs Explained

by Stephen L. Nelson cpa pllc

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LLC FAQ

Picture of a sign that says FAQ - Frequently Asked QuestionsThe list of questions and clickable links that follow answers the most common LLC and LLC-related questions I get from clients.

Accordingly, if you have a question about forming, operating or dissolving a limited liability company, the answer hopefully appears in the list below.

However, if you go through the information and don’t find an answer to your general question about limited liability company formation or taxation, please feel free to contact us.

If your question is clear and of general interest (and not already covered in a question below), I’ll try to add it to the list.

Background information on limited liability companies:
What is a Limited Liability Company?
Does limited liability company formation work for all types of businesses?
What does LLC formation cost?
Does a LLC offer a less protection than a regular corporation?
Should I use S corporation tax treatment for a limited liability company?
Which is the best state for limited liability company formation?
Which state should I use for my new limited liability company?
What’s the Difference between an LLC and LLP?

Starting a new limited liability company:
Should my spouse co-own my limited liability company?
Why do I need and where can I locate a registered agent?
Do you need an attorney’s help for LLC formation?
When do I need a PLLC rather than regular LLC?
When is a business too small to form a limited liability company?
Can someone who isn’t US citizen form a limited liability company?
When should a limited liability company be treated as a sole proprietorship?
If I own more the one business should I put each business into its own LLC?
Does limited liability company status give me additional tax deductions?
Can one LLC own another LLC?
Should real estate investors use separate limited liability companies for each property?
How does the self employment tax work for a limited liability company?

Operating limited liability company:
Which legal risks does a limited liability company not protect a business owner against?
Can I protect a personal residence with a limited liability company?
Can or should my LLC pay wages to my spouse or children?
How does the owner of the limited liability company report amounts he or she pays to himself or herself?
Can I use QuickBooks for the accounting of my limited liability company?
Can I use Quicken for a limited liability company accounting system?

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About Stephen L. Nelson CPA, MBA, MS(tax)

Stephen L. Nelson is the managing member of Stephen L. Nelson, CPA, PLLC, a Seattle-area public accounting firm that provides tax accounting services to small businesses and their owners. A CPA for three-plus decades, Nelson holds an MBA in Finance from the University of Washington, an MS in Taxation from Golden Gate University and is the author of dozens best-selling books about accounting and finance including Quicken for Dummies (which sold more than 1,000,000 copies) and QuickBooks for Dummies (which sold more than 500,000 copies). He's also taught business taxation in the graduate tax school at Golden Gate University. For more information, see Nelson's Google+ profile page.

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