Do Uber Drivers Need an LLC? (The Answer Is….)

Do I need an LLC as an Uber Driver? What tax form do I use for Uber?

The one downside of being an independent contractor is that you don’t have a proper employer to handle your tax situation or protect you in the event of a lawsuit.

Luckily, you don’t need an employer to enjoy being an independent Uber Driver and have the best of both worlds.

Setting up an LLC is simple to do, and comes with many benefits that will set your Uber Driver business up for success.

What are those benefits?

How do you set up an Uber LLC?

Should you form an LLC for your new rideshare business?

Keep reading below so I can answer all these questions and more to tell you how setting up an LLC is right for you.

If you have any questions about how to set up that LLC, or if you’re ready to get started today, email me at any time at sam@mollaeilaw.com.

What is an LLC?

An LLC is a business structure that separates your business and personal assets which comes with many legal and financial advantages.

California LLC Requirements: What’s Required to Start LLC in CA

California LLC Requirements

So, you’ve started a business and want to form an LLC. You will need to know the California LLC requirements for forming this business entity. Before you begin, let’s define an LLC so you are clear on the definition. 

LLC is short for limited liability company. Forming an LLC protects your business in case you are sued. An LLC can be owned by one or more people, each of whom is called an LLC member. An LLC with one LLC member is called a single-member LLC while an LLC with more than one owner is referred to as a multi-member LLC. 

Email me at sam@mollaeilaw.com to help you start your LLC registration today.

LLC Benefits

The main benefits associated with forming an LLC, including the following:

  • Protects against lawsuits
  • Cuts down on business documentation, when compared to incorporation
  • Prevents double taxation
  • Presents your company as being more credible

A large number of business owners like LLCs,

3 Major Tax Benefits of an LLC (Don’t Miss Out!)

Tax Benefit of LLC

Do you know the tax benefits of LLC entities? If not, you can find out more about how to take advantage of reduced taxes by forming an LLC. 

You may have several questions that need to be answered about LLC tax benefits. Most people ask the following: 

What exactly is an LLC?

How can I benefit from forming an LLC?

Why is an LLC formation better than remaining a sole proprietor?

To answer the above questions and help you understand the tax benefits of LLC formations, the following explanation should give you a clearer understanding.

An LLC stands for limited liability company. This business set-up is more personal than a corporate set-up, as the owner reports all of his or her profits and losses on their individual tax return.

You can benefit from forming an LLC, as you do not need to pay any federal or state taxes for this business entity. The Internal Revenue Service calls an LLC a pass-through entity,

Why You Should Form an LLC Today (Insider Secrets)

Why You Should Form an LLC Today (Insider Secrets)

If you work as a sole proprietor, you will find a number of good reasons to form a limited liability company, also known as an LLC. You can find out more about why you should form an LLC today by reading the following content.

Once you find out more about the benefits of forming an LLC, you will want to contact me to discuss forming an LLC for your business. This type of business entity is a great way for a start-up or sole proprietor to increase his or her credibility or influence. 

 

Why You Should Form an LLC Today and Not Wait!

Limited liability companies make it possible for you to do business and do it with more freedom. That is why you should form an LLC today, and not waste another minute. Once you learn the inside secrets of forming this company, you will want to email me for further details. I can help you form an LLC and direct you in the process. Send me an email now at sam@mollaeilaw.com.

How to Convert Sole Proprietorship to LLC (& Why You Should in 2020!)

Convert Sole Proprietorship to LLC

If you started your business as a sole proprietorship, it’s time to start thinking about changing to an LLC.

Naturally, there are a lot of questions that come with changing sole proprietorship to an LLC.

“How do you change sole proprietorship to an LLC?”

“What are the benefits of changing sole proprietorship to LLC?”

In this article I will discuss the advantages of an LLC and how to change your sole proprietorship to an LLC in order to get personal liability protection.

The #1 reason to form an LLC is for personal liability protection. By forming an LLC you create a “protective wall” between your business assets and your personal assets so if your business is sued then your personal assets (like your personal bank account, home, cars, properties, investments or anything that you personally own) will be safe and secure as they will not be considered a part of the business. If you don’t form an LLC, your personal assets will be at MAJOR risk if your business get sued.

You owe it to yourself to understand the differences between sole proprietorship and LLC and change to an LLC as soon as possible.

LLC vs S Corp California (What’s The Difference?)

LLC vs S Corp California

As a new business owner in the state of California, one of the biggest decisions you will make is whether you want to form an S Corporation or a Limited Liability Company.

Both LLC and S Corp will provide you with personal asset protection, tax advantages, and several other benefits. But each business entity does have a lot of key differences as well.

While I highly recommend contacting an experienced business attorney such as myself at sam@mollaeilaw.com to help you when you decide to establish a new business, I’m hoping this article highlights some key information to make the selection process a little easier on you.

 

What to Consider When Selecting Your Business Entity

Trying to sort out how an LLC differs from an S Corp is confusing and overwhelming. Fortunately, there is a solution to that problem.

You just need to focus on these key areas:

  • Personal liability protection
  • Taxes

Before you can address these things, it is important to take a step back and look at the bigger picture.

Types of Companies

Types of Companies

There is a wealth of decisions that go into forming a business in the United States. Arguably one of the most crucial in relation to taxation is the legal structure of your new business.

In addition to taxes, this decision plays a role in how much paperwork you end up dealing with and your ow n personal liability in the company. It even factors into how you can raise money on your company’s behalf.

The most well-known legal structures for a business include sole proprietorship, partnership, corporation, S corporation, and LLC. Limited liability partnership (LLP) is a newer development in the business world.

Fortunately, you do have the option of kicking off your business as a sole proprietorship and reorganizing your structure if you decide to take on partners. So, it isn’t set in stone.

Just make sure you notify the IRS if you make changes in the structure of your business.

Whether this is your first business venture, or you have rode this rodeo before, I highly recommend reaching out to an experienced business lawyer such as myself at sam@mollaeilaw.com.

Is an LLC a Corporation (What’s the difference?)

Is an LLC a Corporation?

As a new business owner, chances are pretty good everyone and their brother has lined up to give you a piece of advice.

Don’t form an LLC, you want to form a corporation instead. Corporations are to complex, go with an LLC instead.

Sound familiar?

While all this advice can be helpful, it can also be confusing. One of the biggest questions new business owners and aspiring business owners email me at sam@mollaeilaw.com and ask is: is an LLC a corporation?

The answer is no. An LLC and a corporation are two different types of business entities.

It is up to you to look at the pros and cons of an LLC vs a corporation and decide which one is right for your business venture.

 

LLC vs. Corporation: What’s the Difference?

Apart from a sole proprietor, all other business organizations must register as a specific type of business such as a corporation, LLC, or partnership in the state the business is located in. As a new business owner trying to decide which one is right for you can be hard!

Which Legal Structure Is Right for Your Startup?

The first and most important step is to determine which legal structure is suitable for your business needs. A startup’s business plan may change over time, and an owner should be prepared for all possible risks and liabilities the business may incur going forward.