Did you know that nearly 80% of new businesses in the United States are structured as limited liability companies (LLCs)? It’s a popular choice for entrepreneurs due to its flexibility and liability protection. However, one aspect that often perplexes business owners is the default tax classification for their LLC. Understanding how your LLC is taxed is crucial for making informed decisions and maximizing your financial benefits. In this discussion, we will demystify the LLC default tax classification, explore different tax classifications for LLCs, and delve into the implications that these classifications can have on your business. So, let’s unravel the complexities and gain a clear understanding of everything you need to know about LLC tax classification. Read More