Leaving a job and starting as a business owner is a big step. There are many variables to consider when deciding to go on your own. Here we will discuss some less familiar topics that deal with forming an LLC in Florida.
Ensure you are forming the LLC for the right reasons. The main reasons why someone would choose to form an LLC are:
b) professional association
c) legal protection
d) tax purposes
Taxation in the US comes in many different varieties. We have taxation on income, self-employment, gifts, and so on. When speaking in terms of the estate tax, we are discussing a tax imposed on a transfer of net assets, a transfer tax.
Different government bodies impose various types of taxes. Federal tax governs all US citizens or domiciled residents and encompasses all the different states found across the nation.
Each US state also has its own set of rules and regulations that apply to specific residents of that particular state.