What are the benefits of using an LLC for your side gig? Anyone have experience with this? It was suggested to me in passing when chatting with someone the other day. I’m going to do some research

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An LLC can protect your personal assets, make you look more professional, and may offer some tax flexibility. I’ve seen people use it to separate business income and expenses, makes things cleaner come tax time. I decided to open one because I want to use the tax benefits and I want to grow my business, so it makes it easier to get support and business loan in the future.

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Thanks for the info!

Limited Liability…

it protects you from being sued … say you install ceiling fans as your side gig. You install one, it falls and injures someone. That person sues you and wins.

If you are acting as an agent for your business under your llc … they can sue you to the take up to and/ or all of the business’s assets.

Not your personal assets (home, personal bank account, etc.).

Though, it’s important that you have separate and distinct business bank accounts and finances from your personal accounts or the LLC doesn’t mean squat, because you’ve intermingled the asset accounts.

It’s easy. Open LLC, open a bank account for it, and get a small credit card in the business’s name. Then you’re able to track finances, and there is a clear define line in assets.

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Super helpful, thanks!

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