TAX ID (EIN)
STARTING A BUSINESS ENTITY
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LLC (Limited Liability Company)
A limited liability company, or LLC, is a business entity created under state law that combines features of both a corporation and a partnership. Like a corporation, the owners of an LLC are generally not personally liable for company debts. Like a sole proprietorship or a partnership, an LLC has operating flexibility and is, by default, a "pass through" entity for tax purposes. This means that the LLC does not pay taxes on its profits, but instead, profits and losses are "passed through" to the owners, who must then pay tax on their share of LLC income.
It's by far the best way to start a new entity.
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