A Limited Liability Company is a statutory pass-through entity, in which the earnings are distributed to its owners. Your LLC will be assigned an EIN, with which it will be able to open bank accounts and otherwise conduct activities that require an EIN or TIN. The LLC operates inside the statutory, regulatory realm, and does have certain reporting requirements. However, if all income is distributed, then the LLC pays no income tax. Additionally, you carry no personal liability for actions in which you engage in good faith on behalf of the LLC.
The cost of a Limited Liability Company is only One Thousand Five Hundred (1,500) dollars. You (or whomever you select as Manager(s)) have legal control and direct access to the funds held in the LLC account(s). In today’s political climate, in which Big Brother is becoming increasingly intrusive into everyday life, the LLC provides a mechanism for participating in activities that are exclusively within statutory regulatory control while simultaneously preserving your personal privacy and protection from liability.
By utilizing a combination of other artificial entities in connection with your LLC, such as Pure Trust Organizations and corporations sole, you can effectively and lawfully structure your assets so as to minimize or even eliminate income and other taxes, secure your personal and professional privacy, and provide an environment whereby you can conduct your affairs without the ever-present oversight of the Big Brother government.
We now set up our LLCs in South Dakota, where state law does not require its ownership to be registered. This provides you with additional and substantial privacy protections.